Press Release

PayPay Accelerator Program：http://accelerator.paypay.ne.jp/

PayPay Corporation (hereinafter PayPay), YJ Capital Inc (hereinafter YJ Capital) and East Ventures have launched the PayPay Accelerator Program for startup companies with the aim of supporting the growth of participating companies and expanding the mini-app features of PayPay. Applications will open from October 26.

The PayPay Accelerator Program is a joint program of PayPay, YJ Capital and East Ventures. PayPay will provide technical support and YJ Capital and East Ventures will provide mentoring support on the business side to participating startups. The program is targeted at early-stage startups (*1) regardless of industry, and the products developed in the program can be provided as a mini-application for PayPay (*2), which is used by more than 33 million people nationwide (*3).

PayPay realeased an open API for mini-apps on the PayPay for Developers tool on October 26. With the launch of the PayPay Accelerator Program in addition to the release of an open API, advanced technologies and innovative ideas are expected from startups. Leveraging the synergies created, we aim to provide and expand our mini-app offerings to accelerate PayPay in becoming a “super app” by which we will be able to make our users’ lives richer and more convenient.

■ About the PayPay Accelerator Program

For more information on the application, schedule and benefits for participating companies, please see here.
Before the PayPay Accelerator Program is opened for applications, we plan to hold events to introduce use cases of mini-apps seen overseas and briefing sessions of the program on a regular basis. Details of the events will be announced on the program’s introduction page and on the “Code Republic” twitter account jointly operated by YJ Capital and East Ventures.

■ Aditya Mhatre, Corporate Officer, Head of the Product Division at PayPay,

commented “Startup and Entrepreneurs are key to a growing economy. PayPay would like to work closely with promising entrepreneurs to realize their startup dreams. PayPay will provide product and technical advice as well as by access to users through PayPay Mini Apps.”

■ Shinichi Hori, CEO of YJ Capital

commented, “YJ Capital and East Ventures are here to support you and your startup with PayPay to build a mini-app that users will love. Let’s be the first to understand the appeal of mini-apps and take on the world together!”

■ Batara Eto, Co-founder and Managing Partner of East Ventures

said, “One of the reasons why Japan is lagging behind other developed countries in going cashless is because there are few places where it can be used. If we look at the case of China, we can see that as mini-apps become more popular, cashless systems are also becoming more popular. Through this program, we would like to join forces among the three companies to share our mini-app know-how with the early-staege startups. We hope that we can work together to make cashless transactions more widespread and make our lives more convenient.”

*1 The program is primarily targeted at pre-series A startups that already have their own products.

*2 Number of users who have registered an account after downloading the PayPay app. (As of October 19, 2020)

*3 In order for a company to begin offering its service as a mini app, the company must register as a merchant with PayPay for Developers and pass the required screening. Under this program, the services approved at the final results debriefing meeting are planned to be offered as mini-apps.

■ About “PayPay,” the cashless payment service provided by PayPay Corporation

PayPay is a cashless payment service expanding across the country, available not only at major chain stores but also at small and medium size retailers, vending machines, taxis and even public transportation. It can also be used in a variety of other scenes, including paying for online services and utility bills. PayPay is also expanding its range of services beyond just payments, including a “send/receive” feature (remittance/transfer and receiving of money) that allows users to transfer their PayPay balance (PayPay Money and PayPay Money Lite) between each other for free, or “bonus management”, a service that allows users access to a simulated investment experience involving the exchange of PayPay Bonus with points provided by a Type 1 Financial Instruments Business Operator that PayPay partners with. The company also strives to create a safe and convenient environment for users through a hotline available 24/7 and a full compensation scheme ensuring, compensation for any damages that may be suffered.

PayPay is registered as follows:

* There are four types of “PayPay” (PayPay balance): PayPay Money, PayPay Money Lite, PayPay Bonus, and PayPay Bonus Lite. PayPay Money can be used for payments at affiliated services and affiliated stores within the amount of money deposited to the PayPay account opened through the identity verification procedure prescribed by the Company, and remittances can be made between PayPay users with no fees. You can pick it up. You can also withdraw PayPay money and deposit it into the specified bank account (if you specify Japan Net Bank, the withdrawal fee is free). This legal property is an electromagnetic record that can be used to repay the price of goods, etc., and can be remitted and withdrawn, and the funds registered under Article 37 of the Funds Settlement Law. It is issued by our company, which is a remittance company. PayPay Money Lite is electronic money issued by our company, which can be purchased and used for payments at affiliated services and affiliated stores, and can be transferred or transferred between PayPay users at no charge. This legal nature refers to the prepaid payment method (Article 3, Paragraph 1 of the Law Concerning Settlement of Funds) issued by the Company. In addition, PayPay Bonus and PayPay Bonus Lite, which are given free of charge for benefits and campaigns when using “PayPay”, can also be used for payments at affiliated services and affiliated stores, just like PayPay Money and PayPay Money Lite. I will. However, you cannot transfer, transfer or withdraw money between PayPay users. The PayPay Bonus Lite has an expiration date, which expires after the expiration date.

In addition, we are creating an environment where users can use it with peace of mind. If the PayPay account you are using has an unfamiliar claim due to third party use, or if you do not have a PayPay account but have been billed by PayPay, the prescribed compensation conditions will be applied. Assuming that you meet the requirements, you can receive compensation for the amount of damage (if you receive compensation from a third party, the amount after deducting the compensation amount). For more information, please click here.

■YJキャピタル株式会社について

ヤフー株式会社のCVC（コーポレートベンチャーキャピタル）として、インターネット領域において将来性のあるスタートアップの支援を行っています。
代表取締役社長：堀 新一郎
本社：東京都千代田区紀尾井町1-3 東京ガーデンテラス紀尾井町 紀尾井タワー
URL：http://yj-capital.co.jp

■East Venturesについて

East Venturesは、国内外で数百社以上のベンチャー企業に投資しているベンチャーキャピタル。国内ではメルカリ、ツイキャス、Gunosy、gumi、dely、BASEなど、数多くの日本を代表するインターネットサービスに出資活動を通して応援していると共に、海外（主にアジア･米国）のネットサービスへも積極的に投資を行っています。
住所：東京都港区六本木4-2-45　高會堂ビル2階
URL：https://east.vc/

* The company name, trade name, and product/service in this press release are registered trademarks or trademarks of their respective companies.