India’s leading digital payments platform Paytm and Japanese ace investor SoftBank are joining hands to launch a digital payments service in Japan. The mobile-based digital payments service will use AI extensively to offer mobile-based payments and other financial services in Japan.
According to reports, the service will be launched by the end of 2018. With it’s Japan foray, Paytm could expand its portfolio to add financial services such as lending, insurance, and others.
Even though an official announcement is yet to be made, dozens of Paytm employees are working in Tokyo on getting the service up and running. With the new payments service, SoftBank wants to give Paytm a launchpad to take its service to global markets.
Paytm took the digital transactions industry in India by a storm post demonetization. The company had raised $1.4 Bn from SoftBank last year in exchange of a 20% stake. The foray into Japan is part of Paytm’s strategy to expand to international market.