Amazon’s Japan Customers Can Now Finance Purchases With Paidy

Amazon users in Japan are now able to use Paidy, an instant credit provider, as a payment option, according to a release. 

The company provides instant payment accounts consolidated monthly.

“We are deeply honored to be working with Amazon to offer a new and unique consumer experience to Amazon customers. We see tremendous potential to work with Amazon and other partners on future innovations, continuing to improve consumer experiences and the payments landscape in Japan,” said Paidy Founder and Executive Chairman Russell Cummer.

Paidy aims to simplify the payments process, allowing customers to use an email and phone number for verification. The company said that it wants to “make a meaningful contribution to offer superior customer convenience on Amazon.”

Paidy also said it wants to have 11 million accounts by the end of next year, through offering more financial services and acquiring other merchants.

The company recently raised funding worth $143 million through a Series C extension round and debt financing, where PayPal Ventures, Soros Capital Management, JS Capital Management and Tybourne Capital Management all contributed. 

“As the Paidy network continues to grow, we are very pleased to continue innovating and to offer best-in-market solutions to merchants and new frictionless payment experiences to consumers. We are pleased that our vision of an instant buy-now pay later consumer experience has been validated by millions of consumers and by global leaders like PayPal and Goldman Sachs,” said Cummer.

Earlier this year, Amazon Japan’s offices were raided by the country’s fair trade regulator. The Fair Trade Commission raided the office over suspicions that the company was engaged in antitrust behavior.

Amazon was suspected of requiring suppliers to cover the costs incurred from selling products for a cheaper rate on the Amazon Japan platform. Amazon may have also required a so-called collaboration fee, which is a percentage of the selling price of the product a merchant is selling.