On the way to the Christmas market or to a restaurant: Paying by cell phone or card takes priority over paying the bills in cash. Especially in Switzerland.
According to a comparison of 15 countries by management consulting firm Strategy&, only 35 percent of Swiss people still prefer cash as a means of payment. The rest prefer to pay by card or app.
That means Swiss are a little more tech-savvy than the European average – 37 percent still prefer money, accordingly. In Denmark it is only 17 percent, while in Germany it is still more than half.
The desire to open a bank account in fintech start-ups or payment services of technology groups such as Apple and Google is also quite high in Switzerland with 48 percent. This value reaches 39 percent in Austria and 27 percent in Germany.
Prefer to pay with your mobile phone
According to this year’s banking survey by management consultants, there is now a not-so-small minority in Europe who regularly go shopping without a wallet and prefer to pay by mobile phone: on average, 21.15 countries
Consultants surveyed a total of 5,750 people in Germany, England, France, Italy, Spain, Poland, Netherlands, Belgium, Sweden, Austria, Switzerland, Denmark, Finland, Ireland and Turkey in September and October. Strategy& is part of the international audit firm PwC.
SNB sticks to cash
However, the Swiss National Bank (SNB) has just turned to cash. Despite the rise in electronic payment methods, SNB believes that cash will remain popular with people. “I believe cash will be around for a long time,” SNB Deputy Director Martin Schlegel told the Financial Stability Forum in Liechtenstein on Tuesday.
It also acknowledges that other payment methods such as debit cards, credit cards and payment apps are becoming more popular in everyday life and cash usage is decreasing. Despite some disadvantages, cash also has advantages over digital payment transactions.
Freedom of choice is paramount
First, according to Schlegel, cash allows for a simple and straightforward handling of money. “With coins and notes, you have total control of your spending,” Schlegel says succinctly. Second, coins and notes did not require an account, cell phone, or digital proximity. Third, cash does not require the disclosure of personal data.
That’s why SNB wants to ensure that the freedom to choose payment instruments continues to exist in the future. (SDA/uro)