The Japanese start-up Paidy announced it is receiving an investment from Visa to develop new digital payment experiences in Japan. The investment, of undisclosed value, comes as part of the company’s Series C funding.
The start-up states that 40% of the annual 16,5 JPY (148 billion USD) spent on e-commerce is paid cash. Paidy’s post-pay credit solution poses itself as an alternative to cash payments, with an account tied to a phone number or email address. To offer users features similar to that of a credit card, a payback option, with monthly billing, is available.
Currently, Paidy counts 1.5 million active accounts, aiming to reach 11 million accounts by 2020, notably through the integration of the service into large retailers’ online sales process, the online publication continues.
Paidy previously received investments from Itochu Corporation, Goldman Sachs, Eight Roads (the investment arm of Fidelity), SBI Holdings, SBI’s FinTech Business Innovation LPS, Arbor Ventures and SIG Asia.