The insurance giant AXA now allows Swiss customers to use Bitcoin to pay for insurance services. AXA is the world's largest insurance group and announced that it is the first full-line insurance company in Switzerland to accept Bitcoin for bill payment.
At the end of 2019, AXA conducted a study and asked people between the ages of 18 and 55 what they thought of cryptocurrency. The study shows that many respondents already hold digital currencies, and Covid-19 has accelerated this demand and interest.
Soon, AXA customers will see the new payment options on their invoices via email and Invoice.inapay.ch/axa. Then, the bitcoin payment can be completed on a desktop computer or smart phone. The company’s announcement further stated: “Customers who receive bills by mail or directly on Myaxa can of course also use this new option to pay premiums.”
Claudia Bienentreu, head of AXA's Swiss Innovation Department, said: "New technologies are playing an increasingly important role."
Bienentreu said that as new technologies play an increasing role, AXA’s move “is a response to the growing demand from customers for alternative payment solutions.”
The company announced that it currently does not have Bitcoin on its balance sheet and has partnered with the cryptocurrency exchange Bitcoin Suisse, which helped the insurance company convert BTC to Swiss francs. It also works with the mobile bitcoin payment processor inapay to host the user interface for payments.
Interestingly, the company does not charge any fees for this new payment method. However, Bitcoin Suisse will charge a 1.75% commission for these transactions.
AXA said that over time, other payment methods such as TWINT will also be put into use in the near future. AXA concluded: "In the future, the range of payment options and services available through the Internet and Myaxa app will continue to expand."
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