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Google will acquire Japanese payments business Pring as it pushes into the country's rapidly growing cashless services market.
The startup’s three top shareholders, fintech firm Metaps, software company Miroku Jyoho Service Co., and Nippon Gas Co., announced Tuesday they would sell their combined 87 percent holding in Pring to Google.
Metaps is selling its 45 percent stake for $44 million.
The US tech giant has operated its smartphone payments business Google Pay in Japan since 2016.
Tech companies such as SoftBank Group Corp. and Rakuten Group Inc., and financial firms are prodding Japanese consumers to move away from paying in cash.
