PayPay was launched in 2018 and has grown to become a mobile payment service with 67 million users in Japan (as of December 2024), which translates to almost two-thirds of the smartphone users in the country. In our India Dev Speaks series, we uncover what is happening “in the trenches” through interviews with active members in PayPay India, PayPay’s overseas development hub.
This time, we spoke with Gaurav Jain, a Senior Product Manager who led the launch of PayPay Funding, the first business financing project that utilizes machine learning models. We discussed his mission as a Product Manager, recent projects, what he enjoys about work, as well as future endeavors.
Gaurav Jain
Senior Product Manager, PayPay India
I’m Gaurav from Jaipur. With nearly a decade of product management and development experience across e-commerce, travel, fintech, and education sectors, I joined PayPay India in February 2024 driven by a strong desire to create impactful products in the fintech industry.
Table of Contents
Reason for Switching Jobs
Contributing to society through fintech
Gaurav：
As a student, I majored in computer science, earning a degree in engineering. My love for coding led me to begin my career as a back-end engineer at a major Indian e-commerce company. I always harbored the ambition to achieve something independently. After leaving the company, I started a travel-related startup.
Later, I transitioned to a product manager role at a fintech company, then moved to an EdTech firm in Indonesia where I built a product team from scratch, developing a product used by millions of students. The experience of creating solutions beneficial to a wide range of users was deeply fulfilling, sparking a sense of contribution to the younger generation. However, my passion for fintech didn’t wane, leading me to reenter the industry. I discovered the Senior Product Manager position at PayPay India and applied, eager to leverage my experience and tackle new challenges.
Roles and Mission
Gaurav：
I belong to two teams. One is the Merchant Financing Team in India, which focuses on developing financial products within the merchant app. The other is the Credit Modeling Team in Tokyo, which develops credit models of financial products for businesses.
My mission as a part of these two teams is to help the already-existing huge base of PayPay merchants in Japan with financing needs.
At PayPay, we devise our roadmap quarterly. As a Product Manager, I take the lead in planning the roadmap to clearly address requirements from both the business and product teams. Each of them have different priorities, so it is crucial for the Product Manager to sift through and prioritize development tasks accordingly.
A Project I Recently Led as a Senior Product Manager
What is the PayPay Funding project you led for 9 months?
Gaurav：
After joining the company, I have spent around nine months as a Senior Product Manager overseeing financial service initiatives related to merchant funding. This is an extremely critical project that contributes to GMV growth. My mission in this project was to develop product features that enhance the experience for merchants applying for financing through the PayPay for Business app.
Given merchants’ spontaneous financing needs, I recognized the abundance of challenges in providing funds swiftly. For example, if the air conditioning has broken down and a significant amount of money will be needed next week, obtaining a conventional bank loan is not easy, as it requires extensive paperwork and offline procedures. Thus, we launched the PayPay Funding project to enable merchants to receive future sales proceeds in advance without loans. The project commenced in March 2024.
We settle whatever receivables from future sales, so no collateral or guarantee is required. Furthermore, there is no hassle of preparing or submitting documents for the screening process, allowing for a quick deposit within just a few seconds* of application. This convenience has been well-received, and the total amount applied for has exceeded several times our business projections.
- The transfer will be credited in as little as a few seconds only if PayPay Bank is specified as the receiving bank.
Challenges faced during the project
Gaurav：
Firstly, constructing the machine learning model for merchant financing was a major hurdle. Traditionally, banks use human approval for loans, but our product required handling vast data points, minimizing risks, completing processes in seconds, and immediate financing through machine learning. Although this was a new field for me, I collaborated closely with data scientists in Tokyo and studied about machine learning modeling while refining the model together. Having a background in computer science and statistics, I enhanced my understanding through study and communication with team members.
Secondly, getting the service recognized was critical. Despite PayPay’s popularity in mobile payments in Japan, we were creating a novel service. So, creating trust among merchants was pivotal to have them use PayPay Funding. To that end, we needed to understand the demand of both merchants and the Japanese market. In November 2024, I took a trip to Japan and interviewed restaurant and beauty salon owners who applied for financing, which revealed pain points and features that would be useful. Even as we currently refine our product to align with merchant demand, addressing their concerns and incorporating insights mentioned during interviews remain a key focus.
Thirdly, it was essential for us to maintain communication with stakeholders. We frequently interacted with business teams in Tokyo. Although we speak different languages, PayPay’s interpreters facilitated productive meetings, and the translation functionalities in internal communication tools allowed us to communicate efficiently. Previously at other companies, poor communication negatively impacted productivity, but that was not the case here. Our discussions revolved around understanding Japan’s market conditions, business practices, and envisioning the business environment we aim to shape through this project.
Always Be Data-Driven
Personal growth by diving into a new field
Through this project, I deeply understood machine learning models and the characteristics of Japanese users. Plus, collaborating with data scientists offered an invaluable firsthand look at model development and how they are deployed.
Being data-driven is critical for product managers at PayPay. We must gather vast amounts of data to make informed decisions, and while qualitative data is helpful, numbers never lie.
For example, understanding and analyzing the merchants’ app usage frequency and timing of when they interact with it, alongside their borrowing and repayment behaviors, empowered us to identify the most suitable features to add on our platform. The data revealed critical insights.
In this project, we took the lead after verifying the data we had and getting confirmation from leaders in business teams. Once we reached an agreement with business folks, I led discussions with the designers.
Message to Indian Developers
PayPay India — A company with ample opportunities for career growth
Gaurav：
It is a lot of fun to leverage the perspective we have in India to support a Japanese product used by 67 million users, since we as a nation are quite familiar with fintech. Additionally, PayPay’s abundant data is an asset for product managers in devising subsequent development projects.
Our PayPay product team plans to increase the number of product managers in both Japan and India. Working in a global environment, you can expose yourself to diverse viewpoints and contribute to product growth through collaborating with Tokyo’s dev and business team members coming from diverse backgrounds and countries. The experiences offered in this company are rarely found elsewhere. I myself as a Senior Product Manager will continue to dare creating new values.
Developing a product for the Japanese market provides you insights on how critical it is to know the difference in user characteristics overseas when developing. PayPay India offers abundant growth opportunities like this for product managers. By engaging in the development of new products, you can enjoy a great environment while propelling your career.
Check Here for Career Opportunities!
*Job openings and employee affiliations are current as of the time of the interview.