PayPal to Acquire Paidy for 2.7 B. Dollars

Silicon Valley, Sept. 7 (Jiji Press)--U.S. payments giant PayPal Holdings Inc. said Tuesday that it will acquire Paidy Inc., a Japanese firm providing deferred payment services, for roughly 2.7 billion dollars. PayPal said the acquisition will expand its capabilities, distribution and relevance in the payments market in Japan, the third largest e-commerce market in the world. The U.S. company expects to complete the acquisition in October-December, subject to regulatory approval. Paidy's management team will remain in place after the acquisition. "Combining Paidy's brand, capabilities and talented team with PayPal's expertise, resources and global scale will create a strong foundation to accelerate our momentum in this strategically important market," Peter Kenevan, head of PayPal's business in Japan, said in a statement. Paidy, based in Tokyo, provides a service where shoppers can make online purchases and pay for them in a consolidated bill at banks and convenience stores the following month. It had more than six million registered users as of August. Established in 1998, PayPal has over 400 million active customer accounts worldwide. In Japan, it is targeting people who use cross-border shopping sites. END