Google is set to acquire pring, a Tokyo-based cashless payment and settlement startup company, for between US$180 million and US$270 million, Nikkei Asia reported. The move will give the IT giant a foothold in Japan’s growing financial services space.
Once the deal is completed, Google will offer FinTech services, including payments and transfers, across Japan by next year, mirroring similar offerings in the US and India, according to the report.
Google’s entry into Japan marks an important shift for the country, which has been largely resistant to cashless payments, the report stated. Users of the pring app can make payments, cash transfers, and withdrawals on their mobile devices and laptops.
Google’s move into fintech services in Japan is the latest example of tech companies using their strong online presence and vast databases to become one-stop shops for various services including finance and shopping.
Japanese consumers have been relatively slow to embrace cashless payments, which suggests that the market has plenty of room for expansion. The entry of Google will intensify competition in the sector, where other technology players have already seen opportunity.
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
Judge Mehta Questions Both Sides in Landmark Google Antitrust Case
May 2, 2024 by
CPI
FCC Urges Urgent Funding for Removal of Chinese Telecom Equipment from U.S. Networks
May 2, 2024 by
CPI
Former Pioneer CEO Facing Potential Criminal Charges For Colluding With OPEC
May 2, 2024 by
CPI
South Korea’s Antitrust Regulator Greenlights K-Pop Powerhouse Deal
May 2, 2024 by
CPI
Exxon’s Pioneer Purchase Approved, Former CEO Barred from Board
May 2, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Economics of Criminal Antitrust
Apr 19, 2024 by
CPI
Navigating Economic Expert Work in Criminal Antitrust Litigation
Apr 19, 2024 by
CPI
The Increased Importance of Economics in Cartel Cases
Apr 19, 2024 by
CPI
A Law and Economics Analysis of the Antitrust Treatment of Physician Collective Price Agreements
Apr 19, 2024 by
CPI
Information Exchange In Criminal Antitrust Cases: How Economic Testimony Can Tip The Scales
Apr 19, 2024 by
CPI