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Cash is more popular in Switzerland than any other payment method. This forms the basis of the population survey recently published by the Swiss National Bank. However, cash is rapidly losing its importance in day-to-day payment transactions. While two-thirds of transactions were made in cash in 2017, it was still around a third in 2022. Measured by transaction value, the debit card is the most important payment tool today.
This is also increasingly true for consumption in restaurants, which is particularly strong in takeout, as research by Blick shows. Fewer and fewer people pay cash when visiting restaurants. This is why the first major restaurant chain in Switzerland is now reacting: the Wiesner Gastronomie (FWG) family is now saying goodbye to cash.
In a few months, notes and coins will be a thing of the past at FWG. After the summer, guests can pay for food and drinks in 34 restaurants belonging to the gastronomy group digitally, only by card or payment application, excluding tips. FWG includes Negishi Sushibar, Miss Miu, Nooch Asian Kitchen, Outback Lodge and burger shop The Butcher, distributed in Zurich, Bern, Lucerne, Zug and Basel.
Blick knows: the cash rate at FWG restaurants is now only 5 percent. The costs and effort are hardly worth it. Gastro group saves about 50,000 francs a month by not using cash! The Wiesner Gastronomy family did not want to comment on this.
Cash maintenance consumes financial resources
Restaurants need a lot of resources to raise cash. Because there should always be enough money in the safe. This should be manually counted at the end of the shift and safely transported to the bank in the evening. Either with the help of employees or a money transfer. Both have costs. Swiss Post informs its business customers on its website: “Cashless payment at the point of sale using a payment terminal reduces overall costs as there are no charges for cash handling and holding cash.”
FWG Group is not alone in eliminating cash. Since the pandemic, cash cannot be paid at Vicafé espresso bars in Zurich and Basel. “Cash is already unhygienic, and after all, we work with groceries. Also, Vicafé boss Ramon Schalch (37) says in an interview with Blick, “it’s faster and less complicated without it.”
However, Blick’s survey of catering businesses shows that most of them don’t want to do without financial money in the future either. Industry association Gastrosuisse also warns that digital payment instruments don’t just offer advantages: Payments made by credit card are often associated with additional costs because a commission is charged for each transaction, depending on the card, and a contract with the provider is required. .
At fast-food giant McDonalds, most guests now pay without cash. However, stick to cash payments. “Our guests should have the right to choose,” says a spokesperson. In Migros and Coop, you will be able to continue to pay with cash and plastic money both in retail and in related restaurants in the future.
FWG rival considers removing cash
But Twospice gastro group will change the ceiling. With 29 companies, FWG’s main competitor can only imagine relying on cashless payment methods “depending on the concept”. However, it is important that the customer experience is not damaged as a result. Twospice chain, which currently has a 9 percent cash share, includes sushi bar Yoojis and Asian takeaway Rice Up.
Cash bastions are still bars like Totalbar in Zurich. Drinks are available here in cash only. But here is the first clasp. The Xenix-Bar in Zurich has also been accepting card payments since last autumn, at the insistence of guests.
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
