Japan’s Mercari to purchase Origami in newest cashless funds consolidation

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TOKYO (Reuters) – Fleamarket app operator Mercari Inc mentioned on Thursday it might purchase QR code fee app operator Origami for an undisclosed quantity within the newest instance of trade consolidation as cashless funds take off in Japan.

The acquisition by Mercari, which has its personal cashless funds enterprise, comes as SoftBank Group Corp has attracted customers to its service, PayPay, by way of campaigns providing large reductions on purchases made by way of its app.

SoftBank’s home wi-fi enterprise mentioned final 12 months it might merge Line Pay operator Line Corp with its web subsidiary, leaving Mercari and different smaller contenders like Origami look more and more underweight as, with authorities encouragement, customers shift away from their reliance on money.

Reporting by Sam Nussey; Enhancing by Kim Coghill and Sam Holmes

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