PayPay is setting its sights on global growth, using a strategic partnership with Visa and a potential IPO to take its mobile wallet abroad.
PayPay has filed for an initial public offering (IPO) in the US, as the Japanese digital payments giant looks to list its shares on the Nasdaq Global Select Market.
The SoftBank-backed company confirmed on 13 February that it had submitted a Form F-1 registration statement to the US Securities and Exchange Commission. The shares are expected to trade on Nasdaq under the ticker symbol “PAYP”.
PayPay has not yet disclosed details including valuation, share count or pricing range. However, it has appointed Goldman Sachs, J.P. Morgan, Mizuho Securities USA and Morgan Stanley as joint book-running managers for the offering.
Since launching in 2018, PayPay has grown into one of Japan’s most recognisable fintech brands by playing an important role in the country’s push toward cashless payments. The company focuses on QR code transactions and mobile wallet services across both online and in-store commerce, though it’s looking to expand its remit.
The IPO is also strategically significant for parent company SoftBank, which plans to retain PayPay as a consolidated subsidiary following the listing. SoftBank said it does not expect the offering to impact its financial performance.
In addition to the US listing, PayPay is eyeing a public offering in Japan, having filed the required documentation with the Kanto Local Finance Bureau.
Visa lends a helping hand
PayPay has wasted no time in getting to work on its US ambitions; just a day before confirming its IPO plans, the company unveiled a partnership with Visa.
The agreement was described as the ‘first phase’ of PayPay’s global expansion strategy, with both firms having begun discussions to launch a digital wallet in the US which would support both near field communication (NFC) contactless and QR code payments.
The initiative is expected to be carried out through a new company established under PayPay’s leadership, subject to regulatory approvals and licensing requirements. Both firms plan to contribute capital, technology and personnel, while Visa will also provide consulting and operational support.
The partnership also covers Japan, where both companies are looking to integrate PayPay Balance, PayPay Card and PayPay Bank functionality into a Visa credential, allowing users to manage multiple funding sources within one app.
Additionally, Visa will work to enhance payment experiences for international visitors to Japan, as well as PayPay users travelling abroad by leveraging its global network to enable more seamless overseas payments.
Visa card acceptance will also be expanded across PayPay’s predominantly QR-based merchant network, fitting Visa’s mission of strengthening its influence in Asia following its recent partnership with China’s UnionPay International earlier this month.
Recent foreign fintech listings on US exchanges
PayPay’s planned Nasdaq listing comes as foreign fintechs increasingly gravitate to US capital markets to fund growth and raise international profile.
Most recently, Brazil’s PicPay confirmed plans for an IPO on Nasdaq, potentially becoming the country’s largest fintech offering since Nubank went public in 2021. The São Paulo-based digital bank is targeting a listing under the ticker “PICS,” with Citigroup, BofA Securities and RBC Capital Markets named as lead underwriters.
Like PayPay, PicPay began as a mobile payments and QR code platform, but it has since evolved into a digital bank, serving roughly 66 million users across Brazil.
However, not all foreign fintech listings have been about sunshine and rainbows, with Sweden-based Klarna providing a cautionary tale.
Klarna has faced scrutiny since its September 2025 New York Stock Exchange debut after its first post-IPO quarterly results led to concerns over rising credit-loss provisions and a declining share price.
US plaintiff firms have launched preliminary investigations into whether Klarna adequately disclosed the risks associated with its interest-bearing “Fair Financing” loan portfolio.
Despite reporting record revenue of $903m in Q3 2025 and continued US growth, Klarna’s net loss widened to $95m as provisions more than doubled, prompting its stock to fall more than 20% below the IPO price.
