Cash Use Rising in Switzerland

Cash use has seen a small increase in Switzerland, accounting for almost a third of in-store payments, highlighting its continued importance to the Swiss economy.

The 2024 Swiss Payment Monitor, prepared by the University of St. Gallen and ZHAW School of Management and Law, is an annual exploration of Swiss payment behaviour. Over the past few years, it has charted a sharp rise in the popularity of mobile payment methods, with its February 2023 edition also noting the end of a downward trend in cash use.

The latest data shows cash is used for 29.9 percent of in-store payments, close behind credit cards on 30.1 percent and ahead of mobile devices on 20.1 percent. This represents a rise of almost one percent in cash use, a decrease of around four percent for debit cards and a corresponding gain of nearly four percent for mobile devices.

The continued importance of cash backs up a payment survey conducted by the Swiss National Bank and published earlier this year. The survey concluded ‘cash will never disappear from use’ and showed strong cash acceptance among brick-and-mortar businesses (92 percent) as well as satisfaction around current access to cash.