On Thursday, Mercari Inc, a fleamarket app operator stated, it has decided to acquire QR code payment app operator Origami for an undisclosed sum.
The deal marks the latest consolidation in the industry even as cashless payments take off in Japan.
The acquisition by Mercari, which has its own cashless payments business, comes as SoftBank Group Corp has attracted users to its service, PayPay, through campaigns offering big discounts on purchases made through its app.
In 2019, SoftBank’s domestic wireless business had stated, it would merge Line Corp with its internet subsidiary, leaving Mercari and other smaller operators, including Origami, look increasingly underweight.
The Japanese government is encouraging consumers to shift their reliance from cash to a cashless economy.