Paytm powers Japan's new wallet 'PayPay', offers cashbacks to lure users

One97 Communications-backed Paytm on Sunday announced that PayPay Corporation, its joint venture between SoftBank Corp and Yahoo Japan Corporation, has launched PayPay, a smartphone-based settlement service in Japan. 

It is built around the QR-technology from Paytm that has over 300 million customers and over 9.5 million offline merchants. SoftBank is utilising Paytm’s technology and expertise in mobile payments.

Just like in India, where Paytm initially relied heavily on cashbacks to gain a large user base, PayPay, has announced that it would be giving electronic money equivalent to 500 yen to each customer downloading the application and authenticating it with a valid Japanese