Swiss Public Transport May Start to Shun Cash Payments, SNB Says

(Bloomberg) — Almost all Swiss companies accept payments in physical money but many public transport providers plan to curtail that, the Swiss National Bank said after a survey of more than 700 firms.

The main reason rapid transit operators want to receive fewer transactions in bills and coins over the coming years is the cost and effort of returning excess cash, the SNB said in a statement on Wednesday.

Meanwhile, 98% of companies take physical money, ensuring that it remains the most widely accepted method of payment in the country, the statement added. Some retailers and restaurants even plan to extend such transactions.

Bills and coins are used very widely in Switzerland, also as a store of value. The Swiss government plans to enshrine their existence into the constitution after a group of citizens launched an initiative to that end.

©2024 Bloomberg L.P.