In a recent announcement, it has been revealed that the private customers of AXA will now be having an option to pay insurance premiums. However, they will be able to do so for any non-life insurance products in Bitcoin. Switzerland Based Insurer AXA Accepting Bitcoin as Payment The second-largest insurance company in Europe, AXA, has recently become the first all-line insurer of Switzerland to offer its users the option to pay with Bitcoin. This facility has been provided through an alliance with Bitcoin Suisse, the inveterated cryptocurrency broker. Apart from life insurances, Bitcoin payments will be accepted for almost all AXA products. This is due to the regulatory barriers to the latter. AXA has recently mentioned the accelerated digital transformations of the global economy during the COVID-19 pandemic as being a key factor in its choice to amalgamate crypto into its daily operations. Back in the year 2019, it was noted by the insurer that it had conducted market research that shows approximately a third of defendants aged 18-55 were allured by crypto. The head of open innovation at AXA Switzerland, Claudia Bienentreu said: “AXA’s response to growing demand from its customers for alternative payment solutions, with new technologies playing an ever greater role.” The setup on the customer front will be a convenient online transfer with a reference number. During this time window, consumers will not bear any exchange rate risk, and AXA is not charging an extra fee. AXA Holding Bitcoin Bitcoin Suisse will be handling the Bitcoin in place of the insurer. Significantly, while AXA itself is not going to add any charges for BTC payments, Bitcoin Suisse does incorporate its own commission of 1.75%. The previous engagement of AXA with technologies based on blockchain includes its membership of the car dossier platform since the year 2017, which makes use of the blockchain to track and record the life cycle of vehicles. In addition to this, the University of Basel’s Blockchain Challenge is also supported by the insurer, where it backlash research into the usage of smart contracts in the insurance industry.
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