May 09, 2012 10:28 AM EDT
(Reuters) - Softbank Corp said on Wednesday that it and eBay Inc unit PayPal will form a joint venture to expand Japan's e-payments market by targeting users of Apple Inc's iPhone.
Softbank, which competes with bigger KDDI Corp in supplying Apple's popular smartphone in Japan, and PayPal will each invest 1 billion yen ($12.54 million) in the joint venture, Softbank President Masayoshi Son told reporters at a news conference.
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