SoftBank’s PayPay Buys 40% of Binance Japan to Merge Crypto and Mobile Payments

SoftBank’s PayPay has taken a bold leap into crypto by buying a 40% stake in Binance Japan. The move cements a partnership between Japan’s top mobile payment app and one of the world’s biggest crypto exchanges.

The deal makes Binance Japan an affiliate of PayPay and sets the stage for new services. Soon, users will be able to buy and sell crypto using PayPay Money, PayPay’s cashless payment service.

With over 70 million users, PayPay is already a major player in Japan’s digital finance scene. The company processed 380 million transfers in 2024—up 36% year over year. That’s far faster than Japan’s bank transfer growth of just 7.5%.

PayPay also aims to go global. It filed for a US listing in August and launched its payment service in South Korea in September. The partnership with Binance could turn PayPay into Japan’s crypto gateway.

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