PayPal Enters Japan Through Softbank Joint Venture

What's Next In Payments®
7:00 AM EST May 9th, 2012

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.

Read the full release here.

Comments
Also by This Author
What's Hot
News
Sprint Faces CFPB Lawsuit Over “Cramming” Fees
News
Retail Associations Take Their Concerns To Capitol Hill
News
Almost Half Of Americans Have Been Sent Breach Notifications
Mobile Commerce
PayPal Exec Jumps To Facebook, But There’s More Going On Here
View All Articles ››
You May Also Like
Company Spotlight
Different mPOS Strokes for Different mPOS Folks
International
Digital River Offers A Sneak Peak At Mobile eCommerce Trends
Mobile Commerce
Trustwave Buys Cenzic To Beef Up App Testing Capability
Alternative Financial Services
Mozido Acquires CorFire
News
Sprint Faces CFPB Lawsuit Over “Cramming” Fees
News
Retail Associations Take Their Concerns To Capitol Hill
News
Almost Half Of Americans Have Been Sent Breach Notifications
View All Articles ››