The move ramps up Big Tech competition in the buy now, pay later sector
In Brief:
PayPal's largely cash deal follows its rival Square Inc's acquisition of Australian Afterpay Ltd for $29bn.
Paidy has more than 6mn registered users in Japan.
Its payment services let customers make purchases online, and then pay for them each month at a convenience store or via bank transfer.
What does this mean?
Acquiring Paidy helps PayPal expand in Japan where online shopping volume is now worth some $200bn (more than tripling over the past 10 years) yet where more than two-thirds of all purchases are still paid for in cash.
