Debit Cards Overtake Cash as Switzerland’s Top Payment Method

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In a landmark shift, debit cards have surpassed cash as the most popular payment method in Switzerland, according to a recent Swiss National Bank (SNB) survey.

This transition marks a significant change for a country long associated with a strong cash culture.

The survey found that debit cards now account for 35% of in-store transactions, while cash usage has declined to 30%. Mobile payment apps are also on the rise, now facilitating nearly one in five transactions.

Despite the growing preference for digital payments, cash remains deeply embedded in Swiss society. A striking 95% of respondents want cash to remain available, reflecting its emotional and cultural importance.

However, concerns about cash accessibility are mounting, with fewer withdrawal options making it harder for people to obtain physical currency.

In response, the Swiss government has backed a popular initiative to protect cash by enshrining it in the country’s constitution.

Meanwhile, cryptocurrency ownership is increasing, though it remains a niche payment option.

As Switzerland’s payment landscape evolves, the tension between digital convenience and cash’s enduring appeal remains a key issue. While debit cards lead the way, cash’s cultural significance ensures it will remain a vital part of financial life for years to come.

Key Statistics:

• Debit Cards: 35% of in-store transactions

• Cash: 30% of in-store transactions

• Mobile Payment Apps: Used for nearly one in five payments

• Credit Cards: Account for 14% of transactions

• Cash Holdings: Swiss residents hold an average of $10,481 in cash—the second-highest per capita globally

Trends:

• Digital Payments: Rapid adoption, with debit cards and mobile apps driving growth

• Cash Access: Growing concerns over declining availability

• Cryptocurrency: Increasing ownership but limited adoption for payments

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