Strap: Internet Giant Google is planning to push into Japan’s financial services market.
Copy: Search engine giant, Google is planning an entry into Japan’s financial services market.
Nikkei reported that Google is in talks to acquire Tokyo-based cashless payment provider Pring.
The deal will allow google to roll out financial services of its own instead of being dependent on partner banks and other credit card companies.
Currently, Mizuho Bank owns Pring along with a number of investors and Google is reportedly set to acquire it between $180mn and $270m for all of the company’s shares.
Japan’s cashless payment is relatively underdeveloped as compared to other countries where there has been a wider adoption like India’s UPI.
Japan’s cashless payment in retail transaction was just under 30% in 2020 as compared to 70-90% in South Korea and China.
Currently, Google only offers Google Pay service relying on partnering with credit card and pre-paid providers to offer financial services.
Pring as of now provides payments, cash transfer and withdrawals via smartphones and computers to its clients and has over 400 corporate customers who use the service to make small payments to other business owners. It also offers reimbursements to customers.
Post execution of the acquisition, Google could possibly look to use the fintech’s existing network to roll out it’s own financial services like payments and transfers, some time in 2022.
