Softbank Plans Raid of Digital payments with Proposals for Paypal Rival

According to reports, Softbank, the Japanese technology giant, is planning to produce a global digital payments system that could be able to rival giants including PayPal.

City sources informed the Sunday Times that the tech company is set to lead a consortium that is backed by some of the biggest banks in the world.

Entering the global finance industry is regarded to be a key strategic objective of many of the technology giants in the world.

Under the new plan, Softbank could be able to acquire a huge financial software business as a springboard to be able to roll out the new system.

It has been rumoured that Softbank is said to have been circling Temenos, a Swiss firm that provides software to the majority of the top financial institutions in the world. Shares in Temenos increased by 20 percent amid the reports, which were denied later.

However, market sources were reported as stating that another mammoth deal was in the pipeline of Softbank.