출처: Block Media
PayPay Acquires 40% Stake in Binance Japan: A Transformative Step for Japan's Digital Asset Market
Overview of PayPay's Strategic Investment
PayPay Corporation, Japan’s largest mobile payment platform, has acquired a significant 40% stake in Binance Japan, the Japanese arm of the globally recognized cryptocurrency exchange Binance. Announced on October 9, this acquisition represents a strategic maneuver rooted in PayPay’s commanding market presence and the financial acumen of its parent company, SoftBank Group, known for its expertise in high-stakes mergers and acquisitions.
Established in 2018 as a joint venture between SoftBank Group and Yahoo Japan, PayPay now boasts a user base of more than 70 million, cementing its status as a leader in Japan’s mobile payment ecosystem. A July 2022 survey by fintech research firm WDC confirmed its dominance, with 74.7% of respondents favoring PayPay over rivals like Rakuten Pay, which held a 40% preference rate. Over the years, PayPay has grown beyond its roots, leveraging integrations in credit card and securities sectors to evolve into a fully-fledged financial powerhouse.
SoftBank's Strategic Role in Shaping Market Dynamics
The financial world is abuzz with the implications of SoftBank’s strategic involvement in this deal. Known for its pivotal role in global mergers and acquisitions, SoftBank’s endorsement of PayPay’s move suggests a transformative change in Japan’s payment ecosystem could be on the horizon. Analysts predict a fruitful partnership between PayPay’s extensive user network and Binance Japan’s state-of-the-art blockchain capabilities.
PayPay’s financial performance reflects its strategic foresight. SoftBank reports revealed an impressive 23% year-over-year growth in PayPay’s Gross Merchandise Value (GMV) for fiscal year 2024, amounting to ¥15.4 trillion. The consistent growth story continues as PayPay marked its highest-ever annual operating income of ¥30 billion in 2024, coupled with its second consecutive year of profitability, achieving an EBITDA of ¥45.6 billion. These metrics underscore the company’s capacity to drive innovation and capture emerging opportunities.
Japan’s Mobile Payment Sector: On the Verge of a Cashless Revolution
The rise of cashless payments in Japan has been remarkable. Government-backed initiatives have spurred digital transactions, with non-cash payments rising from 18.2% in 2015 to 39.3% by 2023. Projections suggest this share will climb to 42.8% by the end of 2024, reshaping the nation’s financial habits.
Although credit cards dominate non-cash payments, QR code-based mobile payment platforms have secured a growing niche, representing 10.9% of the total non-cash market as of 2023. Adoption is particularly high among younger Japanese consumers aged 20 to 40, who increasingly favor mobile and debit payment options over traditional credit cards. This generational shift reflects broadening opportunities for mobile-first firms like PayPay to capitalize on evolving customer preferences.
Implications of the PayPay-Binance Japan Partnership
While Binance Japan is a relatively new player in a market dominated by established exchanges such as bitFlyer, CoinCheck, and bitbank, its collaboration with PayPay has the potential to redefine competitive dynamics. The Japanese cryptocurrency space, highlighted by over 400,000 linked exchange wallets and a total of approximately 3.4 million digital-wallet users as of November 2024 (according to Dune Analytics), presents an emerging market with huge room for growth.
In contrast, South Korea, a peer market with higher adoption rates, reported over 16.29 million accounts across its top five cryptocurrency exchanges as of February 2025. Japan’s current digital asset adoption rate may lag behind, but PayPay’s entrance into this segment could catalyze significant progress. By merging its 70-million-strong user base with Binance’s advanced blockchain technology, PayPay is uniquely positioned to narrow this gap.
One particularly exciting development is the potential introduction of a yen-backed stablecoin. Such a stablecoin would enable seamless transactions, allowing Binance Japan users to trade, store, and even convert digital currencies for real-world payments directly through PayPay’s app. This innovation could significantly enhance liquidity and transaction frequencies within Japan’s digital asset ecosystem.
Driving Mainstream Cryptocurrency Adoption in Japan
PayPay’s ultimate aspiration goes beyond this strategic investment; the company aims to position itself as an all-encompassing financial superapp. By integrating digital asset services into its existing platform, PayPay could unlock the mainstream adoption of cryptocurrencies across Japan’s vast, tech-savvy population.
Educational initiatives and targeted marketing campaigns are central to this vision. PayPay plans to demystify digital assets for its users, reinforcing public trust in cryptocurrency technologies while driving adoption. Their focus on user-friendly solutions may also lower barriers for first-time investors, bringing newcomers into Japan’s rapidly growing crypto economy.
This partnership signals far more than a corporate transaction. It represents a critical inflection point for Japan's financial landscape, with the potential to strengthen the nationwide embrace of blockchain technologies. PayPay's formidable consumer base, combined with Binance Japan's technical expertise, could spark innovations that ripple across the sector, resulting in intensified competition and novel solutions for users.
Conclusion
The acquisition of a 40% stake in Binance Japan by PayPay signifies a momentous milestone in Japan’s digital financial evolution. Bolstered by SoftBank’s strategic backing, PayPay is poised to act as a catalyst in reshaping the nation’s cryptocurrency and mobile payments sectors.
With a shared vision and complementary strengths, PayPay and Binance Japan are set to drive digital asset adoption, promote innovation, and transform Japan into a more dynamic, blockchain-powered economy. The road ahead holds tremendous promise, not just for the companies involved, but also for consumers and the broader financial ecosystem.
Author Bio: Economist Lee Miseon, a leading voice in financial markets, draws on extensive experience in asset management, financial research, and fintech consulting. Her passion for blockchain innovation informs her work as a trusted analyst and contributor, shedding light on the intersection of emerging technology and traditional finance.
