2023.07.06 Blockchain Services
【修正前】PayPayクイック購入（PayPay Quick Purchase）
【修正後】PayPayマネーで購入（PayPay Money purchase）
This unprecedented new payment method will allow users to use PayPay Money to purchase and cash-out virtual Assets
LINE's virtual Asset and blockchain-related business organization, LINE Xenesis Corporation (Head office: Shinagawa-ku, Tokyo; Representative Director and CEO, Inkyu Lim; hereinafter referred to as "LINE Xenesis") and PayPay Corporation (Head office: Minato-ku, Tokyo; President & Representative Director, CEO, Corporate Officer: Ichiro Nakayama; hereinafter "PayPay") announced today the launch of the "PayPay Linkage Service", which will allow users to use PayPay Money to purchase virtual Asset s and cash them out into PayPay Money on cryptoasset trading service "LINE BITMAX."
Launched in 2019, "LINE BITMAX" is a cryptoasset trading service that can easily and conveniently be used on "LINE" in 2019. Since its launch, the ease of using the service on LINE and being able to trade all virtual Assets in values as small as 1 yen meant that even inexperienced virtual Asset traders and beginners can use the service.
Virtual Assets can be purchased on "LINE BITMAX" through bank transfers and the service has been also available for "LINE Pay" deposits and withdrawals.
Starting today, "PayPay," which now boasts more than 58 million registered users*2, is available through the "PayPay Linkage Service."
Using this service, users will be able to link their "PayPay" and "LINE BITMAX" accounts and newly purchase virtual Assets using PayPay Money ("PayPay Money purchase") and cash out their "LINE BITMAX" balance deposits to PayPay Money (top-up). Users can proceed to link their account from "PayPay Money purchase" or "Cash Out to PayPay"
If users already have PayPay Money balance, they do not need to deposit money separately; instead, they can purchase virtual Assets from just 1 yen on "LINE BITMAX" itself, twenty-four hours a day, 365 days a year.
By further enhancing integration with cashless payment services, LINE BITMAX users can now enjoy the convenience of having more payment methods available to them. For PayPay users who have never purchased virtual Assets before, they will now have the opportunity to own virtual Assets in values as little as 1 yen in PayPay Money. This integration represents a first in the virtual Asset industry*5 that a virtual Asset trading and cash out provider has integrated with PayPay Money.
*2. As of June 2023.
*3. This service is only available for spot trades executed when selecting "Buy Now" on Market Orders. Exchange Trades is not applicable.
*4. This excludes times in which system maintenance is carried out.
*5. Based on research by LINE Xenesis Corporation
<How to Buy>
<How to make Withdrawals>
”LINE BITMAX" will continue to pay attention to user needs while enhancing its functions. In order to proliferate the use of virtual Assets, "LINE BITMAX" will prioritize the safety and security for the entry model of its virtual Asset trading platform, with a simple UI/UX design that can be understood by inexperienced and beginner traders to realize a service that can be easily used.
■ Detailed specifications on "PayPay Linkage Service"
• Eligible users: users who meet the following criteria
- Users who have completed Know Your Customer (KYC) on "LINE BITMAX"
- Users who have completed KYC on "PayPay"
- Agree to link account
• Service availability: in principle, twenty-four hours a day, 365 days a year *4
• Supported purchases: only spot purchases made via "Order Now" on Market Orders are eligible for this service
• Purchase fee: free-of-charge
• Withdrawal fee: free-of-charge
• Minimum amount for purchase and withdrawals: 1 yen
• Maximum amount for purchase and withdrawals:
24 hours: 500,000 yen
30 days: 2 million yen
* Subject to the spending limits of "PayPay."
* Withdrawals for PayPay Money cannot be made when the PayPay Money balance limit has been exceeded.
* For users that have not completed "Simple Smartphone Easy Verification" on LINE BITMAX, the withdrawal limit is set to 100,000 yen.
• Deposit and withdrawal history: added remittance history for deposits from "PayPay" and withdrawal history for cashouts to "PayPay"
• Cancelling account linkage: the user has the option to cancel
■ Service Overview of "LINE BITMAX"
How to use: tap on the "Wallet" tab on "LINE" and select "BITMAX." After agreeing to the Terms and Conditions, the user will need to register your information, complete KYC, and proceed to application. Once screening for KYC is complete, users can use the service.
Identity verification method: "Simple Smartphone Identity Verification" is used to verify the user's identity Users can check out the details below:
Service details: a Market Order service that allows users to buy and sell virtual Assets using legal tender, and an exchange service that allow users to buy and sell virtual Assets between each other.
Supported virtual Assets
Market Order Service: the following 7 currencies are supported: Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Litecoin (LTC), Bitcoin Cash (BCH), Finschia (FNSA), Stellar Lumens (XLM)
Exchange Service: Finschia (FNSA)
Eligible users: when applying to open a "LINE BITMAX" account, users will need to fulfill the following conditions:
- Have a LINE account
- Be 20 years of age or older, but under 75 years of age
- Be residing in Japan
For other detailed requirements on opening an account, please refer to Article 4 (Opening a LINE BITMAX account) of the LINE BITMAX Service Terms and Conditions from the link below:
Fees: while registration to "LINE BITMAX" is free, certain charges are applied to deposits/withdrawals in yen and sending virtual Assets. Also, no charges are applied to the buying and selling of virtual Assets and buy/sell spread charges (the difference between the buying and selling price) will be incurred. For Exchange Service, the execution price is multiplied by the Maker fee or the Taker fee and applied.
