Report: Google to enter Japan’s fintech scene through Pring acquisition

Details:

• Once the Pring acquisition is complete, the US-based titan will be able to offer fintech services such as payments and transfers across Japan by 2022.
• Pring’s network includes 50 national banks and companies such as 7-Eleven.

Dive deeper:

• The deal comes as Google looks to offer in-house payments and other related services and not rely on third-party platforms, Finance Feeds noted.
• Google’s acquisition follows the Japanese government’s efforts in recent years to promote cashless payments. The country aims to increase the adoption of the technology from around 26% of private consumption expenditure to 40%.