Thursday, May 10, 2012
PayPal, Softbank Team Up On A Payments Joint Venture ? PayPal Japan
PayPal and mobile operator Softbank are getting together to launch a joint venture in Japan that should extend the payment subsidiary's reach in Asia. It's a 50-50 effort for PayPal, which is owned by eBay, and Softbank. Each company is investing 1 billion Japanese yen or $12.5 million into the venture and they'll each pick three directors. Softbank Mobile's director and senior vice president Hiroaki Kitano will be CEO of the newly formed company. On top of that, the two companies are bringing 'PayPal Here,' that triangular dongle that naturally invites comparisons to Square, to Japan as well.