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Cashless payments are still on the rise. This is illustrated in the Swiss National Bank’s (SNB) current payment instruments survey and is hardly surprising. It is practical to pay by card, mobile phone or smart watch. And you don’t need to run to the ATM all the time. The survey was conducted last fall for the third time after 2017 and 2020.
Specifically, 36 percent of the 2,000 people surveyed use cash for daily payments. The proportion of transactions closed with cash in 2020 was still 43 percent, or even 70 percent in 2017. The SNB writes that the decline in cash use has therefore slowed significantly.
Emotions surrounding printed bills
Bank and credit card usage shares (33 percent and 13 percent, respectively) remained fairly stable. These cards would be used in almost every day-to-day transaction. It was stated that the contactless function (75 percent) was used the most.
Payment apps are used more and more frequently by the population, significantly increasing the share of transactions to 11 percent. In 2020, mobile phones were used for only 5 percent of daily payments in Switzerland. SNB wrote that payment apps will replace both cash and cashless payment methods.
However, printed bills are also an emotional issue: they represent a bit of freedom for the majority of Swiss people, and a cashless world for transparent citizens. Almost everyone wants to continue to be able to choose between cash and cashless payment methods. This is also the view of those who hardly ever trust money anymore. (SDA/smt)
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.
