PayPay's growth gives it the ability to compete in Japan's QR code payments market – estimated to be worth $5.6 billion:
stating that PayPay has 6.66 million users and is accepted by 500,000 merchants, according to Yahoo Japan.Regardless of which statistics are accurate, the service, which is a joint venture formed by Paytm, SoftBank, and Yahoo Japan, appears to have amassed a significant user base early on in its availability to Japan'sPayPay's used aggressive tactics to attract users and compete in Japan's developing mobile payments industry — and they appear to be paying off.
The payment service has offered a bevy of benefits to both consumers and merchants to drive its popularity.When it launched, PayPay offered 500 yen in electronic money to consumers who downloaded the app and authenticated using a Japanese phone number, and it agreed to not charge merchants transaction fees until September 21.
Establishing itself so quickly should help PayPay seriously compete in Japan's QR code payments market, which is
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