FORM 4		UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940	OMB APPROVAL OMB Number: 3235-0287 Expires: December 31, 2014 Estimated average burden hours per response: 0.5
	Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person * Nakayama Ichiro (Last) (First) (Middle) YOTSUYA TOWER 1-6-1 YOTSUYA, SHINJUKU-KU (Street) TOKYO 160-0004 (City) (State) (Zip)	2. Issuer Name and Ticker or Trading Symbol PayPay Corp [ PAYP ]	5. Relationship of Reporting Person(s) to Issuer (Check all applicable) X Director 10% Owner Officer (give title below) Other (specify below)
	3. Date of Earliest Transaction (Month/Day/Year) 06/08/2026
	4. If Amendment, Date of Original Filed (Month/Day/Year)	6. Individual or Joint/Group Filing (Check Applicable Line) X Form filed by One Reporting Person Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Shares (1)	06/08/2026		M		54,400	A	$ 8.11 (2)	54,478.4	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Stock Options (Right to Buy)	$ 8.11 (2)	06/08/2026		M			272	(3)	03/31/2033	Common Shares (1)	54,400 (4)	$ 0	203 (3)	D

Explanation of Responses:

1. The Common Shares are represented by American Depositary Shares (ADS). The Common Shares received upon exercise of any Stock Options will be converted into ADSs on a one-for-one basis.

2. The exercise price is denominated in Japanese Yen. For purposes of calculating the dollar denominated exercise price per Common Share, the exercise price of JPY 1,300 per Common Share has been converted to U.S. Dollars at the exchange rate of JPY 160.2600 = US$1.00, which was the foreign exchange rate on June 5, 2026, as reported by the U.S. Federal Reserve in its weekly release on June 8, 2026. The exercise price is the actual Japanese Yen amount regardless of the exchange rate on the date of exercise.

3. 13 of these options are fully vested with the remaining 190 options to vest in two equal annual installments on April 1, 2027, and April 1, 2028. The Form 3 filed on March 18, 2026, reflected the vesting terms relating to the number of shares underlying such options, with each option exercisable for 200 Common Shares.

4. Reflects awards of stock options, with each option exercisable for 200 Common Shares.

	/s/Yuh Sarah Steele, as Attorney-in -Fact	06/09/2026
	** Signature of Reporting Person	Date
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