The Swiss prefer to use cash.

The Swiss National Bank has just released the results of a survey showing that people in this country still keep the habit of using paper money and coins, despite the explosion of online payment applications and predictions of a cashless society.

According to the survey, cash remains a widely accepted payment method in Switzerland, especially in areas such as shopping and food services. The results also showed that around 92% of companies operating in Switzerland accept cash, while only 59% accept payments via apps.

Cash payments in Switzerland are still popular

The results of the Swiss National Bank survey contrast with what is happening in other European countries where people are increasingly using cash less. The survey also found that for Swiss companies that deal with customers remotely, such as online, via email or phone, bank transfers are the most popular way to accept payments, followed by invoices, then cash.

The pros and cons of using cash have long been a topic of debate in Switzerland, where bank notes have traditionally been popular even for large purchases such as car purchases. Many have expressed concern that older people are being disadvantaged because they are less adept at using payment apps or cards, while the number of banks and cash machines is dwindling.

The Local has pointed out a number of reasons why cash is still popular in Switzerland amid the growing popularity of digital payments around the world : nationalism, culture and caution in managing spending. The older generation in Switzerland especially values the security and anonymity of cash payments. They believe that cash payments offer much greater security than other payment methods. Meanwhile, credit, prepaid and debit card transactions are recorded by the financial institutions involved in the payment process.

According to a survey by the independent Swiss online comparison service Moneyland, not shopping online is also considered safer. According to the survey participants, Swiss bank accounts and credit cards are frequently targeted by cybercriminals and scammers. Cash can be physically stolen in one location, but cryptocurrency can be stolen from anywhere and at any time. For the same reason, when ordering online, especially from Swiss sellers, people often click the “send invoice” button. When the invoice arrives, they pay at the post office . When booking flights or holidays, people also often go to a travel agency and pay in cash. Many Swiss people hold the view that using cash helps limit shopping and debt.

According to Moneyland, several studies have shown that consumers spend more when using digital payment methods than when they spend cash. Switzerland is holding two referendums on the issue of cash acceptance. These referendums are in various stages after collecting nearly 200,000 signatures.

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