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).
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