October 1, 2019
PayPay Corporation

PayPay Corporation has completed registration of fund transfer business

- New PayPay Balance "PayPay Money" that allows users to cash out (withdraw) money has been launched! -

PayPay Corporation (“the Company”), a joint venture of SoftBank Group Corp., SoftBank Corp., and Yahoo Japan Corporation (“Yahoo”), announces that the Company have completed the registration of its fund transfer business under the Payment Services Act (registration number: Director of Kanto Local Finance Bureau No. 00068) and that “PayPay Money” (*1), which allows users who have completed identity verification procedure on the smartphone payment service “PayPay” to cash out (withdraw) money, is available from September 30, 2019.

As a result, PayPay Balance that users top up from their bank accounts after completing the identification procedures becomes “PayPay Money” (*2), making it possible for the users to cash out money by bank transfers to their specified bank accounts (*3). In addition, users who have completed the identification procedures will be able to send “PayPay Money” to each other (*4).

With the registration of the fund transfer business, the e-money business that Yahoo provided before now under the name “Yahoo! Money” has been taken over by the Company on September 30, 2019 (*5 ), and “Yahoo! Money” has been integrated into “PayPay”. As of today, “Yahoo! Money Balance” of users who have “Yahoo! Money” will be transferred to “ PayPay Balance” (*6). In addition, the integration of “Yahoo! Money” into “PayPay” has improved a bank account registration flow in “PayPay” that previously required many steps, and this improvement makes it easy for users to register their bank accounts. Furthermore, bills from approximately 300 local governments and businesses, which were previously supported by Yahoo! Money, are added to the “PayPay Bill Payment” service allowing users to pay public utilities bills using the PayPay app, enabling users to pay various bills related to daily living by “PayPay” at home 24 hours a day (*7).

The Company will continue to provide all retailers, service providers and users with the convenience of smartphone payments and an environment where they can use PayPay easily, aiming to achieve a society where cashless shopping is possible anywhere in Japan.

*1 For details of “PayPay Money”, please check here.
(Reference) A press release titled Changes in Names and Periods of Validity, and Updates on PayPay Balances

*2 In the cases of top-ups using “Yahoo! Japan Card”, “SoftBank Matomete Payment (one-stop payment)”, and ” Y!mobile Matomete Payment (one-stop payment)”, even if identification has been completed, “PayPay Money Lite” is applied.

*3 “PayPay Money Lite” that users have already own cannot be changed to “PayPay Money that allows users to cash out (withdraw) money. In addition, there will be a predetermined bank transfer fee for a bank transfer to a bank account. (Details will be informed here.)

*4 Types of PayPay Balance that is used when users send PayPay Balance have priorities. For details, please check here.

*5 For details on the takeover of the business, please check here.

*6 Types of PayPay Balance after the transfer from “Yahoo! Money” to “PayPay Balance” differs depending on a status of the identification procesures”.

*7 For the scope of available services of “PayPay Bill payment”, please check here.

■Bank Account Registration Flow

Identity Verification Procedure

To use “PayPay Money”, an identity verification procedure is required based on the “Act on Prevention of Transfer of Criminal Proceeds”. In addition to an indirect identity verification procedure, “Polarify e-KYC” will be available in the PayPay app. Without going through annoying processes, users will be able to complete the identity verification procedure and start using “PayPay Money” by just taking an identity verification document and a face photo.

■PayPay Balance Type(From Sep. 30, 2019)

PayPay Money:PayPay balance that is applied for users who completed the identity verification procedure and who has topped-up their balance from bank accounts or from “Yahoo! Auction” sales. This enables users to cash out (withdraw) money by transferring money to their bank account.

PayPay Money Lite:PayPay balance that is applied for users who have not completed the identity verification procedure and who has topped-up their balance from bank accounts or from “Yahoo! Auction” sales. Cash out (withdrawal) will not be enabled.

PayPay Bonus:PayPay balance granted from awards campaigns etc. with no expiration date.

PayPay Bonus Lite:PayPay balance granted from awards, campaigns etc. with an expiration date.

Name Withdrawal Transfer/Remittance Expiration Date
PayPay Money No expiration date
PayPay Money Lite × No expiration date
PayPay Bonus × × No expiration date
PayPay Bonus Lite × × 60 days from granted date

*For top-ups using “Yahoo! JAPAN Card” “SoftBank Pay Together”, “Y Mobile Pay Together”, “PayPay Money Lite” will be applied even if identity verification is completed.

* For PayPay balance details, please see here.

■PayPay App can be installed from (App Store, Google Play ™)

*Supported versions: iOS 11.0 and later, and Android 5.0 and later

■Related images can be installed from here.

* App Store is a service mark of Apple Inc. TM and © 2019 Apple Inc. All rights reserved.

* Google Play is a trademark or registered mark of Google LLC.

* Company names, store names, product names, and service names contained in this press release are registered trademarks or trademarks of their respective owners.

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