by Will cash machines soon be a thing of the past? © Keystone / Christian Beutler Cash has lost its appeal among the Swiss population as the coronavirus pandemic led more people to pay by bank card, mobile app or online, a recent survey has found. The survey by financial services website moneyland.ch found that for the first time, cash is no longer people’s preferred method of payment. “Moneyland.ch expects that cash will continue to lose in importance,” said CEO Benjamin Manz in a press releaseExternal link on Tuesday. When asked about their preferred payment method, the majority of respondents (73%) cited debit cards, followed by credit cards (71%). Cash came only in third place, with 67% of those questioned saying they could not do without it.
Topics:
Swissinfo considers the following as important: 3) Swiss Markets and News, 3.) Swissinfo Business and Economy, Featured, Latest News, newsletter
This could be interesting, too:
Nachrichten Ticker - www.finanzen.ch writes Krypto-Ausblick 2025: Stehen Bitcoin, Ethereum & Co. vor einem Boom oder Einbruch?
Connor O'Keeffe writes The Establishment’s “Principles” Are Fake
Per Bylund writes Bitcoiners’ Guide to Austrian Economics
Ron Paul writes What Are We Doing in Syria?
Will cash machines soon be a thing of the past? © Keystone / Christian Beutler
Cash has lost its appeal among the Swiss population as the coronavirus pandemic led more people to pay by bank card, mobile app or online, a recent survey has found.
The survey by financial services website moneyland.ch found that for the first time, cash is no longer people’s preferred method of payment. “Moneyland.ch expects that cash will continue to lose in importance,” said CEO Benjamin Manz in a press releaseExternal link on Tuesday.
When asked about their preferred payment method, the majority of respondents (73%) cited debit cards, followed by credit cards (71%). Cash came only in third place, with 67% of those questioned saying they could not do without it. This compares with 78% in the previous survey in 2020.
The survey also highlighted interest in payment applications such as Twint, with 43% of respondents saying they can’t do without, compared with only 26% in January 2020. Competitors such as Apple Pay (7%), Google Pay (5%), Samsung Pay (4%) and Bitcoin payments (4%) lag far behind.
Cash is nevertheless still the preferred method of payment in shops, where 98% of those questioned pay in cash. This is followed by debit card (91%) and credit card (84%) payments, where 62% use contactless payment.
The survey was conducted in January among 1,500 residents across German-speaking and French-speaking Switzerland.
You Might Also Like
Weekly SNB Sight Deposits and Speculative Positions: SNB buying euros at high prices
2021-02-22
Update February 22 2021: SNB intervening. Sight Deposits have risen by +0.1 bn CHF, this means that the SNB is intervening and buying Euros and Dollars: The change is +0.1 bn. compared to last week.
Some Swiss cantons call for earlier restaurant re-openings
2021-02-21
Several cantons have called for restaurants to be re-opened a month earlier than the official nationwide plan presented by the government earlier this week.
Top Swiss banker Collardi reprimanded by financial watchdog
2021-01-21
Former Julius Bär CEO Boris Collardi has had his knuckles rapped by the Swiss Financial Market Supervisory Authority (FINMA) following an investigation into money laundering.
Switzerland bans flights from UK over new coronavirus
2020-12-23
Switzerland has joined other European countries in suspending flights from the United Kingdom and South Africa after reports of a fast-spreading new coronavirus strain.
Ex-Credit Suisse boss recruited by Rwandan government
2020-11-16
Tidjane Thiam, who resigned as CEO of Swiss bank Credit Suisse in February, has been tasked with using his connections to build up the Rwandan capital Kigali as an international business location, according to Swiss business newspaper Handelszeitung.
Swiss investors still leaning heavily on fossil fuels
2020-11-10
The Swiss financial market invests too much in oil and coal production, according to a review of nearly 200 financial institutions.
Techonology firm Ruag International to cut more jobs
2020-10-14
The Swiss aerospace and armament company, Ruag, says it will shed up to 150 jobs by the end of next year due to the coronavirus crisis.
Swiss regulator censures Bank Syz over money laundering
2020-09-26
The Swiss financial market regulator FINMA has reprimanded Bank Syz for breaching money laundering rules involving a business relationship with an Angolan client.
Tags: Featured,Latest news,newsletter