GMO Payment Gateway, Inc.
3769・Prime Market・Information & Communication
Business
GMO Payment Gateway, Inc. (GMO-PG) is a payment infrastructure company under the GMO Internet Group. Founded in 1995 and listed in 2005, the company's core business is its Payment Agency Business, which provides a comprehensive range of payment methods including credit cards, electronic money, and QR code payments. It also operates Finance-Related Businesses such as deferred payment, lending, and money transfer services, as well as a Payment Activation Business covering areas such as medical DX. With approximately 160,000 member merchants, the company serves a wide range of industries and business formats, including BtoC EC, face-to-face, public funds, medical, and BtoB. It is also strengthening its BaaS (Banking as a Service) Support through a capital alliance with Sumitomo Mitsui Financial Group, playing a central role in Japan's payment infrastructure.
Business Model
The company earns revenue from merchants across four categories: (1) initial costs at system implementation, (2) monthly fixed fees (stock), (3) volume-based charges tied to the number of payment transactions processed (fee), and (4) commissions on sales proceeds (spread). In FY2025 (ending September 2025), spread revenue of ¥34,340 million, fee revenue of ¥24,864 million, and stock revenue of ¥13,796 million were the main revenue sources. The rising proportion of fee and spread revenue, which is linked to increasing transaction volume, is driving improvement in profit margins.
Company Strengths
As of the end of the fiscal year under review, the company provides services to approximately 160,000 businesses. It covers all business formats and industries, from large enterprises to small and medium-sized businesses, and has expanded into diverse markets including EC, face-to-face, public funds, medical, and BtoB. This customer base supports high growth, with payment processing volume up 17.4% year on year and processing amount up 16.5% year on year.
The company was the first listed payment agency service company to obtain ISO/IEC 27001:2022 certification. It has continuously renewed its PCI DSS certification annually since first obtaining it in 2008, with the most recent renewal obtained in December 2024. It also holds the Privacy Mark. This multi-layered security framework serves as the basis for trust from merchants and consumers.
Under a capital alliance agreement (concluded in March 2021, automatically renewed every 5 years) with Sumitomo Mitsui Financial Group, Sumitomo Mitsui Banking Corporation, and Sumitomo Mitsui Card Company, the company operates "Bank Pay" and the "GMO-PG Processing Platform." Revenue from processing platform services is expanding due to the growth of BaaS (Banking as a Service) Support for financial institutions.
ENVALITH's Perspective
Performance Trend
For the interim period of FY2026 (ending September 2026) covering October 2025 to March 2026, revenue was ¥46,084 million (up 13.1% year on year), operating profit was ¥18,792 million (up 22.7% year on year), and profit attributable to owners of parent for the interim period was ¥12,042 million (up 22.3% year on year). Following the past five full fiscal years' results (revenue: ¥41,667 million in FY2021 → ¥82,499 million in FY2025; operating profit: ¥12,987 million in FY2021 → ¥31,340 million in FY2025), the improvement in revenue mix—with profit growth outpacing revenue growth—has continued. While selling, general and administrative expenses decreased from ¥12,410 million to ¥12,019 million year on year, gross profit expanded from ¥27,540 million to ¥30,500 million, and the operating profit margin improved from 37.6% to 40.8%. In terms of the external environment, continued growth in the domestic e-commerce market and accelerating cashless adoption in face-to-face transactions are functioning as tailwinds. The full-year forecast remains unrevised at revenue of ¥93,235 million (up 13.0% year on year) and operating profit of ¥37,639 million (up 20.1% year on year).
Growth Strategy
Aiming for ¥100 billion in operating profit by FY2030-31 through three pillars: payment deepening, financial expansion, and overseas expansion
Continuing to develop merchants across all business formats from large enterprises to small and medium-sized businesses, while expanding BaaS (Banking as a Service) Support for financial institutions and operators. Differentiating through payment-plus-alpha solutions via the rollout of the next-generation payment platform "stera" and the provision of industry-specific platforms. In the first half of FY2026 (ending March 2026)*, promotional measures targeting SMEs in the face-to-face segment were successful, achieving revenue growth exceeding the plan.
Promoting expansion of deferred payment services (GMO Atobarai, GMO Kakebarai, Atocara), Transaction Lending, money transfers, Sokkyu byGMO, and Seikyusho Card Barai byGMO. Continuing to improve profit margins by keeping the uncollected rate stable at a low level through enhanced credit assessment accuracy and a strengthened collection framework. Segment profit for the first half of FY2026 (ending September 2026) achieved high growth of 33.5% year on year.
Promoting the development of new borrowers and additional lending to existing borrowers, primarily in North America, India, and Southeast Asia. Achieved growth of 71.8% year on year in the first half of FY2026 (ending September 2026) while maintaining credit quality. Continuing multi-location expansion through GMO-Z.COM PAYMENT GATEWAY PTE. LTD. (Singapore), the US subsidiary, and the India credit fund.
Capturing demand for integrated services covering reservations, medical questionnaires, reception, and payment via smartphone apps, centered on "Medical Kakumei byGMO," a medical-specialized reservation management system provided by GMO Reserve Plus. In the first half of FY2026 (ending September 2026), GMO Reserve Plus's revenue grew strongly by 32.4% year on year. The Marketing Support Service has been affected by changes in the internet advertising market, resulting in overall segment profit declining 2.9% year on year.
Last updated: July 17, 2026