Please refer to "An Outline of Trading and Charges" from the following link for more details on other charges that are applied to LINE BITMAX trades.
Please refer to "Service Providers and Risks" from the link below to check important points on the use of virtual Assets.
■ About “PayPay,” the cashless payment service provided by PayPay Corporation
PayPay is a cashless payment service expanding across the country, available not only at major chain stores but also at small and medium size retailers, vending machines, taxis, and even public transportation. It can also be used in a variety of other situations, including paying for online services and utility bills. PayPay is also expanding its range of services beyond just payments, including a "send/receive” feature (remittance/transfer and receiving of money) that allows users to transfer their PayPay Balance (PayPay Money and PayPay Money Lite) between each other for free, or “point management,” a service that allows users access to a simulated investment experience involving the exchange of PayPay Points with points provided by service providers that PayPay is partnered with. The company also strives to create a safe and convenient environment for users through a hotline available 24/7 and a full compensation scheme ensuring a compensation for any damages that may be suffered.
PayPay is registered as follows:
・Prepaid Payment Instruments (third party type) Issuer, Registration #: Director-General of the Kanto Finance Bureau, No. 00710 (Registration date: October 5, 2018)
・Business Operator that Concludes Contracts on the Handling of Credit Card Numbers, etc., Registration #: Kanto (K) No. 106 (Registration date: July 1, 2019)
・Telecommunications Carrier (Filing #: A-02-17943 / Date filed: July 2, 2019)
・Fund Transfer Operator, Registration #: Director-General of the Kanto Finance Bureau, No. 00068 (Registration date: September 25, 2019)
・Notified Person Entrusted with Intermediation (Filing #: C1907980 / Date filed: December 18, 2019)
・Bank Agency Operator, License: Director-General of the Kanto Finance Bureau, No. 396 (Registration date: November 26, 2020)
・Financial instruments intermediary service registration number: Kanto Finance Bureau Director (Kinchu) No. 942 (Registration date: June 25, 2021)
・Japan Payment Service Association (https://www.s-kessai.jp/, Date of admission: September 12, 2018)
・Japan Consumer Credit Association (https://www.j-credit.or.jp/, Date of admission: July 1, 2019)
* "PayPay" provides 4 types of PayPay balance: PayPay Money, PayPay Money Lite, PayPay Points and PayPay Bonus Lite.
PayPay Money can be used to pay for partner services and merchants if it is within the amount deposited into the PayPay account opened after completing an identity verification process. It can also be used for sending and receiving money between PayPay users free of charge. PayPay Money can also be cashed out to a designated bank account (no withdrawal fee if using PayPay Bank). The legal nature of this is an electromagnetic record which can be used to pay for goods and other services, and can be remitted or cashed out, issued by the Company who is a Fund Transfer Operator registered under Article 37 of the Payment Services Act. Based on the provisions of Article 43 of the Payment Services Act, PayPay preserves the debt it owes to its users in full amount and more by depositing its assets. PayPay Money Lite is a type of electronic money issued by PayPay, which can be purchased and used to pay for services and merchants. PayPay users can transfer and receive PayPay Money Lite free of charge. The legal nature of this is a prepaid payment instrument issued by PayPay (Article 3, Paragraph 1 of the Payment Services Act). Based on the provisions of Article 14 of the Payment Services Act, PayPay preserves the relevant assets for the purpose of protecting the owners of the prepaid payment instrument by providing a security deposit for issuance to the Legal Affairs Bureau in an amount that is half or more of the unused balance of prepaid instrument methods as of March 31 and September 30. In addition, PayPay Points, which are granted through campaigns and promotions when using PayPay, can be used for partner services and in transactions at merchants in addition to PayPay Money and PayPay Money Lite. However, PayPay Bonus and PayPay Bonus Lite cannot be sent or transferred between PayPay users or be cashed out. PayPay Gift Voucher is a type of electronic money issued by PayPay, which can be used to make payments for affiliated services and merchants designated by the PayPay Gift Voucher. However, PayPay Bonus and PayPay Bonus Lite cannot be transferred between PayPay users or be cashed out. PayPay Gift Vouchers are valid for six months after issuance, after which they will no longer be valid.
PayPay also strives to create a safe and secure environment for users. If an unexpected payment is made by a third party using a PayPay account, or if a request to settle a payment suddenly arrives from PayPay to a user that does not have a PayPay account, there is a scheme that ensures compensation for the damages suffered (the difference will be provided as compensation if compensation is also provided by a third party), given that the prescribed conditions are met. Please see applying for compensation for details.
*The company name, trade name, and product/service in this press release are registered trademarks or trademarks of their respective companies.