May 9, 2012 / 2:58 AM / 6 years ago

Softbank, PayPal form Japan JV, target iPhone users

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 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

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

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