PayPay Financial Group
#JapanFG#payment-fg#telecom-fg
On this page
- Wiki route
- TL;DR
- 1. Company profile
- List of core operators
- Key KPIs (based on public materials, latest as of 2025 年)
- Capital relationships (public materials)
- Merger history / predecessors
- Key chronology
- 2. Business segment map
- Super-app strategy
- LY integration effects and the completion of LINE Pay integration
- SoftBank segment reorganization and IPO speculation
- Competition among the 4 major economic zones
- Scale / share competition (QR-code payment)
- 4. Regulation / policy
- Related
- Sources
Wiki route
This entry sits under megabanks INDEX. Read it against au Financial Holdings (au-FH) for peer / contrast context and banking index for the broader system / regulatory boundary.
TL;DR
A payment-core financial group in the SoftBank Corp. + LY Corporation lineage. Over 7000 万 registered users of the code payment “PayPay” (as of 2025-07 , a majority of the domestic population), with an overwhelming lead in QR-code payment share at approximately 2/3 . A “super-app” model of bank / securities / card / insurance cross-sell. The explicit holding-company name “PayPay Financial Group” has been used since around 2024 年 (a functional-grouping designation rather than a pure financial holding company). Through the Z Holdings → LY Corporation integration (2023-10) and the completion of the domestic termination of LINE Pay (2025-04-30), it has completed its reorganization as the PayPay economic zone. From 2025-Q1 , PayPay Bank was re-incorporated into SoftBank’s Finance segment (revenue 4045 億円, the largest growth among all in-house segments). One corner of the 4 major “telecom / payment-system economic zones” alongside Rakuten Group financial businesses (Rakuten FG) / au Financial Holdings (au-FH) / the d economic zone. Speculation about an IPO of PayPay Corporation intensified in earnest at SoftBank’s FY2025 full-year results (the first time revenue exceeded 7 兆円).
1. Company profile
Common name: PayPay Financial Group (a functional designation, not a pure holding company) Core operator: PayPay Corporation (partly bearing holding functions) Parent-company lineage: SoftBank Corp. (SBKK, TSE PRIME 9434) / LY Corporation (TSE PRIME 4689) Ultimate parent company: SoftBank Group Corp. (TSE PRIME 9984) PayPay establishment: 2018-10-05 (SoftBank 50% + Yahoo Japan 50%, Paytm technology partnership) Headquarters: Tokyo Port City Takeshiba Office Tower, Kaigan 1-7-1 , Minato-ku, Tokyo
List of core operators
| Operator | Old name / predecessor | Main function | Year of renaming / establishment |
|---|---|---|---|
| PayPay Corporation | - | QR-code payment (over 7000 万 registered users) | Established 2018-10-05 |
| PayPay Bank | Japan Net Bank | Online bank (Japan’s first), over 900 万 accounts | Opened 2000-10 / renamed 2021-04-05 |
| PayPay Securities | One Tap BUY | Stock-investment app / small-lot investment (PayPay 75.2% + Mizuho Securities 24.8%) | Established 2016-06 / renamed 2021-02 |
| PayPay Card | Yahoo Card (formerly KC Card) | Credit card (over 1000 万 active members) | Renamed 2021-10-01 / 2022-10 made a PayPay wholly owned subsidiary |
| PayPay Insurance Service | - | Insurance agency | - |
| PayPay Hoken | - | Small-amount, short-term insurance | - |
Key KPIs (based on public materials, latest as of 2025 年)
| Item | Figure | Point in time / source |
|---|---|---|
| PayPay registered users | Over 7000 万 | 2025-07 official PR (a majority of the domestic population) |
| PayPay identity-verified users (eKYC) | Over 3600 万 | 2025 ICT Research |
| Number of PayPay merchants (including PayPay Card) | Over 1000 万 locations | 2025 Payment Navi |
| FY2024 年 number of payments | 74.6 億 times (approximately 20% of all cashless payments) | 2025-03 official PR |
