SoftBank Teams up with Paytm to Introduce Mobile Payments Service in Japan

SoftBank Group, the Tokyo-based multinational company will roll out new payments services in Japan by partnering with India’s Paytm.  The announcement was made public today.

The services are expected to start by the end of this year. According to a report, AI will be used to operate the new services for carrying out mobile payments and different financial services, and many Paytm workers are currently deployed in Tokyo to get it up and running.

According to Paytm, this collaboration is a great opportunity for the company to expand on the global stage. There are many other upcoming contenders in the markets like Ant Financial, PayPal Holdings Inc., Tencent Holdings Ltd and so far, they have been successful only in limited geographies, while efforts by tech giants like Apple Inc and Samsung Electronics Co have not been able to make a mark.

According to a report, SoftBank’s CEO, Masayoshi Son has plans to push the payment services to outside Japan. The company wants the Japanese program to pave a way for the Tokyo-based company to expand the services across different parts of the world. In addition, SoftBank Group, which owns the nation's No. 3 wireless carrier, could expand the payments system to add monetary services like lending and insurance, etc.