Japan's Paidy, an instantly-issued post-pay credit provider, has announced an investment from Visa as part of the company's Series C funding, according to a press release.

Paidy is Japan's first instantly-issued post-pay credit service for e-commerce consumers. The two companies are partnering on new digital payment experiences that will give Japanese consumers more options when buying online and in-store.

Paidy said in the release it does not require preregistration or a credit card to use.

Paidy consumers purchase products online using a mobile phone number and email address (verification is established though a four-digit code sent via SMS) and settle all their purchases in a single monthly bill. Paidy also supports installment and subscription payments. There are currently over 1.5 million Paidy users, according to the release.

Visa and Paidy have a shared objective to offer consumers more convenient alternatives to current popular payment methods, like cash on delivery. The companies' collaboration will also support Paidy's expansion into new types of services for their customers as Japan still heavily relies on cash. 

"By adding new payment functions and diverse financial services, together with Visa, we can promote our vision of removing barriers and create unique consumer experiences for as many people as possible," Russell Cummer, founder and executive chairman of Paidy, said in the release.