| FY2024 年 transaction value (GMV) | 12.5 兆円 | SoftBank FY2024-Q3 cumulative 11.3 兆円 basis |
| Domestic QR-code payment share | approximately 2/3 (approximately 65-70%) | industry estimate |
| PayPay Bank number of accounts | Over 900 万 | as of 2025-05-01 |
| PayPay Bank deposit balance | Approximately 1.9 兆円 | 2025-03-31 |
| PayPay Bank ordinary revenue | 719 億円 | FY2024 |
| PayPay Bank ordinary profit | 118 億円 (net operating profit) | FY2024 |
| PayPay Bank net income | 81 億円 | FY2024 |
| PayPay Bank total assets | 2.2 兆円 | 2025-03 |
| PayPay Card active members | Over 1000 万 | as of 2023-03 (latest public) |
| SoftBank Finance segment revenue | 4045 億円 | FY2025 full year, the largest in-house growth rate |
Capital relationships (public materials)
SoftBank Group Corp.（9984, TSE PRIME）
└── SoftBank Corp. / SBKK（9434, TSE PRIME, telecom operating company）
├── LY Corporation（4689, TSE PRIME）── formerly Z Holdings, 2023-10-01 Yahoo + LINE integration
│ ├── Yahoo Japan Corporation / Yahoo Japan
│ ├── LINE Corporation
│ └── PayPay Securities（formerly One Tap BUY, PayPay Corporation 75.2% + Mizuho Securities 24.8%）
├── PayPay Corporation ★ code-payment core
│ main shareholder composition: SoftBank / LY Corporation / Alibaba lineage (phased fluctuation)
├── PayPay Bank（formerly Japan Net Bank, SMBC 21.54% investment continuing）
│ ※ re-incorporated into SoftBank's "Finance" segment from 2025-Q1
├── PayPay Card（formerly Yahoo Card, 2022-10 made a PayPay wholly owned subsidiary）
├── PayPay Insurance Service
└── PayPay HokenMerger history / predecessors
- Japan Net Bank (opened 2000-10 ): a joint venture of Sumitomo Mitsui Banking + Yahoo Japan + Fujitsu + NTT East, etc., Japan’s first internet-only bank. Renamed PayPay Bank in 2021-04-05, SMBC 21.54% investment continuing
- One Tap BUY (established 2016-06 ): a smartphone securities firm enabling stock investment from 1000 円. Renamed PayPay Securities in 2021-02 , Mizuho Securities 24.8% investment
- Yahoo Card: developed as Yahoo! JAPAN Card, renamed and integrated into PayPay Card in 2021-10-01, 2022-10 made a PayPay wholly owned subsidiary
- Z Holdings (established 2019-10 ): Yahoo’s parent company, renamed LY Corporation in 2023-10
- LINE Corporation (established 2000 , in the Korean NHN subsidiary lineage): a messenger, prepared for integration with ZHD in 2021-03 , completed LY integration in 2023-10
- PayPay Corporation (established 2018-10-05): SoftBank 50% + Yahoo Japan 50%, Paytm (India) technology partnership
Key chronology
| Year/Month | Event |
|---|---|
| 2000-10 | Japan Net Bank opened (Japan’s first internet-only bank) |
| 2016-06 | One Tap BUY established (later PayPay Securities) |
| 2018-10-05 | PayPay Corporation established (SoftBank 50% + Yahoo Japan 50%, Paytm technology partnership) |
| 2018-12 | **“100 億円 Giveback Campaign” round 1 ** (used up 100 億円 in 10 days, became a social phenomenon) |
| 2019-02〜05 | ”100 億円 Giveback Campaign” round 2 |
| 2019-10 | Z Holdings (ZHD) established / Yahoo Japan placed under ZHD |
| 2020-08 | SoftBank Group announced the management integration of ZHD and LINE |
| 2021-03-01 | ZHD + LINE management integration (under A Holdings, ZHD and LINE became sister companies) |
| 2021-02 | One Tap BUY → PayPay Securities renaming |
| 2021-04-05 | Japan Net Bank → PayPay Bank renaming |
| 2021-08-17 | LINE Pay users enabled to use QR payment at PayPay merchants (coexistence operation began) |
| 2021-10-01 | Yahoo Card → PayPay Card renaming |
| 2022-10 | PayPay Card made a PayPay wholly owned subsidiary / PayPay Bank mini-app integration |
| 2023-10-01 | Yahoo + LINE → LY Corporation integration (Z Holdings renamed, absorbing Yahoo Japan Corporation / LINE Corporation) |
| Around 2024 〜 | Began using the “PayPay Financial Group” designation (functional grouping) |
