Cash still very popular: Switzerland is far from a cashless economy

class=”sc-29f61514-0 dXbCZE”>

The Covid pandemic has led to a massive increase in contactless payments and online shopping around the world. However, the transition from cash payments to cashless payment transactions does not occur at the same pace everywhere.

There are also trends towards less and less cash in Switzerland. But we are still more relaxed about it than, for example, the Scandinavian countries, which are clearly committed to a cashless future.

This was demonstrated, for example, by the holding of the first “Cash Roundtable” in Bern. On 30 October 2023, around 40 representatives from the federal government, the Swiss National Bank (SNB), banks, cash handling companies, service providers (e.g. Postal and SBB) and business and consumer associations discussed issues such as access to cash in Switzerland accepted. The Federal Ministry of Finance had received an order from the Federal Council for this purpose.

The aim is to identify any need for action at an early stage and discuss this with the relevant people.

The Federal Council does not want to go cashless

According to the Federal Council, cash performs important functions for the economy and society. In fact, the sentence “The Swiss National Bank guarantees the supply of cash” should be included in Article 99 of the Federal Constitution.

Cash is still very popular in Switzerland. But consumers in Switzerland are increasingly paying with a debit card, credit card or payment app. However, according to the Federal Council, the disappearance of cash would be “associated with macroeconomic and social disadvantages”, especially if an equivalent cashless alternative is not available.

Source :Blick