- Insurance giant AXA has announced that it is accepting bitcoin for premiums
- The company put the development down to “growing customer demand for alternatives”
- AXA’s own market research revealed that crypto was the most popular alternative medium
Insurance giant AXA has become the latest multinational to jump on the Bitcoin bandwagon after it announced on Wednesday that it will allow customers to pay their premiums in the cryptocurrency. The company cited a heavy preference for Bitcoin among its customers for the reason behind the move, with bitcoin holders able to pay their insurance bills immediately.
AXA Market Research Pointed to Crypto
In a press release announcing the move, AXA said that the introduction of Bitcoin payments “represents an investment in the company’s digital future” and, interestingly, was “in response to growing customer demand for more choice when it comes to payments”. It is a feather in Bitcoin’s cap that it has been chosen as that alternative method of payment, and the decision followed AXA’s own market research in 2019 which revealed that one third of 19–55-year-olds questioned had owned or were interested in owning cryptocurrencies.
Claudia Bienentreu, Head of Open Innovation at AXA Switzerland, emphasized the reasons for the move:
This is AXA’s response to growing demand from its customers for alternative payment solutions, with new technologies playing an ever greater role.
The option to pay insurance premiums in bitcoin is open to all private customers immediately, starting with premiums for all non-life products.
Bitcoin Proves Its Versatility
AXA also stated that “crypto is just the beginning”, with further payment options also being explored. Clearly though, Bitcoin was the most demanded medium, which corresponds to its increasing popularity among individuals and institutions in recent months. The development is another nail in the coffin for the argument that “you can’t buy anything with Bitcoin”.
