PayPay Corporation (PAYP) to buy stake in Seven & i and deepen partnership

Rhea-AI Filing Summary

PayPay Corporation announced a mid- to long-term strategic Alliance with Seven & i Holdings, SEVEN-ELEVEN JAPAN, SoftBank and LY to link its digital financial platform with Seven & i’s offline retail network. PayPay cites a base of more than 75 million registered users, while Seven & i operates over 20,000 Japanese stores and about 20 million daily customer touchpoints.

Under the Business Alliance, the parties plan to integrate 7iD into the PayPay ID platform, replace Seven Miles with PayPay Points as Store Points at Seven-Eleven and related channels, and have PayPay develop and enhance the SEVEN-ELEVEN JAPAN app with PayPay ID login, points and promotions. Joint initiatives include product-specific coupons, reward campaigns, traffic referral via the PayPay app and expanded data-driven promotions and CRM, subject to legal compliance and customer consent.

Through a Capital Alliance, PayPay will subscribe via a Treasury Share Disposal for 48,309,178 Seven & i shares (2.13% of issued shares) at JPY 2,070 per share, for a total of JPY 99,999,998,460, with SoftBank acquiring an identical stake on the same terms. Payment is scheduled for August 17, 2026, subject to customary conditions including an effective registration statement, and PayPay intends to hold the shares long term under agreed transfer restrictions. The board approved and the Alliance agreements were executed on July 31, 2026. The company states that the impact on results for the fiscal year ending March 2027 has not yet been determined.

Positive

• PayPay and SoftBank each plan to acquire 48,309,178 Seven & i shares (2.13% stakes) for JPY 99,999,998,460 via a Treasury Share Disposal, creating a long-term equity-backed foundation for the wider strategic business partnership.

Negative

• None.

Key Figures

Seven & i shares to be acquired by PayPay: 48,309,178 shares Ownership percentage in Seven & i: 2.13% Aggregate purchase price for PayPay stake: JPY 99,999,998,460 +5 more

8 metrics

Seven & i shares to be acquired by PayPay 48,309,178 shares Common stock via Treasury Share Disposal, representing 2.13% of issued shares

Ownership percentage in Seven & i 2.13% Proportion of Seven & i issued shares (excluding treasury shares) PayPay will hold

Aggregate purchase price for PayPay stake JPY 99,999,998,460 Total consideration for 48,309,178 Seven & i shares acquired by PayPay

Subscription price per Seven & i share JPY 2,070 per share Price for common shares issued to PayPay and SoftBank in Treasury Share Disposal

PayPay registered users More than 75 million Registered users of PayPay’s services as of July 2026

Seven & i store network in Japan Over 20,000 stores Seven-Eleven domestic store count providing approximately 20 million daily touchpoints

Seven & i operating revenue JPY 10,430,269 million Consolidated operating revenue for fiscal year ended February 2026

Seven & i net income attributable to owners JPY 292,760 million Net income attributable to owners of the parent, fiscal year ended February 2026

Key Terms

third-party allotment of treasury shares, Treasury Share Disposal, Off-Auction Own Share Repurchase Trading System (ToSTNeT-3), Business Alliance, +2 more

6 terms

third-party allotment of treasury shares financial

"subscribe for shares of Seven & i through a third-party allotment of treasury shares"

Treasury Share Disposal financial

"shares of Seven & i through a third-party allotment of treasury shares (the "Treasury Share Disposal")"

Off-Auction Own Share Repurchase Trading System (ToSTNeT-3) regulatory

"treasury shares scheduled to be acquired by Seven & i through the Off-Auction Own Share Repurchase Trading System (ToSTNeT-3)"

Business Alliance financial

"a business alliance agreement (the "Business Alliance") with Seven & i and SEVEN-ELEVEN JAPAN"

Capital Alliance financial

"a capital alliance agreement (the "Capital Alliance"; together with the Business Alliance, the "Alliance")"

customer relationship management (CRM) financial

"enhance promotional activities and customer relationship management (CRM), and create new services and revenue"

A customer relationship management (CRM) system is software and the processes companies use to track who their customers are, every interaction with them, and their purchase history—like a detailed, searchable address book that also records past conversations, support requests and sales. For investors, CRM affects how well a company finds and keeps customers, how efficiently it sells, and how predictable future revenue and costs are, so strong CRM use can boost growth and profit margins.

