- U.S. payments giant PayPal Holdings Inc said it would acquire Japanese buy now, pay later 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.
Fuelled by federal stimulus checks, the BNPL business model has been hugely successful during the pandemic and has upended consumer credit markets. These firms make money by charging merchants a fee to offer small point-of-sale loans which shoppers repay in interest-free instalments, bypassing credit checks.
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.
Paidy, whose backers include Soros Capital Management, Visa Inc and Japanese trading house Itochu Corp, will continue to operate its existing business and maintain its brand after the acquisition.
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PayPal heats up buy now, pay later race with US$2.7 billion Japan deal:U.S. payments giant PayPal Holdings Inc said it would acquire Japanese buy now, pay later (BNPL) firm Paidy in a US$2.7 billion largely cash deal, taking another step to claim the top spot in an industry witnessing a pandemic-led boom.The deal tracks rival Square Inc's agreement last month to buy Australian
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
PayPal snaps up Japanese buy now, pay later firm Paidy for US$2.7 billion:PayPal Holdings Inc said on Tuesday it would acquire Japanese buy now, pay later firm Paidy for US$2.7 billion in cash, as the U.S. payments company looks to expand its reach in the Asian country. Paidy's Founder and Chairman Russell Cummer and President and Chief Executive Riku Sugie will continue to hol
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
PayPal heats up buy now, pay later race with US$2.7 billion Japan deal:U.S. payments giant PayPal Holdings Inc said it would acquire Japanese buy now, pay later (BNPL) firm Paidy in a US$2.7 billion largely cash deal, taking another step to claim the top spot in an industry witnessing a pandemic-led boom.The deal tracks rival Square Inc's agreement last month to buy Australian
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
PayPal snaps up Japanese buy now, pay later firm Paidy for US$2.7 billion:PayPal Holdings Inc said on Tuesday it would acquire Japanese buy now, pay later firm Paidy for US$2.7 billion in cash, as the U.S. payments company looks to expand its reach in the Asian country. Paidy's Founder and Chairman Russell Cummer and President and Chief Executive Riku Sugie will continue to hol
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
Japan's Eneos to sell subsidiary Nippo for over 250 billion yenTOKYO : Japanese oil and metals company Eneos Holdings plans to sell its listed subsidiary Nippo Corp for more than 250 billion yen (US$2.28 billion), business weekly Diamond reported in its online edition.(US$1=109.8500 yen) (Reporting by Tokyo Newsroom)
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »