AXA Switzerland (AXA), the largest insurer of SMEs in the Swiss market, announced today that its customers are now able to pay their premiums in Bitcoin (BTC).
The new payment option is available to all private customers from the start of April. To start with, premiums for all non-life products of AXA Insurance can be paid easily with Bitcoin. Life insurance products do not support the option for regulatory reasons.
Claudia Bienentreu, Head of Open Innovation at AXA Switzerland said “This is AXA’s response to growing demand from its customers for alternative payment solutions, with new technologies playing an ever greater role.”
AXA Switzerland confirmed however that it will not be holding any bitcoin on its balance sheet. Bitcoin paid goes to Swiss crypto broker Bitcoin Suisse, which will convert them into Swiss francs. “AXA holds no bitcoins on its balance sheet,” said the company.
While AXA doesn’t charge any fee for using the bitcoin payment option, but customers will incur a 1.75% fee charged by Bitcoin Suisse for using this option.
“AXA is the first all-lines insurer in Switzerland to allow its customers to pay their bills with Bitcoin,” according to the press release.
Read more:
- Elon Musk: You Can Now Buy A Tesla With Bitcoin
- With Real Interest Rates Trending Negative, Tesla’s CEO Elon Musk Believes Only A Fool Wouldn’t Seek Non-Fiat Investments