#Japan #Tokyo #Rewards #Mitsui #Olive

Mitsui Sumitomo Bank's Olive Service Enhancements

Mitsui Sumitomo Bank has unveiled exciting updates to its innovative financial service, Olive, which aims to enhance user experience and reward customers starting February 1, 2026. This service, which combines banking, card payments, finance, and online securities seamlessly within an app, is now poised to offer significant cashback rewards at select convenience stores and restaurants.

Cashback Opportunities

Under the Olive flexible payment system, customers can enjoy up to 8% cashback for every 200 yen spent at designated convenience stores and eateries using the credit mode. Additionally, if you opt for the debit mode, the cashback is set at 1.5%. This substantial cashback offering is a remarkable shift from the previous maximum of 7% and reflects the bank's commitment to providing increased benefits to its clientele.

Seven-Eleven Special Offer

In tandem with the above, Mitsui Sumitomo Bank is also updating its cashback rate for the Seven-Eleven stores, raising the rewards potential to 11% under the Olive flexible payment credit mode. A detailed breakdown reveals that the 11% total cashback comprises 8% from the Olive service and an additional 3% provided for payments made via the Seven-Eleven app member code. Notably, only transactions made through the Olive flexible payment will qualify for this enhanced cashback, ensuring that customers receive maximum rewards under this specific scheme.

V-Point Program Upgrades

Mitsui Sumitomo Bank isn't stopping at cashback incentives. Set to launch on February 1, the V-Point upgrade program will also feature new additions aimed at rewarding customers even more. One notable update is the inclusion of a yen deposit service, enabling customers to earn V-Points based on their month-end balance in the Olive account. This incentive assures users that their savings can yield additional rewards, making the Olive service even more appealing.

However, existing incentives, such as logging into the bank's apps once a month for additional V-Points, will conclude on February 28. Starting from February 1, transactions using Olive flexible payment won’t qualify for this login benefit, highlighting the bank's intention to progressively streamline its reward offerings.

Introducing Reward Up U25

In a move to capture a younger demographic, the bank has revamped its youth point program from student-specific to any member aged 25 and under, now named Reward Up U25. This program delivers even better benefits, particularly aligning with the modern banking habits of younger consumers who are increasingly steering towards digital platforms.

The Olive Service Explained

Launched in March 2023, the Olive service from Mitsui Sumitomo Bank introduces a comprehensive suite of financial solutions including banking accounts, payment options, investments, and online insurance, all through one streamlined app interface. The continued evolution of Olive is directly informed by customer input, fostering improved features like automatic deposits, account rank changes, and value-added services tailored for families.

As the financial landscape continues to shift, the innovative updates to the Olive service underscore Mitsui Sumitomo Bank's dedication to providing customers with value, convenience, and a comprehensive banking experience. To explore more about the Olive service or to enroll, visit their official page here.