SoftBank mobile payment JV PayPay hit 20 million users in Japan, with plans in place to continue its frequent promotional campaigns to drive further growth in users and cashless transactions.
The service, which is a joint venture between SoftBank and Yahoo Japan, launched in October 2018 and reached 15 million users within the first 12 months of operation.
Its latest 5 million users were added in 47 days, during which it undertook a thanksgiving campaign and offer related to its reward points scheme. The activity, PayPay noted, contributed to the increase of users on the system.
PayPay will launch a number of promotional schemes over the next month including a reward boost, cashback initiative and lottery for users.
Japan had been viewed as a tough market for mobile payment companies. On announcing the launch of PayPay, SoftBank estimated 80 per cent of transactions in the country were made using physical cash.
However, authorities are keen to drastically decrease the use of physical currency and have set lofty national targets.
In addition to activities by brands including PayPay, several of the country’s providers banded together to form the Mobile Payment Alliance to promote the use of the technology.Subscribe to our daily newsletter Back