Fintech & Ecommerce

Swiss National Bank Fixes High Demand on Cash

Swiss residents continue to opt for banknotes and coins, despite the scaling of mobile payment apps and predictions that the era of the so-called cashless society will come in the future.

Swiss National Bank Fixes High Demand on Cash

The relevant data were obtained based on the results of a survey conducted by the Swiss National Bank. In this country, cash continues to be the most common payment method for businesses that interact directly with customers. In this case, it means, among other things, shops and restaurants.

The results of a study conducted by the financial regulator indicate that about 92% of companies that do business in Switzerland accept cash. At the same time, only 59% of firms accept payments through apps.

The results of the Swiss National Bank’s study are in stark contrast to the situation in payment spheres in countries such as Sweden, where the scaling of the practice of non-cash transactions is recorded.

At the same time, certain changes are taking place in Switzerland. Currently, in this country, as mentioned above, 59% of companies accept non-cash payments, which is an increase compared to 2021, when the corresponding figure was 40%. Moreover, mobile apps are more popular in Switzerland than credit and debit cards.

For Swiss companies that work with clients remotely, bank transfers are the most popular way to accept payments.

The availability and scale of cash use in Switzerland have become something of a political topic. Banknotes continue to be popular, including for making large purchases. In Switzerland, proponents of the digitalization of the payment sphere express concerns about the marginalization of young and elderly people due to a lack of access to payment apps or cards amid a decrease in the number of bank branches and ATMs.

As we have reported earlier, Asia Investors Sue Switzerland Over Bank Collapse.

Serhii Mikhailov

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Serhii’s track record of study and work spans six years at the Faculty of Philology and eight years in the media, during which he has developed a deep understanding of various aspects of the industry and honed his writing skills; his areas of expertise include fintech, payments, cryptocurrency, and financial services, and he is constantly keeping a close eye on the latest developments and innovations in these fields, as he believes that they will have a significant impact on the future direction of the economy as a whole.