Insurance Giant AXA Allows Swiss Customers to Pay Insurance Bills with Bitcoin

Insurance giant AXA now allows Swiss customers to pay for insurance services with Bitcoin. AXA, the world’s largest insurance group, has announced that it is the first full-line insurance company in Switzerland to accept Bitcoin for bill payments.

At the end of 2019, AXA conducted a study and asked people aged 18 to 55 about their views on cryptocurrencies. The study showed that many respondents already held digital currencies, and Covid-19 has accelerated this demand and interest.

Soon, AXA customers will see the new payment option on their bills sent via email and at Invoice.inapay.ch/axa. Bitcoin payments can then be made on a desktop computer or smartphone. The company’s announcement further states: “Customers who receive bills by post or directly on Myaxa can of course also use this new option to pay their premiums.”

“New technologies are playing an increasingly important role,” said Claudia Bienentreu, head of innovation at AXA Switzerland.

Bienentreu said the move by AXA “is a response to growing customer demand for alternative payment solutions as new technologies play an increasing role.”

The company announced that it currently has no Bitcoin on its balance sheet and has partnered with cryptocurrency exchange Bitcoin Suisse, which helps the insurance company convert BTC into Swiss francs. It has also partnered with mobile Bitcoin payment processor inapay to host the user interface for payments.

Interestingly, the company is not charging any fees for this new payment method. However, Bitcoin Suisse will charge a 1.75% commission on these transactions.

AXA said that over time, other payment methods such as TWINT will also be available in the near future. “In the future, the range of payment options and services available via the web and the Myaxa app will continue to expand,” AXA concluded.