Global e-commerce platform Cafe24 announced on July 1 that the Cafe24 Japan platform supports Japan's leading QR code payment service PayPay.
PayPay is a payment service launched in 2018 by SoftBank Group and its affiliate companies, SoftBank and Yahoo!. It provides QR code payment systems for online and offline checkouts, as well as an easy payment option through apps for online transactions.
PayPay currently holds first place in Japan's QR code payment market with 48.7% in market share, according to Japan-based mobile data research company MMD Research Institute. PayPay is servicing more than 40 million users as of June this year, which is about a third of Japan’s total population. It also processed 2.03 billion payments last year, a 2.5-fold year-over-year increase.
QR codes are quickly becoming the payment of choice for consumers in Japan. According to Japanese market research company Yano Research Institute, the country's QR code payment market was valued at 2.8 billion dollars in 2018 and is expected to grow to 47 billion dollars in 2021.
"Our merchants in Japan can now provide a wider variety of local checkout options, including QR codes and convenience store payments," said Lee Jaesuk, CEO of Cafe24. "We will continue to build up our platform to support businesses around the world drive sales."
Cafe24 launched its e-commerce platform in Japan in October 2018. It provides merchants with everything they need to operate an online business, from building an online store to marketing, logistics, delivery, and global expansion. Cafe24 supports various local payment processing services and system integrations along with PayPay, including SB Payment Service, PayPal Japan, Zeus, Eximbay, Net Protections' buy now pay later (BNPL) service, and Epsilon.
