Softbank, PayPal form Japan JV, target iPhone users

Wed May 9, 2012 1:41am EDT
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TOKYO (Reuters) - Softbank Corp said on Wednesday that it and eBay Inc unit PayPal will form a joint venture to expand Japan's e-payments market by targeting users of Apple Inc's iPhone.

Softbank, which competes with bigger KDDI Corp in supplying Apple's popular smartphone in Japan, and PayPal will each invest 1 billion yen ($12.54 million) in the joint venture, Softbank President Masayoshi Son told reporters at a news conference.

(Reporting by Ayai Tomisawa)

Softbank Corp President Masayoshi Son (C) poses with eBay Inc President and CEO John Donahoe (L) and PayPal President David Marcus during a news conference in Tokyo May 9, 2012. REUTERS/Yuriko Nakao