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Insurance giant AXA accepts Bitcoin payments

Photo of: Joseph Stone
by Joseph Stone

Paying insurance premiums in Bitcoin is now possible, at least in Switzerland. The subsidiary of the Axa Group accepts this new payment method, but not yet other cryptocurrencies.

Bitcoin, not a means of payment according to the heads of major central banks? This is becoming less and less true, even if there are strong disparities between countries. Switzerland is thus clearly acting as a forerunner.

After taxes, it is now insurance premiums that can be paid in cryptocurrencies. French insurer Axa has announced that its subsidiary now accepts this new payment method.

And for Axa, this is a natural adaptation to a growing consumer demand. The insurance company recalls that a 2019 survey of 18-55 year olds already highlighted the growing interest in these digital currencies.

The pandemic has only accelerated this trend, as it is accelerating digital transformation more broadly. As a result, Axa says its customers in Switzerland for the time being will be able to pay their bills in BTC – and only Bitcoin.

This payment option applies since the beginning of April to all individual customers. “To start with, premiums for all AXA Insurance Ltd. non-life products can be paid easily in Bitcoin. All you need is the reference number, the amount and your own Bitcoin wallet,” Axa says.

And why not also life insurance contracts? Only for regulatory reasons, explains the company. Note that it does not plan to hold Bitcoin itself.

To offer this new service, Axa relies on partners. The payment is made through the user interface of inapay. The transaction is processed by Bitcoin Switzerland.

But what about the cost? Axa does not charge its customers for offering them payment in Bitcoin. On the other hand, the crypto broker will receive a commission. This is 1.75%. It covers “blockchain transaction fees, currency exchange and others. “

What will be the next step now for Axa? New payment options will be rolled out soon, including TWINT. The insurer may also accept other cryptocurrencies. For now, Axa wants to gain experience with Bitcoin before deciding what to do next.