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Paytm, India’s leading digital payment app founded by Vijayshekahr Sharma may get a stake of 7% in Japan’s PayPay, two years after Paytm was given a call option to convert its holding into shares.

It was revealed in a regulatory filing by SoftBank which owns around 20% stake in One97 Communications. Paytm’s parent company is One97 Communications. PayPay is an online payment app headquartered in Tokyo.

PayPay is a joint venture of SoftBank and Yahoo Japan with Paytm as a technology partner. It is a QR code-based payments business.

It has racked up around 40 million users and about 2.8 million merchants. This has really helped the company to become the largest QR code-based payment player in a country where cash is still the dominant payment method. PayPay does not disclose the value of the payments it processes.

PayPay has nearly 40 million users and has seen 2 billion annual transactions. Overall, SoftBank Group, which includes subsidiary Yahoo Japan, has more than 90% stake in PayPay. According to many sources, the company’s valuation gone up after getting funding from Softbank and Paytm.

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