Softbank, Paypal Form Japn JV, Target iPhone Users

(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.