Launched in 2018 as a SoftBank and Yahoo Japan project, PayPay has become the go-to QR payment app for millions (72 million users as of December 2025).
By waiving merchant fees for three years and offering regular cash back deals, it has helped push Japan closer to a cashless future.

The IPO was managed by big names like Goldman Sachs and J.P. Morgan, with the IPO priced at $16 and PayPay planning to list on Nasdaq under the symbol PAYP.
Major investors like Visa and funds from Abu Dhabi and Qatar backed the deal after high demand during PayPay's roadshow, even after some delays due to global events.