As of May, PayPay had more than 74 million registered users across its cashless payment and other services.
Through its payment app, the company already provides financial services including credit cards, banking and securities, and is also considering offering insurance products on the platform.
T&D Financial focuses on savings-type insurance and mainly sells whole life insurance and other products through bank counters.
The insurer plans to pursue growth by making use of PayPay’s customer base and financial services.
T&D Holdings intends to use proceeds from the sale for strategic investments and shareholder returns, as competition in the insurance sector intensifies amid rising interest rates.
[Copyright The Jiji Press, Ltd.]
