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- SoftBank confirms PayPay’s plan to list American depositary shares in the US, potentially raising over $2 billion.
- PayPay has grown to over 70 million users, capturing 64% of Japan’s QR code transaction volume.
- The IPO could come as early as Q4 2025, with valuation estimates reaching $10-12 billion.
- PayPay’s move aligns with Japan’s push to double cashless transactions by 2025.
SoftBank Group Corp. announced on August 15, 2025, that its payment platform PayPay has applied to list American depositary shares in the United States.
While the exact timeline, share price, and IPO size remain undisclosed, sources say the listing could raise more than US$2 billion and may happen as early as the fourth quarter of this year.
PayPay will remain a subsidiary of SoftBank following the offering, underscoring the company’s long-term commitment to its fintech arm. The move marks one of the largest planned US listings by a Japanese financial technology company in recent years.
70M users, 64% of Japan’s QR code market.
Since its debut in 2018, PayPay has transformed Japan’s digital payment landscape. The platform’s aggressive early marketing, including cashback promotions that helped it gain four million users in just ten days , has resulted in sustained market dominance.
Today, PayPay boasts over 70 million registered users, accounting for about 64% of all QR code payment transactions in Japan.
This growth is especially notable given Japan’s entrenched preference for cash. Roughly 80% of retail transactions in the country still involve physical currency, making PayPay’s adoption rate a case study in overcoming consumer resistance through incentives and convenience.
IPO may come as early as Q4 2025.
The IPO plan comes at a time when Japan’s government is actively encouraging digital payments, targeting an increase in cashless transactions from 21% in 2023 to 40% by 2025.
PayPay has evolved from a basic QR code payment tool into a full-service financial platform, offering digital banking, credit cards, and investment services.
Industry analysts suggest that PayPay’s integrated “super-app” approach could attract higher valuation multiples from US investors, who tend to reward fintech ecosystems more generously than Japan’s conservative market. Estimates suggest the listing could value PayPay between $10 billion and $12 billion, at 20–25 times EBITDA.
SoftBank profit surge boosts fintech momentum.
The listing news follows a strong earnings season for SoftBank itself. On August 8, the conglomerate reported a net profit of 421.8 billion yen (US$2.9 billion) for the April–June quarter , a sharp reversal from last year’s loss.
The results drove SoftBank’s Tokyo-listed shares up 13% to record highs, fueled in part by optimism around its AI investments and portfolio companies.
Market observers note that PayPay’s IPO could benefit from this momentum, with investor enthusiasm for SoftBank’s technology and fintech ventures at a multi-year peak. The combination of a dominant domestic market position, expanding product suite, and favorable policy environment gives PayPay a compelling narrative for US investors seeking exposure to Asia’s growing fintech sector.
