Paidy, a Japanese “Buy Now Pay Later” (BNPL) solutions provider, which serves 700,000 online merchants in Japan, announced Friday the launch of Paidy Link, a new feature that allows users to instantly link digital wallets with their Paidy accounts.
In parallel, under the launch plan, is Paidy’s partnership with PayPal giving Japanese consumers shopping options through PayPal’s 29 million merchants around the world.
Each purchase will be automatically converted into a Japanese yen purchase with Paidy that can be settled each month with Paidy “Atobarai,” the Buy Now Pay Later service, or 3-Pay. This will allow Paidy users to manage their budgets within the Paidy app.
The 3-Pay service gives customers the option to split charges into three equal, interest-free, monthly installments, which the company said has “been very well received.”
Russell Cummer, Paidy founder and Executive Chairman, said, “I am extremely excited to announce the launch of Paidy Link, offering a great new way for consumers to use their Paidy accounts for online shopping internationally,” adding. “PayPal is an amazing partner for us to launch this functionality with and we are sure that our 5 million account holders will be thrilled to take advantage of the combined power of Paidy and PayPal.”
“We look forward to working closely with PayPal to literally bring the world to our Japanese consumers,” the Paidy founder said.
Paidy’s stated mission is to “take the hassle out of your payment and purchase experiences.” It also aims to create an environment where consumers are shopping within their budget limits.
The app allows customers to shop using their mobile phone number and email address, and then pay the accumulated charges the next month.
Peter Kenevan, VP, Head of PayPal Japan, commented, “We are excited about our partnership with Paidy. This partnership allows Paidy users to have access to PayPal’s 29 million merchants — in fashion, gaming, cosmetics and more — from Japan and around the world.”
By linking their Paidy accounts to PayPal, consumers can enjoy much greater freedom and more choices from the comfort of their home,” He added.
Paidy is an innovator with its use of BNPL, offering monthly-consolidated credit to consumers by enhancing shopping flexibility through split payment and purchase experiences.
Paidy uses proprietary models and machine learning to underwrite transactions quickly and guarantee payments to merchants.
BNPL solutions are branded as having the potential to increase revenue for merchants by reducing the number of incomplete transactions, increasing conversion rates, boosting average order values, and facilitating repeat purchases from consumers.