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FAQ

What strategic alliance did PayPay (PAYP) form with Seven & i Holdings?

PayPay entered into a Business Alliance and Capital Alliance with Seven & i, SEVEN-ELEVEN JAPAN, SoftBank and LY to link PayPay’s digital financial platform with Seven & i’s retail network, aiming to deliver more convenient, personalized shopping and expand PayPay service usage.

How many Seven & i shares will PayPay (PAYP) acquire and at what price?

PayPay will acquire 48,309,178 Seven & i common shares, equal to 2.13% of issued shares, at a subscription price of JPY 2,070 per share, for a total purchase price of JPY 99,999,998,460 through a Treasury Share Disposal.

What are the key business initiatives in the PayPay (PAYP) and Seven & i alliance?

Key measures include integrating 7iD into the PayPay ID platform, replacing Seven Miles with PayPay Points, having PayPay develop and enhance the SEVEN-ELEVEN JAPAN app, joint promotional campaigns, customer traffic referral, and collaborative data utilization to personalize experiences and marketing.

How will data be used in the PayPay (PAYP) and Seven & i partnership?

Subject to laws and customer consent, the parties plan to combine customer profile, purchasing and other data with AI technologies to deliver personalized experiences, strengthen promotional activities and CRM, and create new services and revenue opportunities across both companies’ platforms.

When is the Seven & i share subscription by PayPay (PAYP) scheduled to close?

The payment date for the Treasury Share Disposal to PayPay and SoftBank is currently scheduled for August 17, 2026, subject to customary closing conditions, including effectiveness of Seven & i’s securities registration statement and satisfaction of other agreed conditions.

What financial profile of Seven & i was disclosed alongside the PayPay (PAYP) alliance?

For the fiscal year ended February 2026, Seven & i reported operating revenue of JPY 10,430,269 million, operating income of JPY 422,993 million, net income attributable to owners of the parent of JPY 292,760 million, and earnings per share of JPY 118.81.

Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of July 2026

Commission File Number 001-43184

PayPay Corporation

(Translation of registrant’s name into English)

Yotsuya Tower, 1-6-1 Yotsuya
Shinjuku-ku

Tokyo 160-0004 Japan

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ☒ Form 40-F ☐

Table of Contents

Exhibit Index

Exhibit 99.1 — English translation of the "Notice Regarding Capital and Business Alliance to Establish a Mid- to Long-term Strategic Partnership with Seven & i Holdings" published by the registrant on July 31, 2026

Table of Contents

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: July 31, 2026
PayPay Corporation
By:		/s/ Wataru Kagechika
Name:		Wataru Kagechika
Title:		Managing Corporate Officer and CFO

Notice Regarding Capital and Business Alliance to Establish a Mid- to Long-term Strategic Partnership with Seven & i Holdings

July 31, 2026

PayPay Corporation

PayPay Corporation ("PayPay" or the "Company") today announced that it has resolved to enter into:

•a business alliance agreement (the "Business Alliance") with Seven & i Holdings Co., Ltd. ("Seven & i") and SEVEN-ELEVEN JAPAN CO.,LTD. ("SEVEN-ELEVEN JAPAN"), together with SoftBank Corp. ("SoftBank") and LY Corporation ("LY"), to establish a strategic partnership in the digital domain, and

•a capital alliance agreement (the "Capital Alliance"; together with the Business Alliance, the "Alliance") with Seven & i, under which PayPay and SoftBank will subscribe for shares of Seven & i through a third-party allotment of treasury shares (the "Treasury Share Disposal").

