Cash payments cause the highest costs according to study
Published: Thursday, Jan 25th 2024, 10:00
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Cash is "more expensive" than other means of payment. This is the conclusion of a study by the University of St. Gallen (HSG).
"The overall economic costs of on-the-spot payments in Switzerland are considerable", according to the analysis published on Thursday. According to the HSG's data evaluation, cash payments cause the highest costs for society, followed by credit cards and debit cards.
The HSG puts the total cost of payments with cash and credit and debit cards in Switzerland at around CHF 7.3 billion for 2022. This corresponds to 0.95 percent of Switzerland's gross domestic product (GDP).
The HSG attributes by far the highest costs to cash payments, which cost Switzerland around CHF 5.2 billion per year. Cash payments are followed by credit cards with 1.1 billion and debit cards with 1.0 billion.
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