ZURICH: Cash still remains the most commonly used method of payment in Switzerland, the Swiss National Bank said on Thursday, despite increasing use of mobile payment apps.
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.
Powerful Swiss central bank faces reform calls in wake of Credit Suisse rescue
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.
Comments
Comments are closed for this article.