Core Viewpoint - PayPay, SoftBank's digital payments unit, has filed for a US IPO, potentially becoming the largest listing by a Japanese company on a US exchange, with a valuation target above US$10 billion, and possibly as high as US$20 billion [1][4]. Financial Performance - For the nine months ending December, PayPay reported a profit of ¥103.3 billion on revenue of ¥278.5 billion, a significant increase from the previous year's profit of ¥28.96 billion on revenue of ¥220.4 billion [2]. User Growth and Market Position - PayPay has grown rapidly since its launch in 2018, now boasting over 72 million users in Japan, and has overtaken Rakuten Group's Rakuten Pay [2][3]. - QR-code payments accounted for 9.6% of Japan's cashless transactions in 2024, a substantial increase from 0.2% in 2018, while credit cards' market share is declining [3]. Business Strategy and Expansion - The company has relied on aggressive marketing, subsidies, and merchant acquisition supported by SoftBank [3]. - PayPay has expanded internationally, enabling payments at over two million merchants in South Korea ahead of its IPO [4]. IPO Details - PayPay plans to list on the Nasdaq Global Select Market under the ticker PAYP, with Goldman Sachs, JPMorgan Chase & Co, Mizuho Financial Group, and Morgan Stanley leading the offering [5].

Core Viewpoint - SoftBank Group's payments unit PayPay is moving forward with its initial public offering (IPO) in the US, which could potentially be the largest IPO by a Japanese company on a US exchange [1][2]. Financial Performance - For the nine months ending December 31, PayPay reported a profit of Y103.3 billion ($676 million) on revenue of Y278.5 billion, a significant increase from the previous year's profit of Y28.96 billion on revenue of Y220.4 billion [1][2]. Valuation and Market Position - SoftBank is targeting a valuation of $10 billion or more for PayPay, with earlier reports suggesting that the valuation could exceed Y3 trillion [2]. - PayPay is known for its QR-code payments application in Japan and has expanded its services to include credit, banking, securities, and insurance [3]. IPO Details - The number of shares to be offered and the expected price range for the IPO have not yet been disclosed [2]. - PayPay plans to list on the Nasdaq Global Select Market under the ticker symbol PAYP, with Goldman Sachs, JPMorgan Chase, Mizuho Financial Group, and Morgan Stanley serving as lead banks for the offering [4]. Corporate Structure - After the IPO, PayPay is expected to remain a subsidiary of SoftBank, which does not anticipate a material impact on its consolidated earnings from the listing [4].

Table of Contents As filed with the U.S. Securities and Exchange Commission on February 12, 2026. Registration No. 333- UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form F-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 PayPay Corporation (Exact name of Registrant as specified in its charter) Not Applicable (Translation of Registrant's name into English) Japan 7389 Not Applicable (Primary Standard Industrial (I.R.S. Employer Identification No.) (State or other jurisdicti ...