Atupri, a health insurance company in Switzerland, is the first such company to offer its user’s policyholders the option to pay bills with cryptocurrency.
The company currently accepts the top two cryptos, Bitcoin (BTC) and Ether (ETH). It further mentions that the transaction fees, so-called miner fees, is the only cost to be paid. Also, they do not yet offer the option of repayments in cryptocurrency.
Starting August 31, 2020, the crypto options have been allowed.
The crypto payment addition is part of the company’s comprehensive digital strategy and “one of many aspects to optimize our service and to offer our policyholders the greatest possible comfort.”
The payments in digital assets are made through the payment system of Bitcoin Suisse AG (BS), a financial intermediary domiciled and registered in Switzerland, which is a member of the self-regulatory organization VQF recognized by the Swiss Financial Market Supervisory Authority (FINMA).
It is BS that bears the risk of price fluctuations in digital assets. Atupri clarifies that it doesn’t share any data with third parties and that they only send the invoice number to BS. The translated version reads,
“The original claim and the related invoice is in Swiss Francs (CHF). The customer’s payment to BS in cryptocurrency via the system provided leads to a debt-discharging effect. The customer can settle the claim in CHF at any time up to the time of payment with cryptocurrency.”
In its FAQ section, Atupri also briefs that to pay bills with BTC or ETH, one just needs a crypto wallet. It also mentions that paying with bitcoin involves electricity consumption, but it is “negligibly small” compared to the energy consumption of the “traditional” monetary system.
And with computers becoming more and more efficient and the use of renewable energy becoming more widespread, “this difference will become even bigger,” it states.
This article is Originally posted on CoinCentral.com