The institutional acceptance of Bitcoin and other cryptocurrencies is gaining momentum by the day. The latest to make the bold move of accepting crypto as a payment method is a Swiss Insurer, AXA.
AXA, the largest insurance company in Switzerland, has announced that it would now allow its customers to make payments in Bitcoin. The firm stated that it would be accepting Bitcoin for all its insurance products, with the exception of life assurance. The insurer would have accepted BTC payments for this too, but there are regulatory complexities around it.
AXA stated that the decision to start accepting crypto was driven by the global economy’s growing digitization, especially since the pandemic began. However, its forays into crypto did not begin with the pandemic. As far back as 2019, the institution was researching crypto.
From its studies, it found out that almost a third of its clients in the 18 to 55 age bracket had crypto exposure in one way or the other. It was a huge indicator that crypto was gaining traction, and being a forward-looking institution, it started the process of accepting crypto payments.
In a comment on this move, the firm’s head of innovation, Claudia Bienentreu, stated that the decision to accept Bitcoin was triggered by the increased customer requests for alternative payment methods. To make the process easy for clients, the payments will be made in an easy-to-follow online transfer, and that there will be a display of the amount to pay in Swiss Francs.