Japan's SoftBank announced that its mobile app PayPay has partnered with Mitsui Sumitomo Olive for digital payment services.

The Pay app developed by Japan's SoftBank Group (SoftBank) is the most popular mobile payment app in Japan, and can be used in almost all convenience stores and supermarkets, and SoftBank Group announced yesterday that it will (Sumitomo Mitsui Financial with Sumitomo Mitsui Financial Group Group) issued Olive Card to cooperate with the digital financial payment business, Pay Pay has 69 million users, Olive has 5 million users, and the cooperation between the two parties can also allow each other's customers to exchange financial services and accumulate bonus points. Tatsumi Nakajima, president of Sumitomo Mitsui Financial Group, said that in the future, all it takes is a Sumitomo Mitsui card and PayPay, which is the society that Mitsui wants to create.

What is Pay Pay?

Pay Pay is a digital payment service developed by SoftBank. By downloading the Pay Pay mobile application, users can link their bank accounts to deposit money into their PayPay account and make payments by scanning QR Code barcodes at designated retail locations and channels. In Taiwan, Pay Pay has partnered with Yuanta Bank and Jkopay, allowing users to use it in Japan as long as they register and activate their account in Taiwan.

Japan's Pay Pay and Olive can exchange reward points.

PayPay is the most common digital payment app in Japan. This collaboration will allow the Olive card issued by Sumitomo Mitsui to become a more convenient financial tool, as well as attract customers from both sides, enabling mutual access to each other's user bases. Users have stated that the reward points accumulated through PayPay can be easily used for daily payments on Olive, making it very convenient and cost-effective.

Experts point out that there are many tips for accumulating bonus points.

Recently, Japan's PayPay has started running promotions, with advertisements appearing in major shopping streets to offer cash back of up to 15%. Many consumers feel extremely excited. The public enjoys accumulating points while shopping, which can be redeemed for cash back or used to offset purchase amounts in the future, thus forming a "points economy". However, experts indicate that there are several considerations to keep in mind when using points or cash back. Similar financial services have become overly abundant in the market, and consumers need to pay attention to how they can spend points and redeem them, as well as how to maximize the benefits from accumulated points.

SoftBank assists Mitsui in establishing an artificial intelligence data center.

According to news reports, the collaboration between SoftBank and Sumitomo Mitsui Financial Group is not limited to mobile payment services; SoftBank will also assist Sumitomo in developing artificial intelligence systems and building big data databases.

SoftBank's PayPay App and Mitsui's Olive Card have collaborated to promote digital Financial Service, allowing users to seamlessly utilize financial features and reward points, enhancing user engagement and convenience of consumption, which will attract more users and promote the rewards point economy. In addition to integrating traditional Financial Service, this collaboration also signifies an important milestone in the development of artificial intelligence in Japan's fintech sector.

This article announces that SoftBank's mobile application PayPay has partnered with Mitsui Sumitomo Olive for digital payment services, first appearing in Chain News ABMedia.