SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

PayPay Corporation

(Name of Issuer)

Common shares, no par value

(Title of Class of Securities)

70450C101**

(CUSIP Number)

03/31/2026

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP Number(s):

70450C101**

Names of Reporting Persons

SoftBank Group Corp.

Check the appropriate box if a member of a Group (see instructions)

(a)

(b)

Sec Use Only

Citizenship or Place of Organization

JAPAN

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 613,638,240.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 613,638,240.00

Aggregate Amount Beneficially Owned by Each Reporting Person

613,638,240.00

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

Checkbox not checked

Percent of class represented by amount in row (9)

90.7 %

Type of Reporting Person (See Instructions)

SCHEDULE 13G

CUSIP Number(s):

70450C101**

Names of Reporting Persons

SoftBank Corp.

Check the appropriate box if a member of a Group (see instructions)

(a)

(b)

Sec Use Only

Citizenship or Place of Organization

JAPAN

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 420,808,400.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 420,808,400.00

Aggregate Amount Beneficially Owned by Each Reporting Person

420,808,400.00

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

Checkbox not checked

Percent of class represented by amount in row (9)

62.2 %

Type of Reporting Person (See Instructions)

SCHEDULE 13G

CUSIP Number(s):

70450C101**

Names of Reporting Persons

LY Corporation

Check the appropriate box if a member of a Group (see instructions)

(a)

(b)

Sec Use Only

Citizenship or Place of Organization

JAPAN

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 369,765,000.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 369,765,000.00

Aggregate Amount Beneficially Owned by Each Reporting Person

369,765,000.00

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

Checkbox not checked

Percent of class represented by amount in row (9)

54.6 %

Type of Reporting Person (See Instructions)

SCHEDULE 13G

CUSIP Number(s):

70450C101**

Names of Reporting Persons

B Holdings Corporation

Check the appropriate box if a member of a Group (see instructions)

(a)

(b)

Sec Use Only

Citizenship or Place of Organization

JAPAN

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 318,721,600.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 318,721,600.00

Aggregate Amount Beneficially Owned by Each Reporting Person

318,721,600.00

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

Checkbox not checked

Percent of class represented by amount in row (9)

47.1 %

Type of Reporting Person (See Instructions)

SCHEDULE 13G

CUSIP Number(s):

70450C101**

Names of Reporting Persons

SB Global Advisers Limited

Check the appropriate box if a member of a Group (see instructions)

(a)

(b)

Sec Use Only

Citizenship or Place of Organization

UNITED KINGDOM

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 192,829,840.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 192,829,840.00

Aggregate Amount Beneficially Owned by Each Reporting Person

192,829,840.00

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

Checkbox not checked

Percent of class represented by amount in row (9)

28.5 %

Type of Reporting Person (See Instructions)

SCHEDULE 13G

CUSIP Number(s):

70450C101**

Names of Reporting Persons

SoftBank Vision Fund II-2 L.P.

Check the appropriate box if a member of a Group (see instructions)

(a)

(b)

Sec Use Only

Citizenship or Place of Organization

JERSEY

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 192,829,840.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 192,829,840.00

Aggregate Amount Beneficially Owned by Each Reporting Person

192,829,840.00

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

Checkbox not checked

Percent of class represented by amount in row (9)

28.5 %

Type of Reporting Person (See Instructions)

SCHEDULE 13G

CUSIP Number(s):

70450C101**

Names of Reporting Persons

SVF II Aggregator (Jersey) L.P.

Check the appropriate box if a member of a Group (see instructions)

(a)

(b)

Sec Use Only

Citizenship or Place of Organization

JERSEY

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 192,829,840.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 192,829,840.00

Aggregate Amount Beneficially Owned by Each Reporting Person

192,829,840.00

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

Checkbox not checked

Percent of class represented by amount in row (9)

28.5 %

Type of Reporting Person (See Instructions)

SCHEDULE 13G

CUSIP Number(s):

70450C101**

Names of Reporting Persons

SVF II Holdings (DE) LLC

Check the appropriate box if a member of a Group (see instructions)

(a)

(b)

Sec Use Only

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 192,829,840.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 192,829,840.00

Aggregate Amount Beneficially Owned by Each Reporting Person

192,829,840.00

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

Checkbox not checked

Percent of class represented by amount in row (9)

28.5 %

Type of Reporting Person (See Instructions)

SCHEDULE 13G

CUSIP Number(s):

70450C101**

Names of Reporting Persons

SVF II Investment Holdings (Jersey) L.P.

