To acquire a Japanese company that handles Google smartphone remittance Is the settlement business strengthened?

Google, a major IT company, has decided to acquire a Japanese startup company that provides money transfer services using smartphones.

It seems that the aim is to further strengthen the cashless payment business in Japan by making use of the huge amount of data.

According to the announcement, Google will acquire all shares of pring, a Japanese startup that provides smartphone-based remittance services, from a domestic financial services company that previously held all shares.

Google hasn't disclosed the purchase price, but the financial services company that sold 45% of the shares said it sold more than 4.9 billion yen.

In addition to providing expense settlement services to not only individual customers but also about 400 companies, pring is affiliated with more than 50 financial institutions nationwide, including major banks.

Google already has a payment service in Japan, but the acquisition of this company, which is affiliated with many financial institutions, seems to be aimed at further strengthening the cashless payment business.

Cashless payment is a field where various companies develop services, but it seems that the focus will be on how the power map will change with the full-scale entry of Google, which has a huge amount of data.