PayPal to acquire Japanese payments firm Paidy

NHK -- Sep 09
US online payments giant PayPal Holdings is moving to expand its presence in Japan's payments sector. The company is set to acquire Japanese "buy now, pay later" firm Paidy.

PayPal announced on Tuesday it will acquire Paidy for about 2.7 billion dollars.

It plans to complete the acquisition by the year end.

Paidy, with 6 million members, enables online shoppers to make payments after they buy, without credit cards. Users can do so with a mobile phone number and e-mail address.

The startup says artificial intelligence is used to quickly assess credit risks.

"Buy now, pay later" service providers are racing to take market share amid growing demand among young users in the US and Europe.

Last month, US company Square announced plans to acquire Australian startup Afterpay.