Softbank and PayPal form payment JV in Japan

9 May 2012

Japanese telco Softbank has joined forces with the online payment company PayPal to develop e-payment services. The first product to be launched under the joint venture will be PayPal Here, a mobile payment service for small businesses. PayPal is also launching the latest version of its PayPal Mobile app for iPhone users. The two firms each plan to invest JPY1 billion (USD12.5 million) into the venture, Reuters reports. David Marcus, president of PayPal, commented: ‘By partnering with a fast-growing mobile internet leader like Softbank, we can bring our innovative, secure online and mobile payment solutions to market faster and at greater scale across Japan.’