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Business deals

PayPal to acquire Japan's Paidy for $2.7bn

Aims to boost Japan business with new cross-border e-commerce payment services

PayPal is expected to complete its acquisition of Paidy this quarter, and leave in place its founder plus its president and CEO. (Screenshot from Paidy website)

NEW YORK -- U.S. payment company PayPal Holdings on Wednesday announced that it will acquire the Japanese "buy now, pay later" provider Paidy for about 300 billion yen ($2.7 billion).

PayPal aims to strengthen its business in Japan by adding new services to its key cross-border e-commerce payments. The full-fledged entry of a major overseas company is expected to intensify competition in Japan's payments sector.

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