Reported 7 months ago
LINE Pay service, which has been operational in the Japanese market for over 10 years, is confirmed to be terminated by April 30, 2025, and will be replaced by the digital payment startup PayPay, jointly established by Softbank and Yahoo! Japan in 2018. Despite LINE Pay's long presence and promotions in various channels in Japan, the service faced challenges as the market predominantly favored credit cards and cash. The rise of PayPay, backed by Softbank and Yahoo! Japan, with numerous incentives and a significant market share, contributed to LINE Pay's stagnation. With PayPay capturing two-thirds of the QR code payment market in Japan by October last year and attracting Taiwanese tourists due to collaborations with Taiwanese payment services, LINE Pay saw limited growth potential. The termination of LINE Pay services in Japan will include QR code payments, PayPay integration, online payments, bank transfers, and the discontinuation of LINE Pay VISA prepaid cards and reloading functions by specific dates leading up to April 2025. Users are advised to migrate their LINE Pay account balances to PayPay before the deadline. Various functionalities of LINE Pay will be phased out by specific dates, culminating in the discontinuation of the LINE Pay app by November this year.
Source: YAHOO