Pandemic pushes Swiss away from cash 

Will cash machines soon be a thing of the past? © Keystone / Christian Beutler

Cash has lost its appeal among the Swiss population as the coronavirus pandemic led more people to pay by bank card, mobile app or online, a recent survey has found. 

This content was published on February 23, 2021 - 10:21

The survey by financial services website found that for the first time, cash is no longer people’s preferred method of payment. “ expects that cash will continue to lose in importance,” said CEO Benjamin Manz in a press releaseExternal link on Tuesday.  

When asked about their preferred payment method, the majority of respondents (73%) cited debit cards, followed by credit cards (71%). Cash came only in third place, with 67% of those questioned saying they could not do without it. This compares with 78% in the previous survey in 2020. 

The survey also highlighted interest in payment applications such as Twint, with 43% of respondents saying they can’t do without, compared with only 26% in January 2020. Competitors such as Apple Pay (7%), Google Pay (5%), Samsung Pay (4%) and Bitcoin payments (4%) lag far behind. 

Cash is nevertheless still the preferred method of payment in shops, where 98% of those questioned pay in cash. This is followed by debit card (91%) and credit card (84%) payments, where 62% use contactless payment. 

The survey was conducted in January among 1,500 residents across German-speaking and French-speaking Switzerland. 

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