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Cash still king in Switzerland despite rising mobile app use – Times of India

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ZURICH: Cash still remains the most commonly used method of payment in Switzerland, the Swiss National Bank said on Thursday, despite increasing use of mobile payment apps.

Cash is used by the population in 36% of transactions, the SNB said in a survey on payment methods, down from 43% in 2020 and 70% in 2017.

Still, the rate of decline has slowed considerably from previous years while debit and credit card use in Switzerland has remained stable.

Mobile payment apps are being used increasingly often by the Swiss population, increasing volume share to 11% of transactions in 2022, up from 5% in 2020, the SNB said.

“Mobile payment apps in particular are likely to play an even more important role for the population going forward,” the SNB said in its Payment Methods Survey.

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