Check the appropriate box if a member of a Group (see instructions)

(a)

(b)

Sec Use Only

Citizenship or Place of Organization

JERSEY

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 192,829,840.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 192,829,840.00

Aggregate Amount Beneficially Owned by Each Reporting Person

192,829,840.00

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

Checkbox not checked

Percent of class represented by amount in row (9)

28.5 %

Type of Reporting Person (See Instructions)

SCHEDULE 13G

CUSIP Number(s):

70450C101**

Names of Reporting Persons

SVF II Investment Holdings LLC

Check the appropriate box if a member of a Group (see instructions)

(a)

(b)

Sec Use Only

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 192,829,840.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 192,829,840.00

Aggregate Amount Beneficially Owned by Each Reporting Person

192,829,840.00

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

Checkbox not checked

Percent of class represented by amount in row (9)

28.5 %

Type of Reporting Person (See Instructions)

SCHEDULE 13G

CUSIP Number(s):

70450C101**

Names of Reporting Persons

SVF II Investment Holdings (Subco) LLC

Check the appropriate box if a member of a Group (see instructions)

(a)

(b)

Sec Use Only

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 192,829,840.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 192,829,840.00

Aggregate Amount Beneficially Owned by Each Reporting Person

192,829,840.00

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

Checkbox not checked

Percent of class represented by amount in row (9)

28.5 %

Type of Reporting Person (See Instructions)

SCHEDULE 13G

CUSIP Number(s):

70450C101**

Names of Reporting Persons

SVF II Piranha (DE) LLC

Check the appropriate box if a member of a Group (see instructions)

(a)

(b)

Sec Use Only

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 192,829,840.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 192,829,840.00

Aggregate Amount Beneficially Owned by Each Reporting Person

192,829,840.00

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

Checkbox not checked

Percent of class represented by amount in row (9)

28.5 %

Type of Reporting Person (See Instructions)

SCHEDULE 13G

Item 1.

(a)

Name of issuer:

PayPay Corporation

(b)

Address of issuer's principal executive offices:

Yotsuya Tower, 1-6-1 Yotsuya, Shinjuku-ku, Tokyo 160-0004, Japan

Item 2.

(a)

Name of person filing:

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

(b)

Address or principal business office or, if none, residence:

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.

(c)

Citizenship:

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.

(d)

Title of class of securities:

Common shares, no par value

(e)

CUSIP Number(s):

70450C101**

Item 3.

If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:

(a)

Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);

(b)

Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);

(c)

Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);

(d)

Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);

(e)

An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);

(f)

An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);

(g)

A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);

(h)

A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);

(i)

A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);

(j)

A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:

(k)

Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).

Item 4.

Ownership

(a)

Amount beneficially owned:

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.

(b)

Percent of class:

Item 4(a) is incorporated herein by reference.

(c)

Number of shares as to which the person has:

(i) Sole power to vote or to direct the vote:

Item 4(a) is incorporated herein by reference.

(ii) Shared power to vote or to direct the vote:

Item 4(a) is incorporated herein by reference.

(iii) Sole power to dispose or to direct the disposition of:

Item 4(a) is incorporated herein by reference.

(iv) Shared power to dispose or to direct the disposition of:

Item 4(a) is incorporated herein by reference.

Item 5.

Ownership of 5 Percent or Less of a Class.

Not Applicable

Item 6.

Ownership of more than 5 Percent on Behalf of Another Person.

Not Applicable

Item 7.

Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.

Not Applicable

Item 8.

Identification and Classification of Members of the Group.

If a group has filed this schedule pursuant to §240.13d-1(b)(1)(ii)(K), so indicate under Item 3(k) and attach an exhibit stating the identity and Item 3 classification of each member of the group. If a group has filed this schedule pursuant to §240.13d-1(c) or §240.13d-1(d), attach an exhibit stating the identity of each member of the group.

Item 4 is incorporated herein by reference.

Item 9.

Notice of Dissolution of Group.

Not Applicable

Item 10.

Certifications:

Not Applicable

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

SoftBank Group Corp.

Signature:	/s/ Yuko Yamamoto
Name/Title:	Yuko Yamamoto, Head of Corporate Legal Department
Date:	05/15/2026

SoftBank Corp.

Signature:	/s/ Junichi Miyakawa
Name/Title:	Junichi Miyakawa, President and CEO
Date:	05/15/2026

LY Corporation

Signature:	/s/ Ryosuke Sakaue
Name/Title:	Ryosuke Sakaue, CFO
Date:	05/15/2026

B Holdings Corporation

Signature:	/s/ Takeshi Idezawa
Name/Title:	Takeshi Idezawa, President and Representative Director
Date:	05/15/2026

SB Global Advisers Limited

Signature:	/s/ Stephen Lam
Name/Title:	Stephen Lam, General Counsel
Date:	05/15/2026

SoftBank Vision Fund II-2 L.P.

Signature:	/s/ Stephen Lam
Name/Title:	Stephen Lam, General Counsel
Date:	05/15/2026

SVF II Aggregator (Jersey) L.P.

Signature:	/s/ Michael Johnson
Name/Title:	Michael Johnson, Director
Date:	05/15/2026

SVF II Holdings (DE) LLC

Signature:	/s/ Jonathan Duckles
Name/Title:	Jonathan Duckles, Director
Date:	05/15/2026

SVF II Investment Holdings (Jersey) L.P.

Signature:	/s/ Robert Milner
Name/Title:	Robert Milner, Director
Date:	05/15/2026

SVF II Investment Holdings LLC

Signature:	/s/ Jonathan Duckles
Name/Title:	Jonathan Duckles, Director
Date:	05/15/2026

SVF II Investment Holdings (Subco) LLC

Signature:	/s/ Jonathan Duckles
Name/Title:	Jonathan Duckles, Director
Date:	05/15/2026

SVF II Piranha (DE) LLC

Signature:	/s/ Jonathan Duckles
Name/Title:	Jonathan Duckles, Director
Date:	05/15/2026

Exhibit Information

Exhibit No. Description 1 Joint Filing Agreement