Paidy, Japan’s biggest buy now, pay later (BNPL) startup, has rolled out a new solution — Paidy Link — that instantly connects account holders to their digital wallets.
Russell Cummer, co-founder and executive chairman of Paidy, said in a press release that this new tool, in combination with PayPal, will enable Paidy account holders to instantly tap their digital wallets for international shopping. “PayPal is an amazing partner for us to launch this functionality with, and we are sure that our five million account holders will be thrilled to take advantage of the combined power of Paidy and PayPal,” Cummer added.
Paidy has 700,000 online merchants in Japan. This new tool is a first for both companies. Going forward, Paidy said it intends to expand the connection with numerous partners.
By using Paidy Link with PayPal, shoppers in Japan can purchase items from PayPal’s 29 million global merchants, per the release. Every purchase is instantly converted to the Japanese yen. Paidy “Atobarai” or 3-Pay can be used to settle up.
Peter Kenevan, vice president and head of PayPal Japan, said the company’s partnership with Paidy will offer Japanese shoppers merchandise variety and freedom to choose how they pay.
Paidy uses proprietary models and machine learning to facilitate transactions and guarantee payment. The company raised $120 million in a Series D funding round earlier this month, with participation by JS Capital Management, Soros Capital Management, Tybourne Capital Management and Wellington Management.
In a PYMNTS interview, Cummer told Karen Webster that Japanese customers have access to credit, but they would rather not use it, and so Paidy works for them. After launching its first BNPL product in 2014, the company launched Paidy 3-Pay to better meet the needs of shoppers in Japan by offering an interest-free way to pay in installments.
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