With the acquisition of the Japanese fintech Ping, Alphabet Inc. and Google will be able to operate online financial services in the Asian country, but what will happen to their alliance with Mastercard?
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In an effort to strengthen its online financial services, Google’s parent company Alphabet Inc. bought the Japanese fintech Pring in order to operate in the Asian country.
Alphabet acquired the startup Pring for an amount of 25,000 million yen (about 200 million dollars), in order to process payments and transfers electronically in Japan, something that the company has already implemented in India and the United States.
Before the purchase, the fintech was part of Mizuho Bank, a financial institution based in Tokyo. It should be noted that Pring has commercial agreements with at least 50 Japanese banks, is associated with the 7Eleven chain of stores and has 450 companies that process payments on its platform.
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Some specialists speculate that the integration of the Japanese fintech will mean a distance between the technology giant and MasterCard , an entity with which it has collaborated to offer the Google Pay service .
Japan is a very attractive market for anyone offering online financial services. A recent study revealed that the Japanese have little interest in keeping cash payments as the primary method of transactions.