U.S. Shutdown Delays SoftBank's PayPay IPO Plans
SoftBank's PayPay faces delays in its U.S. IPO due to the American government shutdown. The payment app, valued potentially at over $20 billion, leads Japan's transition from cash to digital payments by offering lucrative rebates. It also provides banking and credit card services.
Japan's technological giant, SoftBank Corp, finds its plans for PayPay's U.S. launch hamstrung by the ongoing American government shutdown. The company's president, Jun Miyakawa, disclosed that regulatory reviews for PayPay's public listing have been stalled.
Investors have been forecasting that PayPay's valuation might soar to over 3 trillion yen (approximately $20 billion) as it prepares for an initial public offering in the United States, potentially as soon as December.
Dominating the market in QR code payments, PayPay is instrumental in reducing Japan's reliance on cash. It incentivizes customers with payment rebates and also expands its offerings to include banking and credit card services.
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