Switzerland-based insurer AXA introduces Bitcoin as payment option

Bitcoin’s value has zoomed past its previous peak, with the crypto registering a new all-time high above $64k under 24 hours ago. With the crypto-market making significant moves once again, the adoption of cryptocurrencies has also gathered steam. The latest development in the field of adoption came from Switzerland, with a popular insurance provider now allowing its customers to pay bills with Bitcoin.

AXA has become the first Switzerland-based all-lines insurer to allow payments in Bitcoin. This step came as part of a market strategy to serve the growing demand of Bitcoin as an option for payment from customers.

As per its own research dated 2019, a third of its respondents owned or were interested in cryptos. In 2020, the said interest noted an uptick as COVID-19 made its way around the world. This was the primary catalyst that allowed the insurer to take to Bitcoin and introduce payments through payment provider Inapay.

According to Claudia Bienentreu, Head of Open Innovation at AXA Switzerland,

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

The world’s largest cryptocurrency has been introduced from the “start of April” for all non-life products. As of now, no other cryptos have been added to the list, with the company claiming that the addition of other cryptos will depend on the experience it has with Bitcoin.

AXA joins a list of companies and businesses that have all decided to add Bitcoin as a payment option. Acker, for instance, America’s oldest wine shop, announced on Wednesday its acceptance of Bitcoin along with other cryptos for purchases. Meanwhile, the value of Bitcoin has appreciated by 106% since the beginning of the year, with BTC being traded at $62,976, at press time.