SoftBank will launch a mobile digital payment business in Japan in late 2018, Paytm with Indian start-up companies, according to a Bloomberg source.
Specific plans will be announced in a few days.
Sources say dozens of Paytm employees are currently working in Tokyo to prepare for the start of the service.
In the future, the service will widely use artificial intelligence (AI) to provide services for mobile payments and other financial services.
The source also said SoftBank hopes to provide a platform for the company to bring payment services to the world through payment services in Japan, as SoftBank president Masayoshi Son hopes to gain a share of the global consumer trend towards reducing cash consumption.
A softbank spokesman declined to comment. Paytm did not respond to requests for comment.
Japan’s recent regulatory reforms, which come into effect over the next two years, are expected to help accelerate the shift to digital payments, which has generated considerable interest from all parties, including Banks.
Currently, Japan’s largest instant Messenger app line and flea market app Mercari are driving digital payments.
Globally, the industry has yet to emerge as a global leader — PayPal, ant financial, tencent and Paytm are all large but geographically limited, and apple and samsung have failed to gain significant market share in their attempts.
SoftBank Group, headquartered in Tokyo, which owns Japan’s third-largest wireless operator, is now preparing to expand its payment system to increase financial services such as loans, insurance and other services.
Masayoshi Son who has created the world’s largest technology investment fund and is seeking to gongchenglvede the digital payment field.
Softbank is Japan’s best-known mobile operator, and its nearly $100bn vision fund is a technology fund. Softbank is trying to enter other types of consumer services in Japan.
Last month, Softbank launched the parking service app in Japan. Currently, the company is working with China’s Didi Travel to launch a taxi service, while Softbank is also planning to develop mobile payment services.
SoftBank and Alibaba are important long-term investors in India’s Paytm company. SoftBank is currently planning to co-operate with Paytm and is expected to launch its payment business by the end of this year, Bloomberg reported.
A person familiar with the situation confirmed the existence of the plan, according to the disclosure, the information is accurate or not, the current static and other official announcement.
Softbank’s business in Japan will expand to the global market in the future, so it may compete in some way with alibaba’s ant financial, which has a strong local presence in many Asian countries.
One97 Communications is the owner of the Paytm brand, which last year raised $1.4 billion from Softbank through a 20% stake. Since the Indian government announced the abolition of large-denomination notes in November 2016, the company’s business volume has begun to surge.
Masayoshi Son has been involved in hundreds of deals through the nearly $100bn softbank vision fund and softbank, and has become the world’s largest investor in companies such as Uber of the us, Grab of southeast Asia, didi chuxing of China and Ola of India.