PayPay Corporation is pleased to announce that accounts opened with MUFG Bank, LTD. can be registered with the cashless payment service “PayPay” as of February 3, 2022.
Individual customers who own a cashcard for an ordinary savings account (including comprehensive accounts) opened with MUFG Bank, LTD. can now top up their PayPay Balance directly from their savings account.
In addition, users can select MUFG Bank, LTD. when registering for “PayPay Atobarai” or “PayPay Card” which will allow the amount spent in the current month to be paid for in the following month as a lump sum.
Financial institutions that are currently available:https://paypay.ne.jp/guide/bank-list.
* There will be no change in availability for users who linked MUFG Bank, LTD. with their Yahoo! JAPAN Money for continued use in “PayPay.”
■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:
・Prepaid Payment Instruments (third party type) Issuer, Registration #: Director-General of the Kanto Finance Bureau, No. 00710 (Registration date: October 5, 2018)
・Fund Transfer Operator, Registration #: Director-General of the Kanto Finance Bureau, No. 00068 (Registration date: September 25, 2019)
・Japan Payment Service Association (https://www.s-kessai.jp/, Date of admission: September 12, 2018）
・Business Operator that Concludes Contracts on the Handling of Credit Card Numbers, etc., Registration #: Kanto (K) No. 106 (Registration date: July 1, 2019)
・Japan Consumer Credit Association（https://www.j-credit.or.jp/, Date of admission: July 1, 2019）
・Telecommunications Carrier (Filing #: A-02-17943 / Date filed: July 2, 2019)
・Notified Person Entrusted with Intermediation (Filing #: C1907980 / Date filed: December 18, 2019)
・Bank Agency Operator, License: Director-General of the Kanto Finance Bureau, No. 396 (Registration date: November 26, 2020)
・Financial instruments intermediary service registration number: Kanto Finance Bureau Director (Kinchu) No. 942 (Registration date: June 25, 2021)
* “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 if 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 PayPay 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 Payment Services Act. Based on the provisions of Article 43 of the Payment Services Act, PayPay preserves the debt it owes to its users in full amount and more by depositing its assets. 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). Based on the provisions of Article 14 of the Payment Services Act, PayPay preserves the relevant assets for the purpose of protecting the owners of the prepaid payment instrument by providing a security deposit for issuance to the Legal Affairs Bureau in an amount that is half or more of the unused balance of prepaid instrument methods as of March 31 and September 30. 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 no longer be valid.
PayPay also strives to create a safe and secure environment for users. If an unexpected payment is made by a third party 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 if compensation is also provided by a third party), given that the prescribed conditions are met. Please see “Applying for compensation”for details.
*Company names, trade names, and products/services in this press release are registered trademarks or trademarks of their respective companies.
