Alphabet, the parent company of Google, is looking to capitalize on the rapid growth of electronic payments in Japan by acquiring Pring, which is a provider of free payment and remittance services in the country.
Japan, which was initially slow to accept the transition towards electronic payments, is quickly becoming one of the largest markets for cashless transactions.
Through this transaction, Alphabet appears to be attempting to bolster its Google Pay service, which is most frequently used by android owners.
While the purpose of this acquisition was not explicitly disclosed by Google, it was most likely driven by either Pring’s ownership of a key technology or a desire to acquire talent that understands the Japanese payments market.