Digital payments and e-commerce business Paytm is set is attain a 7% stake in Japanese QR code-based payments business PayPay after it was given a call option to convert its holding into shares two years ago.
Noida-based business Paytm could soon have a more active involvement with PayPay, according to regulatory filings by SoftBank on May 12, which owns a 20% stake in Paytm’s parent company One97 Communications, ET Tech reported.
PayPay is a joint venture between SoftBank and its subsidiary Yahoo Japan and SoftBank Group as a whole owns more than 90% of PayPay. Paytm has worked with the business as a technology parter and together, the businesses have established a network of close to 40 million users of its QR payment services. PayPay has also reported two billion annual transactions.
SoftBank has invested in a wide portfolio of businesses in India as well as Paytm. The business has backed startups including social commerce platform Meesho and businesses Policybazaar and Delhivery.
Paytm is currently promoting and expanding its ‘Paytm Karo’ fast payment services which use UPI payments for swift transactions, the business announced on Facebook. Paytm is also undertaking a number of initiatives to aid people suffering from Covid-19 through its Paytm Foundation including sharing medical information and raising funds for medical equipment.
Copyright © 2021 FashionNetwork.com All rights reserved.