PayPay Corporation （hereinafter “PayPay”）is pleased to announce that its development center in India, previously known as “Pay2 Development Center Private Limited,” changed its company（trade）name to “PayPay India Private Limited” as of May 30, 2024. The aim of this change is to accelerate local hiring of engineers, speed up development, and improve product quality by making it clearer that the company is a member of the PayPay Group, which has captured two-thirds of the code payment market in Japan（※1）.
※1 The share of “PayPay” is calculated by PayPay based on the data disclosed by PAYMENTS JAPAN（Code Payment Trends, published on March 25, 2024）.
1. Background of the Company（Trade）Name Change
PayPay positions the improvement of its development capabilities as fundamental to continuously providing highly convenient services to its users. Since its founding in 2018, PayPay has been proactively hiring hundreds of talent annually from both Japan and abroad, regardless of nationality. With about 80% of PayPay’s engineers now being non-Japanese（※2）, the team is becoming increasingly international. In October 2022, PayPay established its first overseas development center, the（former）”Pay2 Development Center Private Limited,” in Haryana, India, and has since been hiring talented local engineers to drive a parallel development system alongside Japan. The team, now consisting of over 60 employees（※2）, is developing and releasing a wide range of products.
The aim of changing the company name to “PayPay India Private Limited” is to accelerate local hiring, speed up development, and improve product quality by making it clearer that the company is a member of the PayPay Group, in a time where hiring talented engineers is highly competitive around the world. PayPay will continue to remain true to its user-centric policy, providing even more convenient services to its users.
※2 As of the end of April 2024.
2. Company Overview
Company name（trade name）：PayPay India Private Limited
Representative：Munenori Hirakawa
Location：Haryana, Republic of India
Established：October 2022
Capital：41 million rupees
・For more background on the initial establishment of PayPay’s development center in India, PayPay India Private Limited（formerly Pay2 Development Center Private Limited）, please check here.
・For more information on job openings at PayPay India Private Limited, please check here.
PayPay Corporation is registered as follows：
・Prepaid Payment Instruments（third party type）Issuer（Registration number: Director-General of the Kanto Finance Bureau, No. 00710／Registration date: October 5, 2018）
・Business Operator that Concludes Contracts on the Handling of Credit Cards（Registration number: Kanto（Ku）No. 106／Registration date: July 1, 2019）
・Telecommunications Carrier（Filing number: A-02-17943／Date filed: July 2, 2019）
・Fund Transfer Operator（Registration number: Director-General of the Kanto Finance Bureau, No. 00068／Registration date: September 25, 2019）
・Notified Entity Entrusted with Intermediation（Filing number: C1907980／Date filed: December 18, 2019）
・Bank Agency Services（License: Director-General of the Kanto Finance Bureau（Gindai）No. 396／Registration date: November 26, 2020）
・Financial Instruments Intermediary Services（Registration number: Kanto Finance Bureau Director（Kinchu）No. 942／Registration date: June 25, 2021）
・Electronic Payment Agency Services（License: Director-General of the Kanto Finance Bureau（Dendai）No. 109／Registration date: February 14, 2023）
・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 3 types of PayPay balance: PayPay Money, PayPay Money Lite, and 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, PayPay Points cannot be sent or transferred between PayPay users or be 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.
