Google to buy Japan payments firm Pring (updated)
13/07/2021 08:44
(Adds detail on the deal)
TOKYO, July 13 (Reuters) - Alphabet's Google GOOGL.O has
agreed to buy payments business Pring from backers including
fintech firm Metaps Inc 6172.T as the U.S. tech giant pushes
into Japan's rapidly growing market for cashless services.
The startup's three top shareholders - Metaps, software
company Miroku Jyoho Service Co Ltd 9928.T and Nippon Gas Co
8174.T - announced on Tuesday they would sell their combined
87% holding in Pring to Google.
Metaps said it is selling its 45% stake for 4.9 billion yen
($44 million).
Google has operated its smartphone payments business - now
called Google Pay - in Japan since 2016. Tech companies such as
SoftBank Group Corp 9984.T and Rakuten Group Inc 4755.T as
well as financial firms are encouraging Japanese consumers to
move away from a deep-seated preference for cash.
($1 = 110.3300 yen)
(Reporting by Tokyo Newsroom; Editing by Kim Coghill and Edwina
Gibbs)
((Ritsuko.Ando@reuters.com; +81 3 6441 1743;))