ZURICH (Reuters) – Switzerland still loves banknotes and coins, a central bank survey showed on Friday, despite the rise of mobile payment apps and predictions of a cashless society.
Cash remains the most widely accepted payment method for consumer-facing businesses such as stores and restaurants, ahead of payments through apps such as Google (NASDAQ:) Pay.
The study found that around 92% of personal business companies in Switzerland accept cash, while only 59% accept payment via apps.
The findings of the Swiss National Bank study contrast with the experiences of countries such as Sweden, which are increasingly becoming cashless.
However, mobile apps are becoming increasingly popular, with their adoption rate rising from 40% in 2021 and now being accepted more than credit and debit cards in Switzerland.
The study found that for Swiss companies that deal with customers remotely (e.g. online, by email or telephone), the most popular method of accepting payments is bank transfers, followed by invoices and then cash.
The availability and acceptance of physical money has become a political topic in Switzerland, where banknotes have traditionally been popular even for large purchases such as cars.
Campaigners have raised concerns about the marginalization of young and old people due to lack of access to payment apps or cards, while the number of banks and ATMs is dwindling.
Two referendums on the adoption of cash in line with the Swiss tradition of direct democracy are currently at different stages after collecting almost 200,000 signatures.