SNB Backs Measures to Boost Competition on Cashless Payments

(Bloomberg) — More competition in the processing of cashless payments would benefit consumers and improve resilience, according to two senior Swiss National Bank officials, who said authorities can take measures to encourage this.

Petra Tschudin and Thomas Moser said actions could include antitrust tools and lower entry barriers, while they also highlighted the issue of fees, which have been under scrutiny in multiple countries.

In a speech Thursday, the SNB officials said Swiss authorities are currently “discussing intensively” with market participants the “level and allocation of fees charged by payment networks.”

“As economic forces tend to drive the creation of monopolies, it makes sense to consider competition-enhancing measures,” they said, referring to payment networks.

The remarks to an audience of finance professionals in Zurich come as cashless payments gain in usage in Switzerland, with mobile apps expanding rapidly. Still, Tschudin and Moser said cash remains critical to system resilience because it operates independently of digital infrastructure.

The SNB supports interoperability through projects such as the Instant Payments Bridge, which aims to extend instant transfers to retail transactions. The central bank also works with the European Central Bank on linking the Swiss and euro area instant payment systems, aiming to speed cross-border transactions.

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