PayPay Corporation（hereinafter “PayPay”）is pleased to announce that it has today raised the maximum limit of a single P2P payment（※1）via the Send／Receive feature in the cashless payment service “PayPay” from 100,000 yen to 300,000 yen（for the past 24 hours）. This increase is applicable only to users who have already verified their identity（eKYC）.（※2）
※1 When sending PayPay Money, it is a “remittance,” and when sending PayPay Money Lite, it is a “transfer.” Please refer to the PayPay Balance Terms of Use for details. Regarding the difference between PayPay Money and PayPay Money Lite, click here.
※2 For more information on eKYC, click here.
「With the Send/Receive feature, “PayPay” allows users to instantly send PayPay Balance free of charge 24/7. This service accounts for approximately 95%（※3）of the total number of P2P payments（※4）among mobile payment services. “PayPay” has provided easy and convenient functionalities for various scenarios, such as “Group Bill” which makes going Dutch easier and the Schedule functionality that allows regular automatic transfers of allowances. The number of transactions made with the Schedule functionality in March 2024 was 2.6 times higher year-on-year.
Recently, it has been observed that the way of giving/receiving money has been changing even within a family, and an increasing number of people are using “PayPay” to give children their allowance. In addition, the cumulative amount of transactions exceeded 300 billion yen in three and a half months since January 2024, growing much more rapidly than the previous year in both the amount and number of P2P payments. In light of the increasing demand, the company has decided to significantly raise the limit from 100,000 yen to 300,000 yen per transaction, for users who have verified their identity.
For details, see the table below.
| Limit before change | Limit after change | |
|---|---|---|
| Within the past 24 hours | 100,000 yen | 300,000 yen |
| Within the past 30 days | 500,000 yen | 500,000 yen |
＊ The maximum amount per transaction is the same as the daily（past 24 hours）limit.
＊ For users who have not verified their identity, the limit is set to 100,000 yen.
In addition, to ensure that users can safely use the service, various fraud prevention measures have been enhanced, including features that enable users to change the payment limit or display messages that warn about fraud.（※5）As the leading cashless payment services company, PayPay aims to provide safe and secure services, actively promoting eKYC and continuously raising the bar against money laundering and financing of terrorism to prevent the app’s misuse in criminal activities and by terrorist organizations.
※3 PIncluding both PayPay Money remittances and PayPay Money Lite transfers.
※4 The share of “PayPay” was calculated by PayPay based on the PAYMENTS JAPAN（Code Payment Trends, published March 25, 2024）.
※5 Please check here for more information on fraud prevention measures.
PayPay will continue to strive for a world where users and all types of restaurants and service providers can enjoy the convenience of cashless payment and use the cashless payment service with confidence anywhere in Japan. Furthermore, PayPay aims to evolve from a payment app into a super app that enriches users’ lives and makes them more convenient, fostering a world where paying “Anytime, Anywhere with PayPay” is a reality. As the company was designated by the Financial Services Agency as a Specified Essential Infrastructure Service Provider in November 2023, PayPay is committed to continue providing an even safer and more secure environment for users.
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）
・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” offers four types of electronic money and other services: PayPay Money, PayPay Money Lite, PayPay Points, and PayPay Gift Vouchers.
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 services, 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 by depositing assets equivalent to or higher 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, 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, it cannot be transferred to other users or cashed out. 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 have an expiration date, after which they will no longer be valid. The deadline for Gift Vouchers can be confirmed in the details or specifications of the measure or promotion campaigns for which they are issued.
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.
