Switzerland's largest insurance services provider is now allowing its Swiss customers to pay their premiums using Bitcoin.
The insurer explained that the new payment option was introduced following a growing demand in the country.
In an official statement, AXA states that it is the only Swiss insurer to allow customers to pay their premiums using Bitcoin. The insurer clarified that premiums for all non-life products could be paid using Bitcoin.
We are the first all-lines insurer in Switzerland to allow customers to pay their premiums with Bitcoin – and more new payment options are in the pipeline: https://t.co/ejwHTaxjrP— AXA Switzerland (@AXA_Switzerland) April 15, 2021
The idea to introduce a Bitcoin payment option comes after the insurer conducted a market research/survey in 2019. It was found that about a third of the participants owned or had an interest in crypto.
AXA states that the coronavirus pandemic has led to the fast spread of cryptos and has seen an opportunity to introduce Bitcoin payment options via payment solutions provider Inapay.
AXA Switzerland open innovations head, Claudia Bienentreu, explained that the move comes after many customers requested other payment options.
"This is AXA's response to growing demand from its customers for alternative payment solutions, with new technologies playing an ever-greater role," Bienentreu said.
The insurer also stated that other payment options apart from Bitcoin will be introduced soon.
AXA joins a flurry of organizations that have introduced the Bitcoin buy option in the recent past. Recently, the oldest wine shop in the United States, Acker, announced that its customers can now buy its products using Bitcoin and other cryptos. At the start of the month, The Bobby Hotel, located in Nashville, also announced that customers can now buy its services and goods using cryptos.
To date, automobile manufacturer, Tesla, remains the most prominent company to embrace Bitcoin. The company purchased Bitcoin worth $1.5 billion to boost its corporate treasury. Tesla has also introduced a Pay with Bitcoin option for its services and products. While many companies accepting Bitcoin convert it to Fiat, Tesla does not convert it at the selling point.