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Did you know Paypal is also going into the “Buy Now Pay Later” market deep in Asia? Here is some information on that.
The US online payments company PayPal will acquire the Japanese platform Paidy, based on the system “buy now, pay later” for 300,000 million yen (about US $ 2.72 billion), the companies announced Wednesday.
Pending finalizing the final details of the agreement and obtaining the approval of the relevant regulatory authorities, the transaction is expected to be closed in the last quarter of 2021.
“The acquisition will expand PayPal’s capabilities, distribution, and relevance in the domestic payments market in Japan, the world’s third-largest e-commerce market, complementing the company’s existing cross-border e-commerce business in the country,” said the signature in a statement.
Paidy allows consumers to shop online and issue a consolidated invoice each month that they can pay at one of Japan’s many convenience stores or by bank transfer.
The company uses proprietary technology to rate creditworthiness, underwrite transactions, and guarantee payment to merchants.
The platform, one of the largest Japanese unicorns of the moment (“startups” that are not listed on the Stock Exchange with a value of at least one billion dollars), was created in 2014 by Russell Cummer, although it acquired its current name in 2018.
Cummer, a former credit operator in the Japanese arm of Goldman Sachs, established the business after being denied access to a credit card.
Obtaining such a bank card is difficult in Japan, especially for young people with no credit history and foreigners.
In these circumstances, a platform like Paidy developed rapidly and launched innovative products that offered solutions to the current needs of the Japanese market, to which it added the establishment of strategic alliances with important companies such as Visa, Apple, or PayPal itself and other digital wallets.
It currently has more than six million registered users.
“There is no better home for Paidy to continue to grow and innovate than PayPal, which has been taking the friction out of online shopping for more than 20 years,” Cummer said of the deal.
“Japan has been a vibrant environment for our growth to date and we are honored that our team’s hard work and potential is recognized by a global leader,” he added.
Paidy will continue to operate its existing business, maintain its brand and continue to cover current portfolios and markets.
Not familiar with the Buy Now Pay Later system?
Well, as more and more online shoppers are finding a new method to pay on the checkout page: pay 25% of the purchase price and then pay the rest in three equal payments within six weeks with no fees or interest.
This type of no-cost, instant financing, known as “buy now pay later” (BNPL), has become very popular during the COVID-19 pandemic. Some struggling Americans use it to pay for needed products in installments, while others buy expensive items without having to pay the full amount. These short-term loans are also popular with consumers who do not qualify for a credit card and other financings, but who still want the advantages of paying in installments?
