Google enters the fintech game with the takeover of this company
With the acquisition of Japanese fintech Ping, Alphabet Inc. and Google will be able to operate online financial services in the Asian country, but what will happen to their alliance with Mastercard?
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July 12, 2021
2 minutes to read
In order to strengthen its online financial services, from google parent company Alphabet Inc. buy it Japanese FinTech Pring in order to operate in the Asian country.
Alphabet acquired the Pring start for 25,000 million yen (approximately $ 200 million), to process electronic payments and transfers in Japan, which the company has already implemented in India and the United States.
Prior to the purchase, the fintech was part of Mizuho Bank, a Tokyo-based financial institution. Note that Pring has commercial agreements with at least 50 Japanese banks, is associated with the 7Eleven chain of stores and has 450 companies that process payments on its platform.
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Some specialists speculate that the integration of Japanese fintech will mean a distance between the tech giant and MasterCard , an entity with which he collaborated to offer the Google Pay service .
Japan is a very attractive market for anyone offering financial services online. A recent study found that the Japanese have little incentive to retain cash payments as the primary method of transaction.