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Switzerland’s Largest Insurance Company AXA Begins Accepting Bitcoin As Payments
Switzerland’s Largest Insurance Company AXA Begins Accepting Bitcoin As Payments
AXA, Europe’s second largest insurance company, has become a The first Swiss insurance company to offer its clients the option to pay their bills with Bitcoin (BTC), the company has facilitated it through a partnership with Bitcoin Suisse, a cryptocurrency broker.
Customers can pay with Bitcoin for almost all AXA products except life insurance. due to some regulatory hurdles.
AXA addresses the rapid digital transformation of the global economy. During the coronavirus pandemic that is an important factor in integrating digital currency into everyday operations. However, back in 2019, insurance companies also conducted market research which showed that About a third of respondents between the ages of 18 and 55 already own or have an interest in crypto. Claudia Bienentreu, chief innovation officer at AXA Switzerland, says accepting Bitcoin payments is a “AXA’s response to growing customer demands As for alternative payment solutions, new technologies play an ever-increasing role.”
Setting up customer checkouts is easy. by transferring money with a reference number The amount owed in Swiss francs will be calculated as the total amount equivalent in Bitcoin, and the stated exchange rate will remain valid in due time. During this time, customers will not be exposed to exchange rate risk, and AXA will not charge any additional fees for customers who choose to pay with Bitcoin instead of fiat currency.
However, AXA itself will not hold Bitcoin on its balance sheet. Instead, Bitcoin will be in the hands of the broker Bitcoin Suisse, especially while AXA itself does not add any fees for Bitcoin payments, but Bitcoin Suisse. A commission of 1.75% will be charged when calculating the Bitcoin to Swiss Franc exchange rate for AXA clients.
Previously, AXA has been involved with blockchain-based technology. Including being a member of the car documentation platform since 2017, which uses blockchain to track. and record the cycle of the vehicle. The insurance company is also a sponsor of the University of Basel’s Blockchain Challenge, which supports research on the use of smart contracts in the insurance industry.
source: CoinTelegraph
