AXA and cryptocurrency payment.

In 2021, Bitcoin has come a long way. Not only in terms of price, but above all public perception is beginning to change. Often criticized as a volatile speculative asset, Bitcoin is fast becoming a mainstream payment choice. It's true, in the USA we can buy a Tesla car. In Switzerland, we can pay our AXA insurance premium. And soon, much more!

This new payment option does not incur any additional costs for customers. If successful, this experiment could be extended to other cryptocurrencies.

Bitcoin payments for Swiss customers

The new payment option has been available to all customers in Switzerland since the beginning of April. Premiums can be paid for all AXA products (except life insurance). The company will soon be sending out invoices with the bitcoin payment QR code to make the transaction transparent and even simpler.

No cost to policyholders

This new payment option is offered on the invoices sent by e-mail to each individual. If the person chooses to pay in bitcoins, they will be redirected to the "Inapay" site, a Swiss platform for accepting payments in digital currency, where they can carry out the transaction. No fees are charged.

Cryptocurrency broker Bitcoin Suisse will then be responsible for receiving the assets and converting them into Swiss francs in exchange for a commission of 1.75%. As a result, Axa does not hold any bitcoin on its balance sheet. This service therefore has a cost, which is borne by the customer when paying in cryptocurrency.

"AXA is thus responding to the growing demand from its customers for a wider choice of payment methods, and in particular solutions based on new technologies," says Claudia Bienentreu, Head of Open Innovation at AXA Switzerland, reads the firm's blog.

No cryptocurrency on the balance sheet

Do the bitcoins arrive directly in AXA's bitcoin wallet? No, the insurance company assures us, it's the cryptocurrency broker Bitcoin Suisse that receives the bitcoins and converts them into francs for AXA. As a result, AXA does not hold any bitcoins on its balance sheet.

This news is yet another leap forward for Bitcoin adoption. Earlier this year, electric vehicle company Tesla announced that customers could buy their cars in Bitcoin. In addition to Bitcoin, other payment methods will soon see the light of day, including TWINT, a service widely used in Switzerland.

In addition, the range of payment methods and services will be extended to include web access and the myAXA application. This demonstrates the insurance company's determination to integrate into the new technology landscape and adapt to changing customer habits.

Source

BB Switzerland® is very attentive to new technologies. We have our own routines: keeping abreast of the latest developments in digital marketing.