PayPal’s $2.7 bln Japan deal heats up buy now, pay later race
Sept 8 (Reuters) – U.S. payments giant PayPal Holdings Inc (PYPL.O) said it would acquire Japanese buy now, pay later (BNPL) firm Paidy in a $2.7 billion largely cash deal, taking another step to claim the top spot in an industry experiencing a pandemic-led boom.
The deal tracks rival Square Inc’s (SQ.N) agreement last month to buy Australian BNPL success story Afterpay Ltd(APT.AX) for $29 billion, which experts said was likely the beginning of a consolidation in the sector.
“The acquisition will expand PayPal’s capabilities, distribution and relevance in the domestic payments market in Japan, the third largest ecommerce market in the world, complementing the company’s existing cross-border ecommerce business in the country,” PayPal said in a statement on Tuesday.
Buying Paidy will help PayPal expand in a country where online shopping volume has more than tripled over the last 10 years…