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Miguel Cordon · · 1 min readSoftBank, Line to fold Line Pay into PayPay after merger
“SofBank Group’s telecom arm, which on Monday completed the merger of its Japanese internet business with messaging service owner Line, plans to combine the payment apps of those two entities,” Bloomberg reported, citing a joint statement from the two companies.
Details:
- As part of the move, Line Pay will be folded into SoftBank-backed PayPay in April 2022, subject to relevant regulatory approvals.
- This would give PayPay, which already has 36 million registered users in Japan as of the end of February, access to over 80 million Japanese users on Line’s messaging service.
Context:
- SoftBank and Line’s complex merger deal, which takes effect today, involves the former and Line’s parent firm Naver each owning 50% of a newly created A Holdings Corp.
- A Holdings controls 65.3% of publicly traded Z Holdings, which has SoftBank’s Yahoo Japan and Line’s operations under its umbrella.
Editing by Collin Furtado
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