The country is still in love with bank notes and coins, the Swiss National Bank (SNB) said on Friday, despite the growth of mobile payment apps and predictions of a cashless society.
Cash remains the most widely accepted payment method for customer-facing businesses, such as shops and restaurants, ahead of payment via apps like Google Pay, the study found.
Around 92% of companies which operate face-to-face businesses in Switzerland accept cash, while just 59% accept payment via apps.
The findings of the Swiss National Bank’s survey contrast with the experience of countries like Sweden which have become increasingly cashless.
Still, mobile apps are becoming more popular, with their acceptance level up from 40% in 2021, and they are now more accepted than credit and debit cards in Switzerland.
For Swiss companies that deal with clients remotely – such as online, or by email or telephone – bank transfers are the most popular way to accept payment, followed by invoices, then cash, the study found.
The availability and acceptance of physical money has become a political theme in Switzerland, where bank notes have traditionally been popular even for big purchases like cars.
Campaigners have raised concerns about younger and older people being marginalized because they lack access to payment apps or cards, while the number of banks and cash machines is declining.
Two referendums on the topic of acceptance of cash under Switzerland’s tradition of direct democracy are currently in various stages after collecting nearly 200,000 signatures.
This news story has been written and carefully fact-checked by an external editorial team. At SWI swissinfo.ch we select the most relevant news for an international audience and use automatic translation tools such as DeepL to translate it into English. Providing you with automatically translated news gives us the time to write more in-depth articles.
If you want to know more about how we work, have a look here, and if you have feedback on this news story please write to english@swissinfo.ch.
External Content
Your subscription could not be saved. Please try again.
Almost finished… We need to confirm your email address. To complete the subscription process, please click the link in the email we just sent you.
Popular Stories
More
Banking & Fintech
UBS releases ‘hundreds’ of staff in fresh wave of job cuts
Should Switzerland take measures to support its struggling industries?
Industrial policies are back in fashion, not only in the United States but also in the EU. Should Switzerland, where various industries are struggling, draw inspiration from such policies?
UBS has cut 10,000 jobs since Credit Suisse takeover in 2023
This content was published on
UBS Group has cut more than 10,000 roles since it bought Credit Suisse, marking a milestone in the lender’s efforts to integrate its former rival.
Swiss multinational SGS to move HQ from Geneva to Zug
This content was published on
The Swiss multinational SGS, the world’s leading testing, inspection and certification company, plans to move its headquarters from Geneva to canton Zug in central Switzerland.
Swiss army takes part in international tank competition
This content was published on
Around 20 Swiss army personnel and two Leopard 2 tanks are taking part in an international tank competition in Grafenwöhr, Germany, this week.
Omega-3 supplements seem to slow ageing process, Swiss study finds
This content was published on
Taking a daily omega-3 supplement appears to slow down the rate of biological ageing by up to four months, according to a study by researchers at the University of Zurich.
This content was published on
The Swiss writer and translator Alain Claude Sulzer has been awarded the Solothurn Literary Days Prize 2025 for his lifetime's work.
Prix de Lausanne features 85 dancers from 23 countries
This content was published on
The 53rd Prix de Lausanne international ballet competition is underway. A total of 85 young dancers from 23 countries are competing in the Swiss city.
Swiss Solidarity charity collected CHF34 million in 2024
This content was published on
Swiss Solidarity, the humanitarian arm of the Swiss Broadcasting Corporation (SBC), raised CHF34.4 million ($37.7 million) in donations in 2024 and spent CHF63 million on humanitarian projects.
You can find an overview of ongoing debates with our journalists here . Please join us!
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.