PayPay Corp has formally lodged paperwork for a US initial public offering (IPO), setting its sights on a Nasdaq debut as early as March in a move that would mark one of the largest overseas listings by a Japanese fintech group in recent years, Kyodo News reports.

The Tokyo-based operator of Japan’s leading QR code payment app said it has now submitted a registration statement to the US Securities and Exchange Commission. It is understood the statement was filed on February 12. Following the filing, the company is expected to command a market capitalisation in excess of JPY1 trillion, or around $6.5bn. The final valuation, offer size and timing, however, have yet to be determined.

PayPay is a hugely popular system in Japan backed by an investment body linked to the global SoftBank Group Corp, alongside SoftBank Corp and LY Corp – which is also the owner of Asia’s leading LINE messaging platform.

Plans for the upcoming US flotation have been in the works since at least August, 2025, but were put on hold as a result of the partial shutdown of the US federal government, which disrupted elements of the regulatory review process.

The listing push comes as PayPay steps up its wider international ambitions. In just the past week it announced plans to establish a US-based venture with Visa Inc., targeting a payments market it estimates at roughly JPY300 trillion annually.

If successful, the partnership will focus initially on building a merchant network in select regions, California included, and combining QR code and contactless technologies. In Japan meanwhile the companies would roll out Visa card acceptance more widely across outlets that already support PayPay’s QR payments to help smooth transactions for inbound tourists.