NETSTARS Co., Ltd.
5590・Growth Market・Information & Communication
Business
Netstars Co., Ltd. is a fintech-focused company centered on providing "StarPay" (Multi QR Code Payment), a multi-QR code payment service that integrates more than 40 QR code payment brands. It launched its QR code payment service in 2015 and listed on the Tokyo Stock Exchange Growth Market in September 2023. As an integrated payment platform that also supports credit cards and electronic money, it has been adopted by approximately 700,000 accounts domestically (as of the end of December 2025). The company also offers DX Products (Self-Checkout, Mobile Ordering, etc.) and Inbound Promotion Service for merchants, expanding its business scope as a merchant support company centered on payments. Its main customers are physical-store merchants such as retailers and restaurant operators, as well as OEM partners such as PayPay and NTT Docomo.
Business Model
The core revenue stream is the net fee based on merchant payment transaction amounts (the difference between merchant fees and fees paid to QR code payment operators). For directly contracted merchants, the company temporarily receives payment proceeds and settles them the following month, collecting fees in the process; from OEM partners (PayPay, NTT Docomo, etc.), it receives fees based on total transaction value. This is a recurring, stock-type revenue structure in which increases in the number of merchants and payment transaction volume directly translate into revenue growth, while DX Products (Self-Checkout, Mobile Ordering, etc.) generate combined revenue from initial sales plus monthly usage fees and payment fees.
Company Strengths
StarPay integrates over 40 QR code payment brands both domestically and internationally, giving it one of the largest QR code payment brand coverage counts in Japan. Since merchants can contract and operate multiple payment brands under a single agreement, the barrier to adoption is low, and as of the end of December 2025, the service had been adopted by approximately 700,000 accounts domestically.
Sales to PayPay Corporation totaled ¥1,220 million (25.5% of net sales) and sales to NTT Docomo, Inc. totaled ¥857 million (17.9% of net sales), with OEM provision to major QR code payment operators accounting for approximately 43% of net sales. The company has established a structure that allows it to efficiently acquire merchants through business alliance partners without relying on its own sales force.
After recording operating losses of ¥322 million in FY2023 (ending December 2023) and ¥84 million in FY2024 (ending December 2024), the company achieved a turnaround to profitability in FY2025 (ending December 2025), posting operating income of ¥293 million and net income of ¥485 million, supported by net sales of ¥4,788 million (up 22.7% year on year) and payment transaction volume growth of 33.2% year on year.
ENVALITH's Perspective
Performance Trend
Revenue continued an upward trend, rising from ¥3,721 million in FY2023 (ended December 2023) to ¥3,902 million in FY2024 (ended December 2024) to ¥4,788 million in FY2025 (ended December 2025), and Q1 FY2026 (January to March) growth accelerated to ¥1,331 million (up 26.6% year on year). Operating profit improved from ¥-322 million in FY2023 (ended December 2023) to ¥-84 million in FY2024 (ended December 2024) to ¥293 million in FY2025 (ended December 2025), and Q1 FY2026 posted ¥116 million (versus an operating loss of ¥2 million in the same period of the prior year), with profitability becoming firmly established. As external factors, the increase in inbound visitors to Japan expanding inbound demand and the government-led promotion of cashless payments have supported growth in payment transaction volume (¥549.7 billion in Q1 FY2026, up 17.6% year on year). Against the full-year forecast (revenue of ¥5,760 million, operating profit of ¥500 million), Q1 progress rates stood at approximately 23% each, indicating generally steady progress.
Growth Strategy
Aiming for sustainable growth through three pillars: expansion of the domestic merchant network, DX cross-selling, and rollout of new services
Expanding payment transaction volume through steady growth in the number of merchants via the OEM partner and agency network. Payment transaction volume in 1Q FY2026 (ending March 2026) grew steadily to ¥549.7 billion (up 17.6% year on year), and merchant acquisition continues in step with the progress of cashless adoption.
Proposing DX-related services to the existing merchant base through promotional activities such as exhibition participation. Advancing product development tailored to customer needs to diversify revenue sources beyond payments. Payment-related sales currently remain the core driver, with full-scale contribution from DX sales being a future challenge.
A new service that pays merchants their settlement proceeds early, ahead of the deposit from the payment company. Utilizing an overdraft agreement with Sumitomo Mitsui Banking Corporation (credit limit of ¥6.0 billion, executed April 30, 2026), the company has established a flexible funding structure for advance payments. The aim is to enhance added value and diversify revenue by supporting merchants' cash flow management.
StarPay-Entertainment Inc., newly established in 1Q FY2026 (ending March 2026), has been consolidated as a subsidiary, and the company has begun offering payment and fintech services in the entertainment field. The goal is to expand transaction volume by developing a new merchant segment.
Last updated: July 17, 2026