The Swiss prefer using cash.

The Swiss National Bank has just released the results of a survey showing that Swiss citizens still maintain the habit of using banknotes and coins, despite the boom in online payment applications and predictions of a cashless society.

According to the survey results, cash remains the most widely accepted method of payment in Switzerland, particularly in sectors such as shopping and dining. The results also show that approximately 92% of businesses operating directly in Switzerland accept cash, while only 59% accept payments via apps.

Cash payments remain popular in Switzerland.

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

For a long time, the advantages and disadvantages of using cash have been a topic of discussion in Switzerland, where banknotes have traditionally been popular even for large transactions like car purchases. Many have expressed concern that older generations will be disadvantaged because they are not proficient in using payment apps or cards, while the number of banks and ATMs is dwindling.

The Local news site has pointed out several reasons why cash remains popular in Switzerland amidst the growing popularity of digital payment methods worldwide : nationalism, culture, and a cautious approach to managing spending. Older generations in Switzerland particularly value the security and anonymity of cash payments. They believe that cash offers significantly greater security than other payment methods. Meanwhile, transactions using credit cards, prepaid cards, and debit cards are recorded by the financial institutions involved in the payment process.

According to a survey by the independent Swiss online comparison service Moneyland, not buying online is also considered safer. Survey participants noted that Swiss bank accounts and credit cards are frequently targeted by cybercriminals and scammers. While cash can be physically stolen in one location, cryptocurrency can be stolen from anywhere at any time. For this reason, when ordering online, especially from Swiss sellers, people often click the "submit invoice" button. Once the invoice arrives, they pay at the post office . Similarly, when booking flights or holidays, people often go to travel agencies and pay with cash. Many Swiss people believe 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 topic of accepting cash. These referendums are in different stages after collecting nearly 200,000 signatures.

SOUTHERN

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