PayPal is set to acquire a substantial piece of the payments business in Japan, thanks to a new joint venture partnership with Softbank, according to an official statement.
PayPal and Softbank have each committed $12.5 million to PayPal Japan, which will be led by Softbank SVP and Director of Softbank Mobile Corp. Hiroaki Kitano. Each of the two firms will place three directors on the joint venture’s board, the statement says.
The key solution PayPal will use to grow its first-ever joint venture effort will be PayPal Here, in a nation where smartphone usage is widespread. “I am delighted to partner with PayPal and look forward to combining resources to bring PayPal Here to Japan,” said Masayoshi Son, chairman and CEO of Softbank, in the release.