PayPay ID simplifies account opening for PayPay Bank & PayPay Securities

PayPay, PayPay Bank, and PayPay Securities launched a simplification of account opening procedures in February. If a user has completed identity verification (eKYC) with PayPay, the mini apps “PayPay Bank” and “PayPay Asset Management” within the cashless payment service “PayPay” now offer a service that allows skipping of some of the procedures required to open an account, such as ID verification documents and taking a selfie.

For more than 25 million PayPay users who have completed identity verification (eKYC), when opening an account via the mini app, PayPay Bank requires only 2 steps, and PayPay Securities requires only 3 steps, a significant improvement. In May 2023, PayPay has obtained a patent for the provision of this service (Patent №7280420).

With user consent, this function links the PayPay user’s identity verification information with PayPay Bank and PayPay Securities, so that when the identity-confirmed PayPay user starts using “PayPay Bank” and “PayPay Asset Management”, it will omit some of the identity verification procedures.

PayPay Bank (formerly Japan Net Bank) was established in 2000 as Japan’s first internet-only bank, and currently has over 7.38 million accounts (as of September 2023). After changing our company name to “PayPay Bank” in April 2021, the bank further strengthened its collaboration with PayPay and started providing the mini app “PayPay Bank” within the PayPay app in August 2022.

PayPay Securities launched its service in June 2016 as Japan’s first smartphone securities service. Through its partnership with PayPay, the trade name was changed to “PayPay Securities” in February 2021.
In August 2022, the firm started providing the mini app “PayPay Asset Management” within “PayPay”.

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