AXA Switzerland renounces to authorize its customers to pay their premiums in bitcoin

AXA is backtracking. The French insurer, which since last year has authorized its Swiss customers to pay their insurance premiums in bitcoin, deemed the experience inconclusive. It will end in June due to the lack of success with policyholders.

“As part of a pilot project, AXA Switzerland introduced the possibility of paying in bitcoin in April 2021, in order to better understand this digital payment method and the needs of customers in this area. However, due to low demand, AXA Switzerland has decided to no longer offer this offer from the end of June 2022”, we learned from a spokesperson for the group.

A budding market

When this service was launched, AXA thought it was meeting the expectations of its customers. The company was then based on a survey conducted in 2019 among its policyholders, showing that nearly a third of them had bitcoins or would like to.

The group had even hinted that it could expand the range of authorized cryptocurrencies if the experience proved convincing. Only the insurer’s non-life insurance products were affected by this offer, in accordance with Swiss law.

In France, cryptocurrencies are slowly entering the insurance sector but it is still embryonic. Online broker East Assur announced on March 24 that it is now accepting cryptocurrency contributions from its clients.

Specializing in automobile, two-wheeler and multi-risk home (MHR) risks, it is aimed primarily at young drivers, who have high penalties.

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