World’s Third Richest Insurer AXA Now Accepts Bitcoin Payments in Switzerland

AXA, a multinational insurance firm is all set to offer a Bitcoin payment option for its customers in Switzerland, making them the first all-line insurer to do so. The new payment option is available for all the customers in Switzerland since the start of April and would allow them to pay premiums for all non-life products of AXA Insurance Ltd. The firm would soon send out bills with Bitcoin Payment QR code along with it to make the transaction seamless.

Source: AXA

Claudia Bienentreu, Head of Open Innovation at AXA Switzerland said,

“This is AXAs response to growing demand from its customers for alternative payment solutions, with new technologies playing an ever-greater role,”

The insurance firm is also the third richest in the world, and their offering of Bitcoin as a payment option is another leap forward for Bitcoin adoption. The insurance firm in its official release noted that Bitcoin and cryptocurrencies have been a part of their discussion since 2019.

The firm had conducted research back in 2019 asking their customers for their thoughts on cryptocurrencies and nearly one-third of the respondents either already owned cryptocurrencies or were willing to invest in them.

More Crypto Payments to be Added in Future

AXA in its official release also suggested more crypto payment services would be added to the payment option after exploring the opportunities with Bitcoin first and based on the feedback and experience of customers more digital assets would be added.

Bitcoin in 2021 has come a long way not just in terms of its price, but more importantly the public perception has drastically changed from seeing it as a volatile speculative asset to becoming the choice of payment for Tesla cars, AXA insurance product, and many more. It is also important to note that most of the Wall Street giants including former critics Goldman Sachs and JP Morgan have not gained Bitcoin exposure for PR gimmicks, but mostly because of the growing demand from clients.