Debit cards have surpassed cash as the preferred payment method among consumers in Switzerland.
Recent data from a survey conducted by the Swiss National Bank, which involved 2,000 adults tracking their everyday payments for one week, reveals a significant shift in payment preferences. The findings indicate that for transactions at physical points of sale (POS), the trend is moving away from cash towards cashless methods, with debit cards emerging as the most commonly used payment option.
Mobile payment apps are also gaining popularity, now accounting for nearly one in five payments at physical POS.
Despite the increasing prevalence of cashless payments, a substantial 95% of the population still believes cash should remain an available payment method. Only a small minority supports the idea of eliminating cash entirely.
Cash usage remains particularly high among individuals over the age of 55 and those with lower incomes. Many cash users appreciate the clarity it provides in managing their spending and value the fact that their payment data is not disclosed during transactions.