| 2024-06 | Notice of termination of LINE Pay’s domestic service (scheduled to end 2025-04-30) |
| 2025-01-27 | LINE Pay → PayPay balance migration began (until 4-23 , 1 per transaction 2 万円 / period 10 万円 limit, no fee) |
| 2025-03 | PayPay FY2024 年 number of payments 74.6 億 times (approximately 20% of all cashless) announced |
| 2025-04-30 | Completed termination of LINE Pay’s domestic service (no business transfer, balance migration + refund processing. Overseas LINE Pay Taiwan/Thailand continue) |
| 2025-Q1 | Re-incorporated PayPay Bank from SoftBank’s “Media and EC” → “Finance” segment |
| 2025-07-15 | PayPay registered users surpassed 7000 万 (a majority of the domestic population) |
| 2025-11-05 | SoftBank FY2025 full-year results revenue 7.04 兆円 (the first time exceeding 7 兆円), Finance segment 4045 億円 the largest in-house growth, PayPay IPO speculation intensified in earnest |
2. Business segment map
| Segment | Main operator | Characteristics |
|---|---|---|
| Code payment | PayPay Corporation | Over 7000 万 registered, QR-payment share approximately 2/3, FY2024 年 GMV 12.5 兆円 |
| Online bank | PayPay Bank | Japan’s first online bank (2000-10), over 900 万 accounts, 1.9 兆円 deposits, linkage within the PayPay app |
| Securities | PayPay Securities | A small-lot stock-investment app, US stocks 1000 円〜, Mizuho Securities 24.8% investment |
| Credit card | PayPay Card | Over 1000 万 active members, maximizing point rewards via linkage with PayPay, 2022-10 made a wholly owned subsidiary |
| Insurance | PayPay Insurance Service / PayPay Hoken | Agency + small-amount short-term insurance, sold within the PayPay app |
| Media / advertising | LY Corporation (Yahoo / LINE) | The economic zone’s traffic / data source |
| Telecom | SoftBank Corp. / Y!mobile / LINEMO | Telecom contracts + payment-set discounts |
| Fintech periphery | PayPay Flea Market / PayPay Mall (former) | Linkage with EC |
Super-app strategy
- Integrating all financial functions with the PayPay app as the base point: a seamless flow of payment → balance charging (PayPay Bank) → investment (PayPay Securities) → credit card (PayPay Card) → insurance (PayPay Hoken)
- 2022-10 PayPay Bank mini-app integration: account opening / balance charging completed within the PayPay app. A seamless payment → bank flow line completed
- Cross-sell KPI: a staircase-style upsell of PayPay users → bank → card → securities
- 3600 万 identity-verified: using a high-quality user base that has passed eKYC as the starting point for financial-product cross-sell
LY integration effects and the completion of LINE Pay integration
- 2023-10 LY Corporation integration: the two major traffic flows of Yahoo + LINE unified, integrating the customer-referral line to PayPay
- 2025-04-30 completion of LINE Pay’s domestic termination: balance migration began from 2025-01-27 (1 per transaction 2 万円 / period 10 万円 limit, no fee) → 4-23 migration deadline → 4-30 service termination. No business transfer from LINE Pay Corporation to PayPay Corporation was carried out, only balance migration. Refunds under the Payment Services Act were also carried out in parallel. Unifying the payment function into PayPay alone → completed clearing out domestic code-payment competitors within the company
- Overseas LINE Pay continues: LINE Pay in Thailand / Taiwan is not subject to this termination and continues from 2025-05 onward
- LINE Official Account + PayPay coupon linkage: utilizing LINE’s messaging base for PayPay merchant marketing
SoftBank segment reorganization and IPO speculation
- 2025-Q1 segment reorganization: transferred PayPay Bank from the “Media and EC” → “Finance” segment. Re-integrating consolidated governance with financial functions
