Sumitomo Life introduces cashless for all insurance premium payments

Sumitomo Life Insurance will expand the scope of the “TREE PAYMENT” payment service to all insurance products starting from March 25, 2024, allowing cashless payment of insurance premiums for all products handled by Sumitomo Life’s sales representatives.

Currently, with the accelerated evolution of smartphones and digital technologies, the number of cashless payment transactions is increasing year by year, with a particularly notable growth in the usage of code payment services such as PayPay.

As the demand for using cashless payment methods for insurance premium payments has been rising, Sumitomo Life has decided to introduce TREE PAYMENT, which enables the use of various cashless payment options, for all products to improve customer convenience.

Starting from March 25, 2024, TREE PAYMENT, which was previously available only for 5-year Acculative Whole Life Insurance, will be available for all life insurance and non-life insurance products handled by sales representatives.

TREE PAYMENT is a new payment platform developed jointly by CSS Corporation and Digital System Corporation, both subsidiaries of Sumitomo Life, that allows customers to make payments at their preferred timing and method.

Sumitomo Life plans to gradually expand services, such as adding multi-payment options for “payment at any time” and recurring billing scenarios, allowing customers to make payments at their preferred timing and with their preferred payment method. Additionally, Sumitomo Life will add new payment methods and continue to evolve the service to accommodate a world where “value collection” extends beyond cash-based transactions, including digital currencies, stablecoins, and points.

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