Pring

History

2021: Google buys Pring

In mid-July 2021, it became known about the sale of the Tokyo payment application provider Pring to Google. The exact value of the transaction is not announced, Nikkei reported an amount of $180-270 million.

It is known that Google is going to enter the market by financial technology USA launching a new platform digital banking for consumers. Google has already entered into partnership agreements with six banks and credit unions on this project. Published negotiations suggest that fintech Google's strategy also includes expansion into international markets.

The Pring payment application of the same name is one of the most popular in Japan. Individual customers use it to transfer money to each other or to buy in stores, and enterprises can use Pring to reimburse employees for work-related expenses. It is reported that more than 400 companies use the application.

Buying a payment application with an existing customer base will allow Google to strengthen in the Japanese financial technology market faster than by attracting customers in conventional ways. It is assumed that Google will offer Pring services along with Google Pay, an existing payment application. It is assumed that financial institutions will manage user accounts, and the search giant will provide an account management interface in the Google Pay application. Subscribed consumers will also have access to budgeting tools.

Offering banking services to consumers is only one way Google hopes to benefit from the rapid growth of the fintech market. The company also provides cloud services for financial institutions that increase efficiency. In May 2021, Google's cloud division introduced Datashare, a solution designed to help organizations such as banks easily collect updated information on stock prices, research reports and other data that are used to make investment decisions.^[1]

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