PayPay to enter life insurance

Japanese mobile payment service PayPay is buying a 70.2% stake in the life insurance unit of T&D Holdings for ¥134.3 billion ($840 million). T&D Holdings owns several life insurance companies including Taiyo Life and Daido Life Insurance.

The SoftBank-backed company, which has 70 million users, will begin joint initiatives toward making Taiyo Life insurance products available within the PayPay app. The companies will explore the development of products tailored to the characteristics of PayPay users, based on Taiyo Life’s strengths in products for seniors.

In addition, the companies will conduct studies and proof-of-concept trials aimed at streamlining Taiyo Life’s call center operations, enhancing inbound call handling, improving customer service quality, and increasing efficiency and productivity across Taiyo Life’s internal operations.