SoftBank developing online payments system to rival PayPal

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  • New money transfers payments system could challenge PayPal and Alipay
  • SoftBank looking to acquire a financial software business to help launch the platform

Relevant industry sources seem to be indicating that SoftBank is considering the development of a global digital international payments platform that would be on a similar level as the biggest industry providers, such as the likes of PayPal, Alipay and Apple Pay.

Masayoshi Son is the name behind this investment and technology firm. Son is often described as one of the most aggressive tech investors around. SoftBank is also in possession of the Vision Fund, which is an agreement with the Saudi government worth £70bn.

Back in 2017, SoftBank bought a number of US-based startups. In the UK, the company managed to acquire Arm Holdings, a computer chip designer. This happened in 2016 and the deal was worth £24bn.

Recently, the company has become interested in money transfers and online finances, and is looking at developing a global digital payments system which would rival some of the leading industry providers such as Apple Pay and PayPal. It looks likely that the bank will lead a consortium, enjoying the support of some of the largest banks on the global stage.

The acquisition of a significant market share of the global fintech industry is the goal of numerous contemporary technology giants, who are trying to make this one of their key objectives in 2018 – and online payments is undeniably an attractive venture. Rumours suggest that SoftBank is trying to obtain a large financial software business with which to power their new online payments platform.

Temenos, a Swiss company, is believed to be one of the targets. They are known for providing software to some of the largest financial institutions in the world. Recently, the company’s shares have risen by 20%.

In any case, the digital payments market would certainly benefit from another competitor, and it will certainly be interesting to see where things are headed.

Nigel Frith
Nigel Frith
Global General Manager
Daniel is Founder and CEO at FXcompared and has numerous years of experience in the international finance world, especially within the media, technology and property sectors. Daniel is passionate… Read more

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