PayPay Corporation (hereinafter “PayPay”) has begun a phased rollout (*2) of “PayPay Balance Link” (patent pending) (*1), a new feature that automates PayPay Money top-ups and withdrawals between PayPay and an ordinary deposit account at PayPay Bank.
When “PayPay Balance Link” is set up, if a user’s PayPay Balance is insufficient for payments or person-to-person transfers, the shortfall is automatically topped up in ¥1 increments from an ordinary deposit account at PayPay Bank, allowing the user to complete the payment or transfer. In addition, PayPay Money (*3) held in PayPay is automatically transferred to an ordinary deposit account at PayPay Bank once per day (*4). Once the funds are transferred, they become eligible for interest at PayPay Bank’s applicable deposit rate (*5).
*1. “PayPay Balance Link” is a service provided by PayPay Corporation.
*2. The rollout of “PayPay Balance Link” to all eligible users is expected to be completed by mid-November.
*3. PayPay Money (Paycheck) and PayPay Money Lite are not eligible for this feature.
*4. For users who hold PayPay Money at midnight (24:00) each day, automatic withdrawal processing to their PayPay Bank ordinary deposit accounts will begin after midnight. Processing may take some time depending on transaction volume. The amount withdrawn will be based on the PayPay Money held by the user when the withdrawal is processed. PayPay Money held by users who have not set up “PayPay Balance Link” will not be automatically withdrawn.
*5. PayPay Corporation acts as a banking agent for PayPay Bank Corporation as its principal bank, and intermediates (solicits) contracts for the acceptance of yen ordinary deposits, acceptance of foreign currency ordinary deposits, yen loans, and funds transfer transactions. However, the intermediation (solicitation) of contracts for foreign currency ordinary deposits and funds transfer transactions is limited to individual users.
■ “PayPay Balance Link” seamlessly connects spending and saving for more convenient money management
1. Automatically top up only the amount needed to cover the shortfall and use it for payments and transfers!
■ Comparison of Auto Top-Up (*6) and Balance Link auto top-up
By setting up “PayPay Balance Link,” users can automatically top up only the amount needed to cover a shortfall when making payments or person-to-person transfers, in ¥1 increments, from an ordinary deposit account at PayPay Bank (*7). For example, if a user has a PayPay Balance of ¥0 and makes a ¥100 payment, the feature automatically tops up ¥100, allowing the user to complete the payment while keeping unused funds at PayPay Bank. In addition, payments made using “PayPay Balance Link” are eligible for PayPay STEP, with PayPay Points awarded at a rate of 0.5% (*8).
2. Unused PayPay Money is automatically transferred to PayPay Bank! Earn up to 0.7% annual interest on ordinary deposits, plus PayPay Points at an annual rate of 0.1% (equivalent to up to 0.8% per annum) (*5)
When users set up “PayPay Balance Link,” PayPay Money received through person-to-person transfers or topped up from other bank accounts or ATMs that remains unused on the same day will be automatically transferred to an ordinary deposit account at PayPay Bank once per day. No withdrawal fee is charged.
Funds automatically transferred to PayPay Bank will be eligible for the “Step-Up Yen Savings Deposit” program (*9) as yen ordinary deposits, with an applicable interest rate of up to 0.7% per annum (0.55% after tax). In addition to interest, PayPay Points will be awarded at an annual rate of 0.1% (0.07% after tax), bringing the combined equivalent annual rate to up to 0.8% (before tax).
Interest rates on yen ordinary deposits vary according to the deposit balance. Users who opt in to receive PayPay Points can also receive points monthly, separately from interest.
For details on the “Step-Up Yen Savings Deposit” program, including applicable interest rates and PayPay Points benefits, please visit PayPay Bank’s Details page.
■ How to Set Up PayPay Balance Link
Users who have completed the prerequisites above can set up PayPay Balance Link in six taps by following the steps below.
“PayPay Balance Link” makes it easier for users to make payments and send or receive money with PayPay while keeping unused funds in PayPay Bank. By automatically topping up only the amount needed to cover a shortfall, the feature enables users to make payments and person-to-person transfers more conveniently.
PayPay and PayPay Bank will continue to strengthen their collaboration and develop services centered around the PayPay app to provide greater convenience and help users manage their funds more efficiently.
*6. For details on auto top-up, please check here.
*7. If an automatic top-up cannot be completed due to insufficient funds in the linked PayPay Bank account, the payment will fail. Please deposit funds into your PayPay Bank account or use another top-up or payment method.
*8. The points granted as benefits of “PayPay STEP” are standard “PayPay Points.” For details on “PayPay STEP,” please check here.
*9. Interest rates and grant rates will be reviewed in light of interest rate conditions, etc. “Step-Up Yen Savings Deposit” is a benefits program offered by PayPay Bank Corporation. The special interest rate under the “Step-Up Yen Savings Deposit” program applies to deposit balances of up to ¥10 million. For the portion of the balance exceeding 10 million yen, an annual rate of 0.50% (0.39% per annum after tax) will apply. Interest and points are subject to a tax rate of 20.315% (15.315% national tax, including the Special Income Tax for Reconstruction, and 5% local tax). Figures are truncated after the second decimal place. PayPay Points are awarded at a uniform annual rate of 0.1% on eligible deposit balances of up to ¥5 million. Interest rates and points will be applied to the monthly average balance of yen ordinary deposits. The monthly average balance is calculated by totaling the daily end-of-day balances of yen ordinary deposits for one month and dividing by the number of days in that month. The regular annual interest rate of 0.40%, which is included in each applicable interest rate, applies only on days when the end-of-day deposit balance is ¥10,000 or more. Ordinary deposit interest rates are variable.
