is a Japanese company that develops

electronic payment An e-commerce payment system (or an electronic payment system) facilitates the acceptance of electronic payment for offline transfer, also known as a subcomponent of electronic data interchange (EDI), e-commerce payment systems have become increa ...

services owned by

LY Corporation , trading as LYC, is a Japanese internet company owned by A Holdings, a joint venture between SoftBank Group of Japan, and Naver Corporation of South Korea, founded in 2023 by the merger of Z Holdings, and four subsidiaries including Line Co ...

. It was established in 2018 as a joint venture between the

SoftBank Group is a Japanese multinational investment holding company headquartered in Minato, Tokyo, that focuses on investment management. The group primarily invests in companies operating in technology that offer goods and services to customers in a m ...

and

Yahoo Japan is a Japanese web portal. It was the most-visited website in Japan, nearing monopolistic status. According to ''The Japan Times'', as of 2012, Yahoo! Japan had a footprint on the internet market in Japan. In terms of use as a search engine, ...

through

Z Holdings was a Japanese internet holding company owned by A Holdings, a joint venture between SoftBank Group and Naver Corporation. It was founded in 2019 as a result of Yahoo! Japan Corporation's change to a holding company structure. In 2020, it merg ...

, their

holding company A holding company is a company whose primary business is holding a controlling interest in the Security (finance), securities of other companies. A holding company usually does not produce goods or services itself. Its purpose is to own Share ...

. With 38 million users, PayPay is the largest Japanese

mobile payment Mobile payment, also referred to as mobile money, mobile money transfer and mobile wallet, is any of various payment processing services operated under financial regulations and performed from or via a mobile device. Instead of paying with cas ...

app. In October 2018, it began a QR code and bar code-based payment service, which was developed in collaboration with

Paytm Paytm (an acronym for "Pay Through Mobile") is an Indian Multinational corporation, multinational Fintech, financial technology company, that specializes in digital wallet, digital payments and financial services, based in Noida, India. Paytm ...

, an India-based payment service company. From a smartphone app, users link their bank account and add money to their PayPay account. At the point of sale, the user makes a payment either by scanning a QR code, or by having the clerk scan a bar code on the smartphone.

2020 cybersecurity incident

PayPay's server fell victim to a hacking attack, originating in Brazil, on November 28, 2020. As per the operator of PayPay, a server containing personal and financial information of its entire userbase was compromised. The company acknowledged that configuration flaws led to unauthorized access to information. The service operator was later notified of the incident and preventive measures were taken.

References

External links

* {{Digital payment providers Financial technology companies Mobile payments Online payments Payment systems Japanese companies established in 2018