AXA, a Swiss arm of the insurance giant, announced today that its customers can now make Bitcoin payments. This move makes it the first insurer to allow cryptocurrency payments. As cryptocurrencies go mainstream, AXA is looking into meeting the growing demand, as confirmed by Claudia Bienentreu, Head of Open Innovation at AXA Switzerland.
A ‘Wide-range’ Payment Method
With headquarters located in Winterthur, the company provides both private and corporate benefit from its wide range of insurance solutions. The solutions stretch from property, liability, and personal insurance to customized life insurance and pension fund solutions to bank products with their bank partners since 1875.
Opening to Cryptocurrencies
The pandemic of coronavirus has further accelerated digital transformation in the past year, driving cryptocurrency growth. In a study at the end of 2019, AXA conducted market research for people between 18 and 55 years of age for their thoughts on cryptocurrencies. Approximately one-third of the respondents said they either owned or were interested. The data drove AXA to invest more in crypto options.
All private customers will receive the new payment option from the beginning of April. First of all, users can charge AXA Insurance Ltd. premiums conveniently with Bitcoin on all non-life items. It would help if you had your Bitcoin wallet, the reference number and the amount.
The new payment option will be available on email bills in the future. Customers wishing to pay with BITCOIN may enter the reference number and sum online at invoice.inapay.ch/axa and confirm their entry.
The amount in Swiss francs gets converted in the background into bitcoins, and then on the computer or mobile, payments are made quickly and easily. Of course, customers who receive their bills by mail or directly through MyAXA can also pay their premiums with this new option.
Currently, the insurance provider says that it will gather some experience with Bitcoin before accepting other forms of cryptocurrencies. The Bitcoin Payment alternative does not charge AXA any fee. The only charges are the broker’s Bitcoin exchange rate, which includes a 1.75 percent commission to cover blockchain, currency exchange, and additional charges.
AXA is Venturing More Into Blockchain
AXA works on many initiatives related to blockchain. In 2017, it became a member of the cardossier organization and was on its board. The association created a network that utilizes blockchain technologies to monitor an automobile’s entire lifecycle to make the market transparent and productive, including importers and driver and vehicle licensing agencies among its members.
In addition to Bitcoin, additional payment options will go live soon, like TWINT. There is still a wide variety of payment methods and programs that users can access via the Web and the MyAXA app.
AXA Switzerland also sponsors the University of Basel’s Blockchain Challenge and works with students to examine how an insurer can leverage the rising smart market.