Switzerland’s Love for Physical Cash Despite Rise of Payment Apps
Swiss Still Prefer Cash to Payment Apps
Despite the global trend towards digital payments, Switzerland remains deeply attached to physical cash. A recent survey by the Swiss National Bank revealed that the majority of customer-facing businesses in the country still prefer accepting cash over payment through apps like Google Pay.
Cash Remains King in Swiss Customer-Facing Businesses
The survey found that around 92% of Swiss businesses that interact directly with customers still accept cash as the primary mode of payment. In contrast, only 59% of these businesses are open to payment through mobile apps, showcasing the enduring popularity of physical money in Switzerland.
Mobile App Acceptance on the Rise
While cash remains dominant, the survey also highlighted the growing popularity of mobile payment apps in Switzerland. The acceptance of these apps has increased significantly from 40% in 2021, surpassing credit and debit card payments in the country.
Preferred Payment Methods for Remote Transactions
For Swiss companies engaging in remote transactions, bank transfers emerged as the most favored payment method, followed by invoices and cash. This trend underscores the diverse payment preferences across different business models within the country.
Political Implications of Physical Money
The availability and acceptance of physical money in Switzerland have become a significant political concern. The debate surrounding the use of cash versus digital payments has prompted discussions about financial inclusion and access for all age groups.
Referendums on Cash Acceptance
The ongoing debate on cash acceptance has led to two referendums in Switzerland, reflecting the country’s commitment to direct democracy. With nearly 200,000 signatures collected, the issue continues to garner attention and shape the future of payment methods in the country.
