Cafe24 Japan Introduces QR Code Payment Service 'PayPay'

[Asia Economy Reporter Lim Chunhan] Cafe24 announced on the 1st that it has introduced Japan's leading QR code payment service, PayPay, to its Japanese platform, Cafe24 Japan.

PayPay is a payment service jointly created in 2018 by SoftBank Group and its affiliates SoftBank and Yahoo. It provides a QR code payment system that can be conveniently used in both online and offline environments, and supports easy payment methods using an application (app) in online environments.

According to Japanese mobile data analysis firm MMD Research Institute, PayPay holds the number one market share (48.7%) in the local QR code payment market. As of last month, the number of PayPay users exceeded 40 million, which corresponds to about one-third of Japan's total population. The number of payment transactions last year was approximately 2.03 billion, an increase of about 2.5 times compared to the previous year.

Lee Jaeseok, CEO of Cafe24, said, "Japanese online businesses can now offer consumers a wider range of payment methods suited to the local environment, such as QR code payments and convenience store payments. We will continue to strengthen our platform to help online businesses worldwide expand their sales."