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Switzerland: Cash Is Once Again the Most Widely Used Means of Payment

Categories : Cash ensures competition among payment instruments, Cash is also a store of value, Cash is the most widely used payment instrument
March 10, 2023
Tags : Cash, Digital payments, Survey, Switzerland
The downward trend in cash use has stopped in Switzerland. Around every third payment is made in cash. However, more money is spent on credit cards.
Guillaume Lepecq

Chair, CashEssentials

This post is also available in: Spanish

The results of the 2023 Swiss Payment Monitor conducted by the ZHAW School of Management and Law and the Center for Financial Services Innovation at the University of St. Gallen show that cash still plays a vital role in the payment behavior of the Swiss population, even after the Covid-19 pandemic.

At the end of 2022, around 1,450 people representing the whole of Switzerland were interviewed for the study.

In Value Terms, Credit Cards Dominate

Large Amounts of Cash at Home

Cash use differs significantly according to demographic characteristics.

Polarised Attitudes Towards Cash

  • 62% percent of respondents express a critical view of a possible abolition of cash, which is firmly held by 40.6%. Only 7.9% of respondents would welcome a complete abolition of cash.
  • Compared to the previous survey, both extreme positions have thus increased slightly (+2.5% against the abolition, +1.1 % for the abolition of cash).
  • In comparison, the share of respondents without a clear preference for abolishing cash has decreased by 1.1% to 17.7%. This shows that the topic of cash is polarising and that most respondents have a clear opinion.

Neobanks Are Increasingly the Primary Bank Connection

More than every third person surveyed has used new online solutions from a neobank at least once.

Mobile Boom Benefits Credit Cards as Billing Product

As part of the regular examination of the payment behavior of the Swiss population, there are only minor changes compared to the last survey in November 2021.

This post is also available in: Spanish