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PayPal heats up buy now, pay later race with $2.7 bln Japan deal

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U.S. payments giant PayPal Holdings Inc said it would acquire Japanese buy now, pay later (BNPL) firm Paidy in a $2.7 billion largely cash deal, taking another step to claim the top spot in an industry experiencing a pandemic-led boom.

The U.S. payments firm has been among the big winners of the COVID-19 pandemic as more people used its services to shop online and pay bills to avoid stepping out. Businesses, forced to move their stores online, also flocked to PayPal boosting its customer base of active accounts to more than 400 million worldwide.

Buying Paidy will help PayPal expand in Japan, where online shopping volume has more than tripled over the last 10 years to some $200 billion, but more than two-thirds of all purchases are still paid for in cash, PayPal said in an investor presentation. Paidy, with more than 6 million registered users, offers payment services that allow Japanese shoppers to make purchases online, and then pay for them each month at a convenience store or via bank transfer.

The Financial Times had reported last month that Paidy was considering becoming a publicly listed company.

 

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