PayPay” surpasses 30 million users with completed identity verification

PayPay announced that out of 64 million registered users, the number of users who have completed identity verification surpassed 30 million in June 2024. Users who have completed identity verification can access all of PayPay’s services, including higher payment limits for bank transfers and “PayPay Credit”. These verified users account for 82% of the total transaction volume and 78% of the total number of transactions, indicating that they use “PayPay” more frequently compared to unverified users.

At PayPay, the functions and services available differ between users who have completed identity verification (eKYC) and those who have not. By completing the verification, users can access all functions and services provided by “PayPay,” including bank transfers, withdrawals, increased transaction and transfer limits, and simplified account opening procedures for PayPay Bank and PayPay Securities. Additionally, in the unlikely event of unauthorized use, verified users can receive compensation in about half the time compared to unverified users, enhancing the safety and security of using “PayPay.”

In November 2023, PayPay was designated as a “Specified Critical Infrastructure Operator” by the Financial Services Agency, recognizing it as an irreplaceable and important infrastructure provider among financial institutions. As a leading company in cashless payment services used by 64 million people, PayPay is strengthening its security measures. In fiscal year 2023, over 4 billion yen was invested in fraud prevention, resulting in a fraud occurrence rate of 0.002%, which is less than 1/20 of the credit card fraud rate of 0.051%. This fiscal year, PayPay continues to implement fraud prevention measures using the latest technology and dedicated engineers. To provide a safe and secure environment, PayPay is also enhancing its efforts to promote user identity verification to prevent misuse by criminal activities and terrorist organizations, while raising the standards for anti-money laundering and counter-terrorism financing measures.

PayPay will continue to provide highly convenient services to users who have completed identity verification (eKYC), promoting verification and providing services as an even safer and more secure infrastructure. Furthermore, PayPay aims to realize a world where verified PayPay accounts can be safely and securely used not only for its own services but also for login functions and personal information change procedures for various services, utilizing verified identity information.

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