Swiss consumers are slowly embracing new forms of electronic payments technology, but it may still be some time before they wean themselves off cash, particularly for smaller purchases.
This content was published on
2 minutes
I write about the rapidly evolving artificial intelligence technology and its possible impacts on society.
Originally from England, I spent some time at the BBC in London before moving to Switzerland to join SWI swissinfo.ch.
These are the findings of the latest annual Swiss Payment MonitorExternal link that asks 1,000 people exactly how they part with their hard-earned money. The results show more people using contactless debit cards – 54% compared with 34% last year.
Contactless debit cards were introduced in Switzerland in 2015 and now account for 71% of all such cards issued. Contactless chips can be found in 95% of credit cards, having made their Swiss debut in 2007.
The CHF1 billion ($1 billion) barrier spent with contactless debit cards was broken for the first time in Switzerland in May. But this still represents only a quarter of the total volume of money spent in stores, restaurants and the like with this type of plastic.
External Content
Cash remains king among consumers for items valued at CHF20 or less. Unlike Sweden, which some observers predict will be cashless by the end of the next decade, Switzerland remains wedded to its physical currency.
Graf believes Switzerland occupies a mid-table position in Europe in terms of acceptance of electronic forms of payment.
Security concerns
Another issue is security, with some people afraid that electronic payment systems will expose them to fraud or having their data mis-used. This fear appears to be undermining confidence in using payment apps on mobile devices.
“People are naturally suspicious of new methods,” Graf said. “But in general people become more positive once they gain experience at using them.”
Indeed, the majority of respondents to the Swiss Payment Monitor said they would likely consider greater use of new types of mobile payments in future.
Popular Stories
More
Climate adaptation
Why Switzerland is among the ten fastest-warming countries in the world
Train vs plane: would you take a direct train between London and Geneva?
Eurostar is planning to run direct trains from Britain to Germany and Switzerland from the early 2030s. Would you favour the train over the plane? If not, why not?
Rhine could warm by up to 4°C by 2100, scientists warn
This content was published on
The water temperature of the Rhine River could rise by up to 4.2° degrees Celsius by the end of the century due to the warming planet, scientists warn.
This content was published on
The Federal Council wants to explore the possibilities of joining the European Union’s €800-billion rearmament programme without compromising Swiss neutrality.
Defence Minister Pfister stresses importance of Swiss mission in Balkans
This content was published on
During a visit to the Balkans region last week, Swiss Defence Minister Martin Pfister met Swisscoy peacekeeping troops in Kosovo.
Premiere for Swiss Air Force on French National Day
This content was published on
On July 14, the Swiss Air Force will take part in the traditional air parade in Paris to mark the French bank holidays with an F/A-18 fighter jet. This is a first for Switzerland.
Swiss launch competition for memorial to Nazi victims
This content was published on
The victims of Nazi Germany are to be commemorated on the Casinoterrasse in Bern. A competition will be held to determine what the site will look like.
This content was published on
The cantonal police of Graubünden in eastern Switzerland have arrested and convicted five cocaine dealers in Chur within a week.
This content was published on
The Swiss business umbrella organisation Economiesuisse and the employers' association broadly support the package of agreements negotiated with the European Union.
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.
Read more
More
Smartphone shopping boosts online trade
This content was published on
Online shopping accounts for ever more of the Swiss retail market as shopping via smartphone also becomes more popular with consumers.
You can find an overview of ongoing debates with our journalists here . Please join us!
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.