X0202 SCHEDULE 13G 0001065521 XXXXXXXX LIVE Common shares, no par value 03/31/2026 0002080845 PayPay Corporation 70450C101** Yotsuya Tower, 1-6-1 Yotsuya Shinjuku-ku Tokyo M0 160-0004 Rule 13d-1(d) SoftBank Group Corp. b M0 0 613638240 0 613638240 613638240 90.7 CO SoftBank Corp. b M0 0 420808400 0 420808400 420808400 62.2 CO LY Corporation b M0 0 369765000 0 369765000 369765000 54.6 CO B Holdings Corporation b M0 0 318721600 0 318721600 318721600 47.1 CO SB Global Advisers Limited b X0 0 192829840 0 192829840 192829840 28.5 CO SoftBank Vision Fund II-2 L.P. b Y9 0 192829840 0 192829840 192829840 28.5 PN SVF II Aggregator (Jersey) L.P. b Y9 0 192829840 0 192829840 192829840 28.5 PN SVF II Holdings (DE) LLC b DE 0 192829840 0 192829840 192829840 28.5 OO SVF II Investment Holdings (Jersey) L.P. b Y9 0 192829840 0 192829840 192829840 28.5 PN SVF II Investment Holdings LLC b DE 0 192829840 0 192829840 192829840 28.5 OO SVF II Investment Holdings (Subco) LLC b DE 0 192829840 0 192829840 192829840 28.5 OO SVF II Piranha (DE) LLC b DE 0 192829840 0 192829840 192829840 28.5 OO PayPay Corporation Yotsuya Tower, 1-6-1 Yotsuya, Shinjuku-ku, Tokyo 160-0004, Japan Each of the following is hereinafter individually referred to as a "Reporting Person" and collectively as the "Reporting Persons." This statement is filed on behalf of: SoftBank Group Corp. ("SoftBank") SoftBank Corp. LY Corporation B Holdings Corporation ("B Holdings") SB Global Advisers Limited ("SBGA") SoftBank Vision Fund II-2 L.P. SVF II Aggregator (Jersey) L.P. SVF II Holdings (DE) LLC SVF II Investment Holdings (Jersey) L.P. SVF II Investment Holdings LLC SVF II Investment Holdings (Subco) LLC SVF II Piranha (DE) LLC The address for SoftBank is 1-7-1, Kaigan, Minato-ku, Tokyo 105-7537, Japan. The address for SoftBank Corp. is 1-7-1, Kaigan, Minato-ku, Tokyo 105-7529, Japan. The address for each of LY Corporation and B Holdings is 1-3 Kioicho, Chiyoda-ku, Tokyo 102-8282, Japan. The address for SBGA is 69 Grosvenor Street, Mayfair, London W1K 3JP, England, United Kingdom. The address for each of SoftBank Vision Fund II-2 L.P, SVF II Aggregator (Jersey) L.P. and SVF II Investment Holdings (Jersey) L.P. is c/o Gen II (Jersey) Limited, 47 Esplanade, St. Helier, Jersey JE1 0BD. The address for each of the remaining Reporting Persons is 1521 Concord Pike, Wilmington, DE 19803. Each of SoftBank, SoftBank Corp., LY Corporation and B Holdings is organized under the laws of Japan. SBGA is organized under the laws of England and Wales. Each of SoftBank Vision Fund II-2 L.P., SVF II Aggregator (Jersey) L.P. and SVF II Investment Holdings (Jersey) L.P. is organized under the laws of Jersey. Each of the remaining Reporting Persons is organized under the laws of the State of Delaware. Y The information with respect to each Reporting Person's beneficial ownership of the Common Shares as of March 31, 2026 is incorporated by reference to items (5) through (9) and (11) of the cover page of the respective Reporting Person included herewith. Such information is based upon 676,873,535 of the Issuer's Common Shares outstanding as of March 27, 2026, as reported by the Issuer in its prospectus filed with the Securities and Exchange Commission ("SEC") on March 12, 2026 pursuant to SEC Rule 424(b)(4), and in its Form 6-K furnished to the SEC on March 30, 2026 confirming the exercise of the underwriters' option in full. This Schedule 13G is filed jointly by the Reporting Persons, who may be deemed to constitute a "group" within the meaning of Section 13(d)(3) of the