PayPay

For the cigarette rolling papers, see Pay-Pay. For the Filipino traditional hand fan, see Pamaypay.
Not to be confused with PayPal.
PayPay Corporation
Native name
PayPay株式会社
FoundedJune 15, 2018; 6 years ago (2018-06-15)
Headquarters
Chiyoda, Tokyo, Japan
ProductsElectronic payment system
ParentLY Corporation (SoftBank Group)
Websitepaypay.ne.jp

PayPay Corporation (PayPay株式会社) is a Japanese company that develops electronic payment services owned by LY Corporation. It was established in 2018 as a joint venture between the SoftBank Group and Yahoo Japan through Z Holdings, their holding company.[1][2] With 38 million users, PayPay is the largest Japanese mobile payment app.[2] In October 2018, it began a QR code and bar code-based payment service, which was developed in collaboration with Paytm, an India-based payment service company.[3]

From a smartphone app, users link their bank account and add money to their PayPay account. At the point of sale, the user makes a payment either by scanning a QR code, or by having the clerk scan a bar code on the smartphone.[4][5]

2020 cybersecurity incident

PayPay's server fell victim to a hacking attack, originating in Brazil, on November 28, 2020. As per the operator of PayPay, a server containing personal and financial information of its entire userbase was compromised. The company acknowledged that configuration flaws led to unauthorized access to information. The service operator was later notified of the incident and preventive measures were taken.[6]

References

  1. ^ Jacky Wong (2019-11-14). "How to Read Japan's Big Internet Merger". Wall Street Journal. Retrieved 2020-11-15.
  2. ^ a b Ito, Kazunori (2021-05-16). "Z Holdings' Margin Expansion to Be Slower Because of Increasing Costs; Revise FVE to JPY 500". Morningstar, Inc. Archived from the original on 2021-06-05. Retrieved 2021-06-06.
  3. ^ "PayPay、バーコードを使った実店舗でのスマホ決済サービス「PayPay」を提供開始". Nikkei Shinbun. 2018-10-05. Retrieved 2020-10-06.
  4. ^ Suzuki, Wataru (2020-09-09). "SoftBank wants to burn money". Nikkei Asia. Retrieved 2020-10-06.
  5. ^ イトウジュンコ (22 August 2019). 商店経営者のためのスマホ決済 PayPay超入門.
  6. ^ "Payment service PayPay hacked". 7 December 2020. Archived from the original on November 19, 2021. Retrieved August 21, 2023.