1.Purpose and Background of the Alliance

PayPay has been enhancing the value of its digital financial platform by combining its cashless payment service with rewards, financial services, and data for more than 75 million registered users (as of July 2026).

Seven & i operates "7-Eleven," a convenience store brand with one of the world's largest store networks, and in Japan, it maintains a network of over 20,000 stores and approximately 20 million daily customer touchpoints through SEVEN-ELEVEN JAPAN. By maximizing the value of its extensive domestic store network and customer data, Seven & i aims to deliver more convenient, attractive, and personalized shopping experiences to each customer, while seeking to enhance store value and drive sustainable business growth through AI and data utilization.

As consumer purchasing behavior and lifestyles continue to evolve and digital services become increasingly embedded in everyday life, the importance of seamlessly connecting physical retail stores with digital customer touchpoints to provide convenient, personalized, and value-enhancing shopping experiences has grown significantly.

Against this backdrop, PayPay, SoftBank, LY, Seven & i, and SEVEN-ELEVEN JAPAN (collectively, the "Business Alliance Parties") have engaged in extensive discussions regarding broad opportunities for strategic collaboration by leveraging each company's respective strengths.

Through these discussions, PayPay concluded that combining Seven & i's nationwide store network, customer touchpoints, and purchasing data with PayPay's extensive user base, payment platform, rewards program, application development capabilities, and data assets will enable the Business Alliance Parties to deliver convenient and value-added shopping experiences at an unprecedented scale while enhancing the customer experience and expanding opportunities for customers to use PayPay's services.

Under the Business Alliance, PayPay aims to promote:

•the integration of 7iD into the PayPay ID platform,

•the introduction of PayPay Points,

•the development of the Seven-Eleven application by PayPay,

•collaboration on promotional initiatives, and

•mutual utilization of data among the Business Alliance Parties.

Through these initiatives, PayPay seeks to enhance the customer experience at Seven-Eleven stores while expanding usage of its digital financial platform centered on its payment services.

The Business Alliance Parties will promote the Business Alliance as equal strategic partners committed to creating long-term value while respecting each other's management independence, corporate culture, and brand value.

1

Furthermore, PayPay, SoftBank, and Seven & i regard the Capital Alliance not merely as an equity investment but as a foundation for promoting the Business Alliance in a sustainable and stable manner. By aligning their long-term interests, the Business Alliance Parties aim to deepen their collaboration and generate continuous value creation.

2.Contents of the Alliance

(1)Business Alliance

Under the Business Alliance, the Business Alliance Parties will consider and promote a number of collaborative initiatives by leveraging their respective strengths. Among these initiatives, the principal measures to be undertaken by PayPay—including ID integration, rewards, application development, promotional activities, and data utilization—are outlined below.

Following the announcement of the Business Alliance, and prior to the integration of IDs and the introduction of Store Points, the parties will progressively consider and implement initiatives utilizing their existing services and customer touchpoints to increase the rate at which customers present their ID through the SEVEN-ELEVEN JAPAN app in stores.

Specifically, PayPay plans to consider and implement initiatives such as:

•product-specific coupons and reward campaigns for PayPay users,

•directing PayPay users to 7NOW through the PayPay app based on user attributes and usage patterns, and

•promoting mobile ordering services, including advance ordering for in-store pickup.

Through these initiatives, PayPay aims to enhance customer convenience and expand service usage opportunities at an early stage.

The specific details and implementation schedule of each initiative will be determined through further discussions among the parties and announced and implemented as preparations are completed.

<Key Business Alliance Initiatives Led by PayPay>

A)Integration and Standardization of ID and Rewards

PayPay and Seven & i will integrate 7iD, Seven & i's common membership platform, into the PayPay ID platform to establish a unified customer base. In addition, PayPay Points will replace Seven Miles as the Store Point program awarded for purchases at Seven-Eleven stores, Seven & i's e-commerce platforms, and 7NOW.

