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Google Search for Japanese Payments Outfit Results in Pring Deal

The US tech giant has agreed to buy a controlling stake in the start-up as Japan only now begins to embrace the cashless culture of many of its rivals


Google has operated its smartphone payments business, Google Pay, in Japan since 2016. Photo: Reuters

The US tech giant has agreed to buy a controlling stake in the start-up as Japan only now begins to embrace the cashless culture of many of its rivals

 

Alphabet’s Google has agreed to buy payments business Pring as the US tech giant pushes into Japan’s rapidly growing market for cashless services. 

The start-up’s three top shareholders – fintech firm Metaps, software company Miroku Jyoho Service Co and the Nippon Gas Co – announced the deal on Tuesday saying they will be selling their combined 87% holding in Pring to Google. 

Metaps added that it is selling its 45% stake for 4.9 billion yen ($44 million). 

 

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Google has operated its smartphone payments business – now called Google Pay – in Japan since 2016. 

Tech companies, such as the likes of SoftBank Group Corp and Rakuten Group Inc, as well as many other financial firms, have been encouraging Japanese consumers to move away from their deep-seated preference for cash. 

 

  • Reporting by Reuters

 

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Sean OMeara

Sean O'Meara is an Editor at Asia Financial. He has been a newspaper man for more than 30 years, working at local, regional and national titles in the UK as a writer, sub-editor, page designer and print editor. A football, cricket and rugby fan, he has a particular interest in sports finance.

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