Google to Enter into Japanese Fintech Market, in Negotiations to Buy Pring

​Fazzaco learned that Google is in talks with Pring, a cashless payment provider, to acquire all its company shares for $180 million to $200 million from Mizuho Bank and other investors. The latest move comes at a time when the company is looking to enter into the fintech market in Japan.

The deal is expected to enable Google to provide fintech services including payments and other related services in Japan next year without depending on third parties.

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Pring currently provides payments, cash transfers, and withdrawals via smartphones and computers to its clients. It also has over 400 corporate customers who use the service to make small payments to other business owners or offer reimbursements to customers. 

Google Pay has been operating in Japan since 2015, but it operates in partnership with major credit and prepaid card brands which increase cost and also reduce control and reliability. By having Pring and its network, Google will be able to operate financial services on its own, rather than on behalf of those partners.

With the acquisition, Google can take over the licenses that Pring has which means that it would be able to undertake all the services currently operated by the company and more, once the acquisition goes through.