PayPay Bank Corporation (Head office: Shinjuku-ku, Tokyo; President & Representative Director: Tomohito Takusari; hereinafter “PayPay Bank”) and PayPay Corporation (Head office: Minato-ku, Tokyo; President & Representative Director, CEO, Corporate Officer: Ichiro Nakayama; hereinafter “PayPay”) are pleased to announce that a feature which displays PayPay Bank’s savings account balance on the top-up screen of the cashless payment service “PayPay” has been rolled out*1. This was made possible by PayPay’s registration as an “Electronic Payment Services (registration number: Kanto Finance Bureau Director (Dendai) No. 109)” in February 2023.
Until now, when topping up to “PayPay” from a bank account, a top-up error occasionally occurred due to insufficient balance. The new feature will allow PayPay Bank mini app users*2, 3 to check their account balance on the top-up screen when they select PayPay Bank as their top-up method, preventing top-up errors due to insufficient balance.
Starting with PayPay Bank, PayPay plans to expand this feature of displaying the bank account balance to other financial institutions in the future to enhance the convenience of the PayPay app.
PayPay Bank (formerly Japan Net Bank) was established in 2000 as Japan’s first bank specializing in internet banking, and currently serves over 6.68 million accounts (as of December 2022). After changing the name to “PayPay Bank” in April 2021, it further strengthened its partnership with PayPay and started offering a banking mini app in August 2022.
With the new PayPay Bank mini app, users can smoothly avail themselves of banking services, such as opening accounts, balance inquiries, checking bank statements, and direct deposits, all through “PayPay.” For PayPay users, there will be no fee*5 when cashing out PayPay Balance*4 to PayPay Bank accounts, and both parties are working to make “PayPay” more convenient and beneficial in various everyday life situations.
In addition, “PayPay” merchants will be provided strong support for making their stores go cashless such as by offering a transfer fee of 20 yen (200 yen for financial institutions other than PayPay Bank) for the “early payout service*6,” which allows sales proceeds to be transferred at any time.
PayPay Bank’s mission is to “Make financial services as accessible as air,” and the company will continue to work toward the goal of providing financial services that are invisible to the eye yet indispensable, and that people happen to be using by the time they notice.
*1. The feature will be available starting today. Please update the PayPay app to the latest version to use it.
*2. A “mini app” is a feature that allows users to smoothly make reservations, order products, and purchase services provided by PayPay Corporation’s partner companies from the PayPay app.
*3. With the new PayPay Bank mini app, PayPay users can smoothly avail themselves of banking services, such as opening accounts, balance inquiries, checking bank statements, and direct deposits, all through “PayPay.” In addition, PayPay Corporation, as the bank agent of PayPay Bank Corporation which is the principal bank on its app, will act as an intermediary (solicitor) for the conclusion of “yen savings account” and “yen loan” contracts.
*4. For more details on PayPay Balance, please click here: What is PayPay Balance? The only PayPay Balance that can be cashed out to your bank account is PayPay Money.
*5. For more details on cashing out, please click here: I want to cash out my PayPay Balance to my bank account.
*6. For more details on the “early payout service,” please click here: About the early payout service.
■ 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 “point management,” a service that allows users access to a simulated investment experience involving the exchange of PayPay Points with points provided by a service provider that PayPay is partnered 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 a member and registered service operator with the following associations.
・Prepaid Payment Instruments (third party type) Issuer, Registration #: Director-General of the Kanto Finance Bureau, No. 00710 (Registration date: October 5, 2018)
・Business Operator that Concludes Contracts on the Handling of Credit Card Numbers, etc., Registration #: Kanto (K) No. 106 (Registration date: July 1, 2019)
・Telecommunications Carrier (Filing #: A-02-17943 / Date filed: July 2, 2019)
・Fund Transfer Operator, Registration #: Director-General of the Kanto Finance Bureau, No. 00068 (Registration date: September 25, 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)
・Japan Payment Service Association (https://www.s-kessai.jp/, Date of admission: September 12, 2018)
・Japan Consumer Credit Association (https://www.j-credit.or.jp/, Date of admission: July 1, 2019)
* “PayPay” provides 5 types of PayPay Balance: PayPay Money, PayPay Money Lite, PayPay Points, PayPay Bonus Lite, and PayPay Gift Voucher.
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, and is issued by PayPay 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 protects the debt it owes to its users in by depositing assets equivalent to or more than the debt amount. 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 Points and PayPay Bonus Lite, which are granted through campaigns and promotions when using PayPay, can be used for partner services and in transactions at 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 it will no longer be valid. PayPay Gift Voucher is a type of electronic money issued by PayPay, which can be used to make payments for affiliated services and merchants designated by the PayPay Gift Voucher. However, it cannot be transferred to other users or cashed out. PayPay Gift Vouchers are valid for six months after issuance, after which they 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, providing that certain conditions are met, the user can be compensated for the damages suffered (the difference will be provided as compensation if compensation is also provided by a third party). 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.
