AXA is the second-largest insurance firm in Europe has become the first all-line insurer of Switzerland for providing an option to pay bills using Bitcoin or BTC as it is facilitated by the collaboration with an established cryptocurrency broker Bitcoin Suisse. So, according to the reports, a Bitcoin payment will be used for an AXA product, except for the life insurance because of the regulatory barriers.
Claudia Bienentreu is ahead of open innovation in AXA Switzerland said that the Bitcoin payment acceptance is a response of AXA to the growing demands from their customers as an alternative to payment solutions as the latest technologies play a major role.
According to the policies of AXA, they will not hold the received BTC or Bitcoin on their balance sheets. Rather than that, Bitcoin will be transferred to crypto broker Bitcoin Suisse. Majorly, AXA will not add any fees for the Bitcoin payment, so Bitcoin Suisse will incorporate its commission of 1.75 percent while calculating the Bitcoin exchange rate for all AXA customers.