Payment Apps are Increasingly Accepted
Published: Wednesday, Oct 25th 2023, 10:00
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In Switzerland, bank transfers and payment on invoice remain the most widely accepted payment methods. However, payment apps have gained significant popularity. According to the Swiss National Bank (SNB), 80% of companies in Switzerland accept payments by bank transfer and invoice, followed by cash at just over 60%. Cash is the most accepted payment method in stores, with 92% of companies accepting it. Payment apps have also become more popular, with 40% of companies accepting them in 2023, compared to only a quarter in the previous period. The main reason for the acceptance of payment apps is customer demand, as well as reliability, overall costs and the speed of processing and billing. Payment cards and debit cards are also accepted in places where customers pay directly, such as in hospitality, retail and public administration. However, 62% of companies are concerned about the negative impact of the decreasing number of ATMs, bank counters and post offices on their cash supply and cash return. Despite this, 90% of companies can still reach a place to withdraw or deposit cash in less than 20 minutes. The full payment survey will be published by the SNB in early 2024.
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