The Swiss like cash – but prefer to pay by card
Published: Tuesday, Oct 1st 2024, 09:20
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The Swiss still hold their cash sacred. However, according to a study, fewer and fewer are paying with it. What's more, they are more able to imagine a cashless future than their European neighbors.
According to a survey of participants from ten European countries, 82 percent of respondents like cash, according to a study published on Tuesday by the market research institute Marketagent. In Switzerland, the figure is as high as 85 percent.
Credit cards follow closely behind with a popularity rating of 81% in Europe and 85% in Switzerland. In terms of security, cash scores even better with 92%.
In general, however, there is a clear trend towards electronic payment methods. In Switzerland, only 38% of payments are made in cash, compared to the European average of 45%.
Positive perception of mobile payment
Newer payment methods such as mobile payment are also perceived positively: 61% of Europeans and 65% of Swiss people like this payment method. 63% in the EU and 62% in Switzerland consider them to be secure.
In contrast, only around a quarter are convinced by cryptocurrencies and digital currencies: in the EU, 21 percent like them and 25 percent find them secure, compared to 18 percent and 21 percent respectively in Switzerland.
Skepticism towards cashless remains high
Despite the trend towards electronic payment methods, skepticism towards a completely cashless society remains high. In Switzerland, 64 percent would not welcome such a development.
However, 48% of the Swiss believe that a cashless society is possible, while 56% in Europe consider this to be illusory. The year 2040 is cited as a realistic time horizon for the implementation of a cashless society.
Fear of technical failures
The greatest concerns relate to technical failures (65% in Switzerland), the increase in digital crime (60%) and the loss of anonymity (51%). The disappearance of counterfeit money (43%) and simplifications for checkout staff (42%) are cited as advantages.
The study was conducted by Marketagent among 26,584 people in 10 European countries, including Switzerland, Austria, Croatia, the Czech Republic, France, Germany, Hungary, Italy, Poland and Spain. The survey period ran from October 4, 2023 to July 18, 2024.
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