- FY2025 Finance segment 4045 億円: the largest year-on-year growth rate among all SoftBank segments
- PayPay IPO speculation: in parallel with the FY2025 full-year results (revenue 7.04 兆円 exceeding 7 兆円 for the first time), speculation about PayPay’s listing preparation intensified in earnest (Business Insider 2025)
Competition among the 4 major economic zones
| Economic zone | Parent company | Telecom | Payment | EC | Points |
|---|---|---|---|---|---|
| PayPay economic zone | SoftBank / LY | SoftBank / Y!mobile / LINEMO | PayPay | Yahoo! Shopping / ZOZO | PayPay Points |
| Rakuten economic zone | Rakuten Group | Rakuten Mobile | Rakuten Pay | Rakuten Ichiba | Rakuten Points |
| au economic zone | KDDI | au / UQ / povo | au PAY | au PAY Market | Ponta (common) |
| d economic zone | NTT docomo | docomo / ahamo / irumo | d Barai | d Shopping | dポイント |
Scale / share competition (QR-code payment)
- PayPay holds an overwhelming lead in domestic QR-code payment share at approximately 2/3 (65-70%)
- Rakuten Pay / d Barai / au PAY are second and below
- With the completion of LINE Pay integration (2025-04-30), the competitive structure of domestic QR payment has been further simplified
4. Regulation / policy
- Jurisdiction: FSA / Ministry of Economy, Trade and Industry (supervision of payment operators)
- PayPay Corporation: Type 1 funds-transfer operator (supporting high-value remittances, 2022 authorized) / prepaid-payment-instrument issuer
- PayPay Bank: Banking Act Article 4 license, member of the Deposit Insurance Corporation, SMBC 21.54% investment continuing
- PayPay Securities: Type 1 Financial Instruments Business operator, PayPay 75.2% + Mizuho Securities 24.8%
- Recent policy topics:
- The Japan Fair Trade Commission’s investigation into QR-code payment merchant fees (2022〜)
- A core player in the government’s cashless-payment-ratio target (2025 年 40%, future 80%); PayPay accounts for approximately 20% of all cashless payments
- Super-app regulatory topics across the Personal Information Protection Act / FIEA / Banking Act
- Compliance with the Payment Services Act (refund obligation) during the LINE Pay balance migration
Related
Sources
- Wikipedia: PayPay（https://ja.wikipedia.org/wiki/PayPay, 2026-05-19 extracted）
- Wikipedia: PayPay銀行（https://ja.wikipedia.org/wiki/PayPay銀行, 2026-05-19 extracted）
- Wikipedia: PayPay証券（https://ja.wikipedia.org/wiki/PayPay証券, 2026-05-19 extracted）
- Wikipedia: PayPayカード（https://ja.wikipedia.org/wiki/PayPayカード, 2026-05-19 extracted）
- Wikipedia: LY Corporation（https://ja.wikipedia.org/wiki/LYコーポレーション, 2026-05-19 extracted）
- Wikipedia: ジャパンネット銀行（see history）
- PayPay Corporation official PR: “70 Million Registered Users”（2025-07-15）/ “7.46 Billion Transactions in 2024”（2025-03-31）/ “LINE Pay Balance Transferable to PayPay”（2025-01-27）
- LINE Yahoo Corporation official (notice of LINE Pay domestic service termination)
- SoftBank Corp (9434) FY2025 full-year results presentation materials（2025-11-05）
- PayPay Corporation official corporate site
- LY Corporation official IR
- Payment Navi “over 1000 万 merchants” report（2025）
- ICT Research “3600 万 identity-verified users”（2025）
[!info] 検証状況 confidence: likely (v1.1 based on official PR + SoftBank IR + Wikipedia, 2026-05-19 updated). Fully updated 2025 年 KPIs: users 7000 万, bank accounts 900 万, deposits 1.9 兆円, GMV 12.5 兆円, Finance segment 4045 億円. The LINE Pay integration was completed 2025-04-30, only balance migration with no business transfer. Note that “PayPay Financial Group” is a functional designation, not a formal holding company. PayPay Card active members remain at over 1000 万 as of 2023-03 (latest public); the latest figure requires confirmation. PayPay Securities’ latest public financials are FY2020 , and its profitability status is unclear.