PayPay Securities aims to double the number of its brokerage accounts to 2 million by the end of this fiscal year through March from about 1 million now, backed by users of the group’s cashless payment system, according to its chief executive officer.
The Tokyo-based company’s top shareholder operates PayPay app, which had about 60 million registered users as of October, and investors are able to conduct brokerage transactions on the payment app. PayPay Securities expects the convenience of that set-up to boost the number of its users, said CEO Kenji Bansho in an interview.
PayPay Securities needs to increase its users and the amount of assets they invest in to meet its goal of becoming profitable in the next few years. The company has been in the red since it opened for business in February 2021, and it posted a net loss of ¥4.6 billion ($29 million) in the fiscal year ended March 31, 2023, according to its latest disclosure document.
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