Act as a result of the relationships described below. The Reporting Persons, as a group, may be deemed to beneficially own an aggregate of 613,638,240 shares of Common Stock of the Issuer, or 90.7% of the Issuer's outstanding Common Stock. The beneficial ownership of each individual Reporting Person is as set forth on its respective cover page as noted above. SoftBank is a publicly traded company listed on the Tokyo Stock Exchange. SoftBank Corp. and LY Corporation are listed on the Tokyo Stock Exchange and are consolidated subsidiaries of SoftBank. LY Corporation also is a consolidated subsidiary of SoftBank Corp. Each of SoftBank Corp. and LY Corporation is the record holder of 51,043,400 Common Shares. Each of SoftBank Corp. directly and LY Corporation indirectly holds 50% of the shares in B Holdings. B Holdings is the record holder of the Common Shares it has reported herein as beneficially owned. As a result of the relationships described above, each of SoftBank, SoftBank Corp. and LY Corporation may be deemed to beneficially own the Common Shares owned of record by B Holdings and SoftBank may be deemed to beneficially own the Common Shares owned of record by SoftBank Corp. and LY Corporation and SoftBank Corp. may be deemed to beneficially own the Common Shares owned of record by LY Corporation. SoftBank expressly disclaims beneficial ownership of Common Shares held of record by B Holdings, SoftBank Corp. and LY Corporation and SoftBank Corp. expressly disclaims beneficial ownership of Common Shares held of record by B Holdings and LY Corporation. SVF II Piranha (DE) LLC is the record holder of the Common Shares it has reported herein as beneficially owned. SoftBank is the sole shareholder of SBGA, which has been appointed as manager and is responsible for making final decisions related to the acquisition, structuring, financing and disposal of SoftBank Vision Fund II-2 L.P.'s investments. SoftBank Vision Fund II-2 L.P. is the sole limited partner of SVF II Aggregator (Jersey) L.P., which is the sole member of SVF II Holdings (DE) LLC, which is the sole member of SVF II Investment Holdings (Jersey) L.P., which is the majority member of SVF II Investment Holdings LLC, which is the sole member of SVF II Investment Holdings (Subco) LLC, which is the sole member of SVF II Piranha (DE) LLC. As a result of these relationships, each of the Reporting Persons named in this paragraph may be deemed to share beneficial ownership of the Common Shares owned of record by SVF II Piranha (DE) LLC. Item 4(a) is incorporated herein by reference. Item 4(a) is incorporated herein by reference. Item 4(a) is incorporated herein by reference. Item 4(a) is incorporated herein by reference. Item 4(a) is incorporated herein by reference. Y Y Y N Item 4 is incorporated herein by reference. Y Y Exhibit No. Description 1 Joint Filing Agreement SoftBank Group Corp. /s/ Yuko Yamamoto 05/15/2026 SoftBank Corp. /s/ Junichi Miyakawa 05/15/2026 LY Corporation /s/ Ryosuke Sakaue 05/15/2026 B Holdings Corporation /s/ Takeshi Idezawa 05/15/2026 SB Global Advisers Limited /s/ Stephen Lam 05/15/2026 SoftBank Vision Fund II-2 L.P. /s/ Stephen Lam 05/15/2026 SVF II Aggregator (Jersey) L.P. /s/ Michael Johnson 05/15/2026 SVF II Holdings (DE) LLC /s/ Jonathan Duckles 05/15/2026 SVF II Investment Holdings (Jersey) L.P. /s/ Robert Milner 05/15/2026 SVF II Investment Holdings LLC /s/ Jonathan Duckles 05/15/2026 SVF II Investment Holdings (Subco) LLC /s/ Jonathan Duckles 05/15/2026 SVF II Piranha (DE) LLC /s/ Jonathan Duckles 05/15/2026