PayPay, Japan’s largest mobile payment service, submitted an application to securities regulators on Thursday for a public listing in the United States, the company announced Friday in Tokyo.

The shares will be American depositary shares representing the company’s underlying common stock. The schedule, size and price for the listing are yet to be determined, SoftBank Group, PayPay’s parent company, said in a statement.

PayPay submitted the application on Aug. 14 to the U.S. Securities and Exchange Commission for listing on an unspecified exchange. Possibilities include the New York Stock Exchange and Nasdaq.

SoftBank Group announced in May that it was preparing for an offering of shares in its payment service.

After the listing, PayPay will remain a subsidiary of SoftBank Group. It does not expect any material effect from the listing on its financial results, the parent company added.

If the listing succeeds, it will likely be the largest such offering by a Japanese company in the United States, according to a Bloomberg report in May. Post-listing the company will have a market value estimated at ¥1.5 trillion ($10 billion).

Established in 2018 as a joint venture between SoftBank Group and Yahoo Japan, PayPay is the largest mobile payment app in the country, with 70 million users. The company also issues credit cards and provides banking services.

Payment revenues generated by PayPay reached ¥249 billion in the fiscal year ended in March 2025, according to SoftBank Group’s earnings report in the second quarter of 2025.

A July survey conducted by Mobile Marketing Data Labo of 16,396 people between the ages of 18 and 69 found that 65% of respondents opt for PayPay when using QR code payment services, far ahead of the rest of apps in the market.