TOKYO: Japan’s SoftBank Corp president Jun Miyakawa said today that the US government shutdown has halted regulatory review of its payments app operator PayPay’s planned listing in the US.
Reuters reported last month that investors expect the valuation of PayPay could exceed ¥3 trillion (US$20 billion) in a US initial public offering that could come as early as December.
PayPay has played a role in encouraging Japanese consumers to move away from a long-standing preference for cash by offering rebates on payments through its mobile app.
It is the market leader in QR code payments and also offers services including banking and credit cards.