Technology

Axa Switzerland now accepts payment of insurance premiums in bitcoin

The Swiss branch of Axa announces that its private customers can now pay in bitcoin the insurance premiums, that is to say the sum paid by the person who takes out a contract in exchange for the protection. This possibility applies to all contracts except life insurance, specifies the insurer in its press release.

No charge for insureds

This new payment option is offered on the statements sent by email 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.

It is the Swiss Bitcoin cryptocurrency broker who will then be responsible for receiving the assets and converting them into Swiss francs in exchange for a commission of 1.75%. Therefore, Axa does not hold any bitcoin on its balance sheet.

Multiply the tests

For now, bitcoin is the only cryptocurrency supported by Axa. But if this experiment is successful, the group plans to integrate new payment options, in particular the Twint mobile payment solution widely used by the Swiss.

More and more companies belonging to traditional sectors, such as banking or insurance, are interested in payment in cryptocurrency. Last February, Mastercard announced that it would allow merchants to accept cryptocurrency payments directly through its network during the year. Visa took a similar route in March by supporting USD Coin on its payment network as part of a pilot program.

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