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PayPay's path to a $14bn valuation

Japan can create large-scale domestic internet unicorns after all

| Japan
A customer uses his mobile phone to pay via a QR code with the PayPay app at a store in Tokyo: the amount of information available about the valuation of the mobile payment app is limited. (Photo by Arisa Moriyama)

David Gibson, CFA, is chief investment adviser at Astris Advisory Japan. He specializes in the game and internet sectors.

Japanese mobile payment app PayPay is heading toward an initial public offering that could see its valuation soar beyond investors' wildest expectations. Speculation about its potential to become a unicorn -- a $1 billion company -- is well off the mark: It could well be worth more than 10 times that.

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