Blackstone is seizing this opportunity by acquiring a majority stake in Sony Payments Services (SPSV) from Sony Bank, a subsidiary of Sony Group. The deal was announced in December.
It marks the private equity firm’s first investment in the financial technology sector in Japan. Sony Bank, which established the payment service business in 1995 and made it standalone company in 2006, will continue as a minority investor in SPSV with a 20 percent stake.
Atsuhiko Sakamoto, Blackstone’s head of Private Equity in Japan said “Japan is still physical cash-heavy on payments” pointing out that most transactions in the country are still conducted with cash. Only 25 percent are cashless in Japan; whereas in the US, about 60 percent are cashless, and 90 percent are in China.
The online payment sector is not new to Blackstone as the firm has invested in similar companies across the world.
Source: PE Hub
