Google to roll out fintech services in Japan

Google is making a foray into financial services in Japan by acquiring a cashless payment company for between 20 billion and 30 billion yen ($180 million to $270 million), Nikkei has learned.

Google is in negotiations to buy all the shares in pring, a Tokyo-based cashless payment and settlement startup owned by Mizuho Bank and other investors. Google hopes to be able to offer fintech services, such as payments and transfers, in Japan next year, following launches in the U.S. and India.

Google’s move into fintech services in Japan is the latest example of tech companies using their strong online presence and vast databases to become one-stop shops for various services including finance and shopping.

Japanese consumers have been relatively slow to embrace cashless payments, which suggests that the market has plenty of room for expansion. The entry of Google will intensify competition in the sector, where other technology players have already seen opportunity.

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Source: Google to roll out fintech services in Japan – Nikkei Asia