B)Integration of Applications and Digital Customer Touchpoints

PayPay will enhance the SEVEN-ELEVEN JAPAN application by implementing PayPay ID login functionality, Store Points, and promotional features. In addition, PayPay will leverage the PayPay app to expand digital customer touchpoints and improve customer convenience. PayPay will also undertake the development of the SEVEN-ELEVEN JAPAN application, utilizing its application development expertise to enable more flexible and agile feature enhancements.

C)Expansion of Promotional Activities and Customer Traffic Referral

PayPay will implement various promotional campaigns and reward programs for PayPay users to encourage visits to Seven-Eleven stores and the use of Seven & i's various services. Through these initiatives, PayPay aims to increase customer traffic, store visitation frequency, and frequency of app usage.

2

D)Data Utilization

Subject to compliance with applicable laws and regulations and obtaining the necessary customer consent, PayPay and the relevant parties will utilize customer profile information linked to user IDs, purchasing data, and other relevant data. By combining these data assets with AI technologies, PayPay aims to:

•deliver highly personalized customer experiences,

•enhance promotional activities and customer relationship management (CRM), and

•create new services and revenue opportunities.

(2)Capital Alliance

The Capital Alliance will be entered into among PayPay, SoftBank, and Seven & i. Pursuant to the Treasury Share Disposal, PayPay will acquire 48,309,178 shares of Seven & i common stock, representing 2.13% of Seven & i's issued shares as of May 31, 2026 (excluding treasury shares), for an aggregate purchase price of JPY 99,999,998,460. SoftBank will acquire 48,309,178 shares of Seven & i common stock, representing 2.13% of Seven & i's issued shares (excluding treasury shares), for an aggregate purchase price of JPY 99,999,998,460. The ownership percentages above are calculated taking into account the disposal of treasury shares and the number of treasury shares scheduled to be acquired by Seven & i through the Off-Auction Own Share Repurchase Trading System (ToSTNeT-3) scheduled for August 3, 2026, as announced by Seven & i today.

The subscription price for the common shares to be acquired through the Treasury Share Disposal will be JPY 2,070 per share, with payment currently scheduled for August 17, 2026. Completion of the Treasury Share Disposal is subject to the satisfaction of customary closing conditions, including the effectiveness of the securities registration statement to be filed by Seven & i.

PayPay intends to hold the Seven & i common shares acquired through the Treasury Share Disposal on a long-term basis in order to realize and sustain the synergies between the two companies. In addition, PayPay has agreed with Seven & i that, unless it obtains Seven & i's prior written consent, it may not transfer, assign, pledge, or otherwise dispose of all or any portion of the Seven & i shares it acquires pursuant to the Treasury Share Disposal. Seven & i has also agreed that, if PayPay pledges such shares to a financial institution for financing purposes, it will not unreasonably withhold its consent to such pledge.

3

3.Overview of Seven & i (Alliance Counterparty)

