It's about time PayPal paid some attention to the Japanese market. They've had a presence in Japan since before the eBay acquisition, but when eBay lost to Yahoo Auctions in Japan the service whithered on the vine. A huge missed opportunity.
"We're very, very new, we have a very small share of the market, so we still see great opportunities for Japan," said Andrew Pipolo, who heads PayPal's operations in the country, told reporters at a press conference in Tokyo
The auction company pulled out of Japan in 2002, conceding the booming auction market to Yahoo Japan, which is still dominant in the country today and operates independently from its U.S. namesake. It was a rare defeat for eBay, which in 2007 announced a minor deal to let Japanese shoppers access its items through Yahoo Japan's site.
But Pipolo said Japan remains attractive as the world's second-largest online consumer market, with transactions totaling 6.7 trillion yen ($76 billion) last year and expected to nearly double to 12.2 trillion yen ($139 billion) by 2014.