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Paytm turns into PayPay here! See what Vijay Shekhar Sharma led company has done

Oct 23, 2018, 10:39 AM IST

Vijay Shekhar Sharma led Paytm has made big news after having succeeded beyond anyone's wildest dreams in India with his cashless service. One97 Communications, which owns mobile payments firm Paytm, has launched a smartphone-based settlement service.


The highlight of the offering is that it is not going to get the Paytm advantage! The service has been dubbed PayPay. This service has been launched in Japan in collaboration with SoftBank Corp and Yahoo Japan Corporation, the new service will allow users to store money from a bank account in their PayPay wallet and make payments with it. Image source:


What is PayPay? This is a feature-rich mobile phone-based settlement service that allows users to store money from a bank account in their PayPay wallet and make payments with it. Image source: Reuters


As with Paytm, the company is looking to lure with mouth-watering offers. At launch, PayPay has announced "an exciting proposition for its users and will be giving electronic money equivalent to 500 Yen to each customer downloading the app." Image source: Reuters


Not further attract the customers, something that Vijay Shekhar Sharma led Paytm is adept at, the company said, "for sellers and establishments, PayPay will not be charging any fee for ‘user scan’ type settlement for three years till the end of September 2021." Image source: PTI


What is the intention of Paytm? "PayPay aims to promote the broader use of cashless payment in Japan and to provide highly convenient services to both consumers and affiliated stores," said the statement. Image source: Reuters


PayPay is built around the QR-technology, which leads the digital payments ecosystem and has pioneered the QR based technology, offering seamless mobile payments to over 350 million customers and over 9.5 million offline merchants, it said. Image source: Reuters