Tokyo, November 5, 2025 – The planned U.S. listing of Japan’s leading payments app, PayPay, has been stalled due to the ongoing U.S. government shutdown, according to SoftBank Corp. (9434.T) President Jun Miyakawa.

SoftBank’s PayPay has been preparing for a U.S. initial public offering (IPO), which investors had anticipated could value the company at over 3 trillion yen ($20 billion), potentially as soon as December 2025. However, the regulatory review process in the United States has been temporarily halted because of the government closure.

PayPay has been instrumental in driving digital payments adoption in Japan, encouraging consumers to shift from cash by offering rebates through its mobile app. The platform is a market leader in QR code payments and also provides banking and credit card services.

As digital payment solutions continue to grow globally, PayPay’s IPO is being closely watched by investors looking to tap into Japan’s fast-evolving fintech market.

Reporting by Yusuke Ogawa; Writing by Satoshi Sugiyama; Editing by Muralikumar Anantharaman

Currency Reference: $1 = 150.7800 yen