AXA and Metrobank Card Launch Mobile Payment Service for Insurance [INNOVATION]

Insurance innovation. Axa and Metrobank card launched a Square-like mobile payment service via credit cards, on smartphones and tablets, for life insurance in the Philippines.

AXA Philippines launches MSwipe, the country’s first mobile insurance payment system.

MSwipe allows Axa agents to accept real-time credit card payment transactions using their mobile devices such as smartphones or tablets on iOS or Android, giving them an innovative, convenient and secure means of paying their life insurance premiums anytime, anywhere.

Axa Philippines’ Brand Promise

• Safe and secure credit card payments for insurance premiums anytime, anywhere in 30 seconds or less

More on MSwipe, another Square Clone

AXA Philippines, one of the country’s largest life insurers, and Metrobank Card Corporation (MCC) recently launched the country’s first mobile payment system for life insurance called MSwipe. MSwipe allows AXA financial advisors to use their registered smartphones and tablets to receive credit card payments for their customers’ premiums.

Customers will no longer need to carry cash or checkbooks when they meet with their agents, and the transaction can be done at the customer’s convenience– at home, in the office, or even in a restaurant or coffee shop. Customers can also be assured of the security of the transaction, as they will receive a real-time e-mail receipt.

Ton Magtoto – AXA Philippines Head of Customer Experience: “MSwipe transactions consist of three easy steps—swipe, sign, and confirm” adding that upon completion of these steps, the payment is received by the bank in just two seconds. “MSwipe can accept most major credit cards issued by a local or foreign bank. It’s innovative, secure, and convenient for our customers.”

Riko Abdurrahman – President of Metrobank Card Corporation: “We are proud to be the first in the Philippines to bring to the market the newest innovation in payment services.”

Secure Data: MSwipe’s 5-Level Control System

1. a unique staff pin exclusive to each device
2. an administrator’s activation code
3. a MasterKey that has to pass through an authentication server and validation server before a transaction is authorized
4. no credit card information is stored in the agent’s smartphone
5. an email confirmation will be sent real-time to the customer with transaction details, including a map that pinpoints the location of the transaction

MSwipe is powered by Swiff, which provides banks worldwide with safe and secure mobile-commerce technologies by partnering with and seamlessly integrating into any bank anywhere in the world.

Axa Philippines President and CEO

Rien Hermans, President and CEO of AXA Philippines: “At AXA, we are redefining the standards of how customers should interact with their life insurance providers”. “We give customers what they need, and with today’s mobile, fast-changing, and technologically driven world, the convenience and security of the customer should be top priority when it comes to paying their premiums. MSwipe will make secure, cashless payments the new norm for the Philippine life insurance industry.”

The MSwipe service, Axa life insurance’s latest USP, will demonstrate the insurer’s commitment to achieve its brand promise, so expect a positive impact on brand perception and brand consideration.

It should not only drive mobile  sales, but also enable Axa to strenghthen its relationships with financial advisors who will find a -even slight- competitive edge with MSwipe in one of the top countries in terms of mobile and social media adoption and usage.

What do you think of this innovative partnership between Axa Philippines and Metrobank bank Card Corporation in the mobile payment space?  After all, the Square model has proved tremendously successful in the US.

We invite you to share your thoughts about mobile innovations in the insurance industry, here or on twitter.