TOKYO, April 16, 2021 /PRNewswire/ -- Paidy Inc., Japan's leading "Buy Now Pay Later" provider, which serves 700,000 online merchants in Japan, announced on April 16 Paidy Link, a new feature in the Paidy app, that allows users to instantly link digital wallets with their Paidy accounts. The first digital wallet to integrate with Paidy Link is PayPal with plans to expand in the future through cooperation with a variety of partners.
By using Paidy Link with PayPal, consumers in Japan can shop for the goods that they love at PayPal's 29 million merchants around the world, all via PayPal checkout. Each purchase will be automatically converted into a Japanese yen purchase with Paidy that can be settled each month with Paidy "Atobarai," the Buy Now Pay Later service, or 3-Pay. This will allow Paidy users to manage their budgets easily and wisely within the Paidy app.
Paidy's mission is to "take the hassle out of your payment and purchase experiences." It aims to create an environment where everyone can shop wisely and joyfully. With Paidy, customers can shop easily with just their mobile phone number and email address, and then pay the accumulated charges the next month. From October, 2020, Paidy also began offering 3-Pay, a service that allows customers to split charges into three equal, interest-free, monthly installments (*), which has been very well received.
Paidy Link is available in the Paidy app, as part of a service that includes 3-Pay, visible credit limits, and more. Customers can start using Paidy Link immediately by opening the Paidy app, and then following a few simple steps to link their Paidy account to PayPal.
Russell Cummer, Paidy Founder and Executive Chairman, said, "I am extremely excited to announce the launch of Paidy Link, offering a great new way for consumers to use their Paidy accounts for online shopping internationally. PayPal is an amazing partner for us to launch this functionality with and we are sure that our 5 million account holders will be thrilled to take advantage of the combined power of Paidy and PayPal. We look forward to working closely with PayPal to literally bring the world to our Japanese consumers."
Peter Kenevan, VP, Head of PayPal Japan, commented, "We are excited about our partnership with Paidy. This partnership allows Paidy users to have access to PayPal's 29 million merchants -- in fashion, gaming, cosmetics and more -- from Japan and around the world. By linking their Paidy accounts to PayPal, consumers can enjoy much greater freedom and more choices from the comfort of their home."
Paidy is Japan's pioneer and leading BNPL service with the mission to spread trust through society and to give people room to dream. Paidy offers instant, monthly-consolidated credit to consumers by removing hassles from payment and purchase experiences. Paidy uses proprietary models and machine learning to underwrite transactions in seconds and guarantee payments to merchants. Paidy increases revenue for merchants by reducing the number of incomplete transactions, increasing conversion rates, boosting average order values, and facilitating repeat purchases from consumers. Paidy continues to innovate to make shopping easier and more fun both online and offline.
(*) Interest-free installment payment is available with account transfers or bank transfers.
SOURCE Paidy Inc.