Press Release

PayPay Corporation, a joint venture between Softbank Group Corp., Softbank Corp., and Yahoo Japan Corporation had suspended the registration of bank accounts and topups with certain financial institutions, but will lift the suspension with Japan Post Bank at 1 p.m. on Wednesday, January 20, 2021. As for reconnecting with other financial institutions, information will be made available on the Announcement on the temporary suspension of account registrations and topups with certain financial institutions page as the details are fixed.

To register a new bank account, it is necessary to complete the identity verification (eKYC) process in advance. It may also be necessary to complete the identity verification (eKYC) process in advance, depending on the status, to resume connections with accounts of financial institutions that have already been registered in the past. Please refer to the Announcement on identity verification (eKYC) on how to complete identity verification (eKYC) or to confirm the status of said verification. Please note that applications to complete identify verification (eKYC) in advance to the bank connections being resumed are now being accepted.

■ Announcement on identity verification (eKYC)

https://paypay.ne.jp/notice/20210115/03/

■ Please check here for information on financial institutions with which account registrations and topups have been temporarily suspended.

https://paypay.ne.jp/notice/20200915/06/

■ Please check here if you cannot topup from a financial institution you use.

https://paypay.ne.jp/notice/20200918/04/

PayPay has been working 24/7 to prevent fraud through the use of technology and engaging a dedicated monitoring team. Further measures will continue to be taken with users’ safety & security first in mind, particularly the strengthening of identity authentication. As has always been, PayPay will compensate, in full, any damages suffered through fraudulent use of PayPay for all users, striving to provide appropriate and prompt compensation.​ ​

Dating back to the launch of “PayPay” (October 2018), the following number of cases have been judged to be fraud cases. All cases were subject to the full compensation scheme the company provides for undue payments incurred due to use by a third party, and compensation to all victims having submitted a claim is complete.

Number of cases judged as fraud by the company :

・ 2019 : 23 cases, 14,886,411 yen

・ 2020 : 20 cases, 4,616,041 yen

■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 Corporation is registered as follows:

* “PayPay” provides 4 types of PayPay balance: PayPay Money, PayPay Money Lite, PayPay Bonus and PayPay Bonus Lite. PayPay Money can be used to pay for partner services and merchants as long as it is within the amount deposited into the PayPay account opened after completing an identity verification process. It can also be used for sending and receiving money between PayPay users free of charge. PayPay Money can also be cashed out to a designated bank account (no withdrawal fee if using The Japan Net Bank). The legal nature of this is an electromagnetic record which can be used to pay for goods and other services, and can be remitted or cashed out, issued by the Company who is a Fund Transfer Operator registered under Article 37 of the Act on Fund payment. PayPay Money Lite is an electronic money issued by PayPay, which can be purchased and used to pay for services and merchants. PayPay users can transfer and receive PayPay Money Lite free of charge. The legal nature of this is a prepaid payment instrument issued by PayPay (Article 3, Paragraph 1 of the Payment Services Act). In addition, PayPay Bonus and PayPay Bonus Lite, which are granted through campaigns and promotions when using PayPay, can be used for partner services and merchants in addition to PayPay Money and PayPay Money Lite. However, PayPay Bonus and PayPay Bonus Lite cannot be sent or transferred between PayPay users or be cashed out. PayPay Bonus Lite has an expiration date, after which date it will expire.

PayPay also strives to create a safe and secure environment for users. If an unexpected payment is made by a third person using a PayPay account, or if a request to settle a payment suddenly arrives from PayPay to a user that does not have a PayPay account, there is a scheme that ensures compensation for the damages suffered (the difference will be provided as compensation in the event that compensation if also provided by another third party), given the prescribed conditions are met. Please see applying for compensation for details.