Insurance giant AXA now allows customers to pay with Bitcoin

Charlie Taylor

French insurance multinational AXA now allows customers in Switzerland to pay for bitcoin services. The newly added support is part of the company's “digital future” and stems from customer demand for cryptocurrency payments. At the end of 2019, AXA conducted a study and asked 18-55 year olds what they thought of respect of cryptocurrencies. The study showed that many respondents already had digital currencies and others were also very interested. Covid-19 has accelerated this demand and interest, AXA notes in its announcement and is now “allowing its customers to pay their bills with bitcoin.” AXA customers will soon see a new payment option on their accounts. “Customers who receive their bills by mail or directly on Myaxa can also use this new option to pay (…)”, the company’s announcement also notes.

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This is AXA's response to its customers' growing demand for alternative payment solutions, with new technologies playing an increasing role, said AXA Switzerland's head of innovation, Claudia Bienentreu.

Even accepting the BTC, the company does not plan to keep the asset in cash. “Bitcoins go to cryptocurrency broker Bitcoin Suisse, which converts them to Swiss francs. AXA has no bitcoins on its balance sheet, ”details the company's FAQ section. Similarly, the New York Digital Investment Group (NYDIG), a bitcoin investment arm of Stone Ridge Asset Management, is creating products and services related to cryptocurrency for the global insurance industry, a $ 6 trillion market. The company has formed strategic partnerships with major insurers, including Starr, Liberty Mutual, New York Life and Mass Mutual.Read more: NYDIG signs partnerships to bring Bitcoin to the insurance industry, a $ 6 trillion market

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