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Google Pay could upend Japan's smartphone payment leaders

US tech company challenges PayPay and Rakuten Pay in $38 bn market

Google is in final talks to purchase Pring, a Tokyo-based cashless payment and settlement startup, a development that could shake up Japan's smartphone payment market. (Photo by Tsubasa Suruga)

TOKYO -- Google's foray into fintech services in Japan threatens to drastically change the smartphone payment market, challenging PayPay and other leading cashless payment companies that are already struggling to win customers after offering big refunds.

As barriers between finance and other sectors lower, leading financial institutions are being forced to rethink their strategies.

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