Debit card remains most popular means of payment, says SNB
Cashless payments remain the preferred option for most Swiss in everyday life. Nevertheless, most people do not want to do without cash, according to the latest survey on payment methods conducted by the Swiss National Bank (SNB).
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“The debit card remains the most frequently used means of payment, followed by cash and payment apps,” the SNB wrote in its report published on Monday. “A large proportion of the population that carries cash has both debit cards and credit cards and uses payment apps.”
These payment methods are used differently depending on the payment situation and purpose. “Despite the variety of cashless payment methods, cash continues to be used regularly.”
It can be observed that high earners and younger people are much less likely to pay in cash. In fact, according to the SNB, the choice of payment method varies greatly depending on “socio-demographic” characteristics. Cash is mainly used when people go shopping at smaller retailers.
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Majority want to continue using cash
As the survey shows, the proportion of respondents who want to continue using cash has increased steadily since 2022. The 2% of respondents who were in favour of abolishing cash justified this by stating that they see no added value compared to cashless payment methods.
Meanwhile, people primarily use payment apps for payments in online shops and apps, for example. Bills, on the other hand, are paid via online banking. This also includes mobile banking apps.
The SNB has been conducting the survey on payment methods among private individuals in Switzerland every year since 2024. The shortening of the survey intervals must be taken into account when interpreting the results, as smaller changes are to be expected when the survey is conducted annually than when it is conducted at longer intervals. For the current survey, around 2,000 people were asked about their payment behaviour by telephone or online questionnaire.
Adapted from German by AI/ts
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