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 ...

Core Insights - Visa is the leader in the card payments industry, handling almost $17 trillion in total payment volume in fiscal 2025 [1] - The company has a significant global presence, facilitating payments in over 220 countries and territories [1] Financial Performance - Visa shares have produced a total return of 385% over the past decade, significantly outperforming the S&P 500's total return of 302% during the same period [4] - An initial investment of $1,000 in Visa shares 10 years ago would have grown to $4,884 today [4] - Visa's market capitalization stands at $673 billion [5] Revenue and Profitability - Visa's revenue increased from $13.9 billion in fiscal 2015 to $40 billion in fiscal 2025, marking a 188% growth [6] - The company has 4.9 billion cards in use globally, reflecting the growing adoption of cashless payment methods [6] - Visa's net profit margin was 50% last year, indicating its status as one of the most profitable businesses [7]

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Core Insights - MercadoLibre has experienced a significant stock increase of 42% in the early months of 2025, making it the largest stock position in the portfolio of the analyst [1] - The company has shown strong performance due to two consecutive excellent earnings reports, reversing previous concerns about profitability [3][4] Financial Performance - The fourth-quarter report highlighted impressive revenue growth during the holiday season, alleviating margin concerns [4] - In the first quarter of 2025, the e-commerce marketplace sold 28% more items year-over-year, while total payment volume (TPV) increased by 43% [5] - The credit portfolio grew by 75% to $7.8 billion, and operating margin expanded by 70 basis points compared to the first quarter of 2024 [5][6] Future Growth Catalysts - The e-commerce marketplace and Mercado Pago payment platform are still in early stages of growth in key markets, indicating potential for further expansion [7] - The credit card segment presents a significant opportunity, with current adoption rates in Brazil being low despite recent growth [8] - The MELI+ subscription service and advertising revenue are also identified as areas for potential high-margin growth, with ad revenue increasing by 50% year-over-year [8] Valuation Perspective - Despite the stock's recent rise, it is considered a better value today compared to previous years, with improved profitability and lower P/E ratios [7][10] - Key growth rates are accelerating, with total payment volume growth in the first quarter of 2024 being 35%, which is now eight percentage points slower than the current rate [9]