Swiss Find They Can’t Pay With Cash as Much as They Used to
(Bloomberg) — People in Switzerland are increasingly frustrated that they can’t withdraw and use cash as much as they used to.
Results of a survey by the Swiss National Bank released on Monday suggest the dominance of digital payments is being reinforced by retailers removing the option of banknotes and coins for transactions. Fewer accept cash while cards and payment apps such as domestic provider Twint are becoming more popular.
“Around half of the population experienced acceptance constraints in their choice of payment method in 2025,” the central bank said. “Compared to the previous years, cash was increasingly affected by this.”
The release arrived in the same month that voters backed a proposal to enshrine the existence of the physical franc in the constitution, underscoring how the use of physical money remains an emotive issue in Switzerland.
Every inhabitant there on average has the equivalent of $10,700 at home, the biggest tally in all economies where the Bank for International Settlements collates data.
The SNB survey suggests consumers are embracing digital payment methods, but not necessarily wholeheartedly. The proportion of transactions using cash was little changed at 30%, while payments with debit cards rose slightly to 37%. Use of mobile apps was unchanged at 17%.
In last year’s survey, use of debit cards overtook bills and coins as the most widely used payment method, in a sea change for the economy
In the latest release, the SNB hinted at frustration among respondents about the ability to actually obtain banknotes in the first place.
“Satisfaction with access to cash fell noticeably last year: 81% of the population said they were satisfied with the options for withdrawing cash, compared with 88% in 2024,” the central bank said. “The decline is likely due to the ongoing reduction in cash access points such as ATMs.”
The vote on March 8 was spurred by the campaign of a political fringe group called the Swiss Freedom Movement. It drew so much momentum that the government decided to pick up the idea with its own proposal. Ultimately more than 73% of voters backed the government plan, while the campaign idea received 45.6% support.
The SNB maintains that it remains agnostic to the means of payment citizens want to use. Still, the central bank, government and private sector meet regularly to closely monitor if problems in the supply of physical money arise.
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