Company Name	Seven & i Holdings Co., Ltd.
Head Office	8-8 Nibancho, Chiyoda-ku, Tokyo, Japan
Representative	Stephen Hayes Dacus, Representative Director, President and Chief Executive Officer
Business	Planning, management and operation of a corporate group primarily engaged in the convenience store business
Capital	JPY 50,000 million
Date of Incorporation	September 2005
Major Shareholders	The Master Trust Bank of Japan, Ltd. (Trust Account)						17.08%
	Ito-Kogyo Co., Ltd.						9.16%
	Custody Bank of Japan, Ltd. (Trust Account)						6.15%
	Nippon Life Insurance Company (Standing Proxy: The Master Trust Bank of Japan, Ltd.)						2.29%
	Mitsui & Co., Ltd. (Standing Proxy: Custody Bank of Japan, Ltd.)						2.10%
	JP MORGAN CHASE BANK 385864 (Standing Proxy: Mizuho Bank, Ltd.)						2.07%
	STATE STREET BANK AND TRUST COMPANY 505001 (Standing Proxy: Mizuho Bank, Ltd.)						2.02%
	SMBC Nikko Securities Inc.						1.65%
	Mitsubishi UFJ Morgan Stanley Securities Co., Ltd.						1.46%
	THE CHASE MANHATTAN BANK,N.A. LONDONSECS LENDING OMNIBUS ACCOUNT (Standing Proxy: Mizuho Bank, Ltd.)						1.43%
Relationship between PayPay and Seven & i	Capital Relationship		Number of Seven & i shares held by PayPay		None
			Number of PayPay shares held by Seven & i		None
	Personnel Relationship				One Outside Director of Seven & i concurrently serves as an Outside Director of PayPay.
	Business Relationship				Seven & i and PayPay currently collaborate on payment services at Seven-Eleven stores and through the Seven-Eleven application.
	Related Party Status				Not applicable.
Consolidated Financial Results and Financial Position (JPY millions, unless otherwise indicated)
Fiscal Year End		Feb 2024		Feb 2025		Feb 2026
Net Assets		3,900,624		4,223,212		3,648,195
Total Assets		10,592,117		11,386,111		9,142,957
Net Assets per Share (JPY)		1,416.94		1,555.39		1,566.06

4

Operating Revenue	11,471,753	11,972,762	10,430,269
Operating Income	534,248	420,991	422,993
Ordinary Income	507,086	374,586	377,411
Net Income Attributable to Owners of the Parent	224,623	173,068	292,760
Earnings per Share (JPY)	84.88	66.62	118.81
Annual Dividend per Share (JPY)	113.00	40.00	50.00

Notes 1 Unless otherwise specified, the above information is as of February 28, 2026.

2 Ownership percentages are calculated based on the total number of issued shares excluding treasury shares. Treasury shares held under the Executive Compensation BIP Trust and the ESOP Trust are not included in treasury shares for this purpose.

3 Ownership percentages are rounded to the nearest third decimal place.

4 Operating revenue represents the aggregate of net sales and other operating revenues.

5 Effective March 1, 2024, Seven & i conducted a 3-for-1 stock split of its common stock. "Net Assets per Share" and "Earnings per Share" are calculated on the assumption that this stock split was conducted at the beginning of the fiscal year ended February 2024.

5

4.Timeline

Board Resolution Approving the Alliance	July 31, 2026 (Friday)
Execution of the Alliance Agreements	July 31, 2026 (Friday)
Scheduled Payment Date for the Treasury Share Disposal	August 17, 2026 (Monday)

5.Future Outlook

At this time, the specific impact of the Alliance on the Company's financial results for the fiscal year ending March 2027 has not yet been determined. The Company will promptly disclose any matters that require announcement should they arise in the future.

*All company names, product names, and service names appearing in this press release are trademarks or registered trademarks of their respective owners.

Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements, within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which involve risks and uncertainties. In some cases, you can identify these statements by words such as “anticipate,” “believe,” “contemplate,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “seek,” “should,” “will,” “would,” or the negative of these terms, and other similar expressions that describe future business activities, performance, events or circumstances. Forward-looking statements in this press release include, but are not limited to, statements regarding the expected completion and timing of the Alliance, including the Treasury Share Disposal; the anticipated benefits, synergies, and strategic rationale of the Alliance; PayPay’s plans to implement the initiatives contemplated under the Business Alliance; and PayPay’s future business, growth strategy, and financial condition. These statements involve known and unknown risks, uncertainties and other important factors that may cause PayPay’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. These risks and uncertainties include, among others, the possibility that the Alliance may not be completed on the anticipated timeline or at all, or that anticipated benefits and synergies may not be realized; changes in the industries in which PayPay and its Alliance partners operate; and other risks described in PayPay’s regulatory filings and periodic reports. These forward-looking statements are based on PayPay’s current expectations and assumptions as of the date of this press release and are subject to risks and uncertainties. You should not place undue reliance on these forward-looking statements. Except as required by law, PayPay undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

End

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