Yahoo Japan latest to enter crowded mobile payment field

Jul 28, 2018 | News On Japan

Jul 28, 2018 (Nikkei) - Internet portal operator Yahoo Japan said Friday that it will start a mobile payment service this autumn, becoming the latest to join the cashless payment bandwagon.

The move is an attempt by the SoftBank Group affiliate to challenge Line, a popular chat app operator, which has championed mobile payment in Japan. Line last month unveiled plans to roll out a mobile payment system based on quick response (QR) codes in Japan.

The moves are in line with the Japanese government's policy of spreading cashless payment. According to the Ministry of Economy, Trade and Industry, cashless transactions account for only 18% of personal expenditure in Japan, compared with 45% in the U.S. and 60% in China. The ministry wants to raise that share to 40% in 10 years.

Yahoo Japan is currently owned 36% by SoftBank Group. Earlier this month, SoftBank said it will increase its stake in the Japanese portal to 48% by purchasing shares from Altaba, formerly Yahoo, of the U.S.

Yahoo Japan earns revenues from advertisements on its portal and from the operation of auction and e-commerce sites.

Yahoo Japan enters a crowded field. In addition to Line, several other Japanese startups, such as Origami and Infcurion, have already announced plans to provide mobile payment services. Japan's three largest banks -- MUFG, Sumitomo Mitsui and Mizuho -- have already agreed to develop a QR-code based payment system together.

These companies are trying to respond to the rapid spread of Chinese mobile payment services Alipay and WeChat Pay in Asia.

Typhoons No. 28 and 29 Bring High Waves to Japan's Pacific Coast

Two typhoons moving across the Pacific southeast of Japan are expected to remain well away from the Japanese mainland, but powerful swells could bring rough seas to a wide stretch of the country's Pacific coastline throughout the three-day holiday weekend, according to forecasts updated at 3 a.m. on October 10.

Cyberattacks Spread Across Japan

A series of cyberattacks has disrupted business operations and exposed millions of customer records across Japan, with a ransomware attack on a cloud service provider affecting 495 companies and local governments nationwide, while convenience store operator Lawson has disclosed a separate breach involving more than 2.15 million personal information records.

Japan's First 360-Degree Projection Mapping Opens in Osaka

Japan's first 360-degree projection mapping show will open at the Osaka City Museum of Fine Arts on October 10, transforming the historic building into an immersive world of light, music, and seasonal imagery, with organizers hoping the attraction will also help stimulate the city's nighttime economy.

Tokyo University Professor Wins Nobel Prize in Chemistry

Tokyo University of Science professor emeritus Kenzo Soai has been awarded this year's Nobel Prize in Chemistry together with French chemist Henri B. Kagan for discoveries that transformed scientists' understanding of how chemical reactions can favor one of two mirror-image forms of a molecule.

US Military Halts All Okinawa Operations for 48 Hours

The US military suspended activities by all forces stationed in Okinawa for 48 hours from noon on October 7, an unusual measure following the arrest of a US Marine in connection with a robbery and murder case that has renewed scrutiny of crimes involving American service members.

MEDIA CHANNELS

MORE Society NEWS

Most Sightings of Fugitive Yoichi Hatta Reported in Kanto

Police in Oita Prefecture have revealed that the Kanto region accounts for the largest number of reported sightings of Yoichi Hatta, a fugitive wanted in connection with a fatal hit-and-run incident in Beppu in 2022, with authorities preparing to distribute new wanted posters nationwide from November as the search enters its fifth year.