Cash is still king in Switzerland despite rising mobile app use
Business
Represents a broad desire among the population to use it main payment method
ZURICH (Reuters) – Cash is used by the population in 36% of transactions, the SNB said in a survey on payment methods, down from 43% in 2020 and 70% in 2017. Still, the rate of decline has slowed considerably from previous years while debit and credit card use in Switzerland has remained stable.
Mobile payment apps are being used increasingly often by the Swiss population, increasing volume share to 11% of transactions in 2022, up from 5% in 2020, the SNB said.
“Mobile payment apps in particular are likely to play an even more important role for the population going forward,” the SNB said in its Payment Methods Survey.
Despite these changes, there is a broad desire among the population for cash to continue to be available as a payment method, the SNB said.
Some 96% of respondents said they keep cash in their wallets or at home to cover day-to-day expenses, down slightly from the 97% level when the survey was last conducted in 2020.
The average amount held by Swiss people in their wallets is 132 Swiss francs ($148.50), the survey added, although this figure was pushed up by some people carrying relatively high amounts.
