Smartphone increasingly determines how money is handled
Published: Tuesday, Dec 12th 2023, 07:50
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When it comes to money, consumers in Switzerland are increasingly turning to their smartphones. Almost four in ten (37%) now pay by placing their cell phone or wearable at the checkout. Two years ago, 25% still did this.
This is shown by the results of the third edition of the Visa Payment Monitor in collaboration with forsa. According to the representative online survey of 1,000 people in Switzerland, almost three quarters (72%) of Swiss people now prefer to use digital payment methods.
According to the survey, 27% of all German-speaking Swiss actively avoid stores where they cannot pay digitally. The figure is 34 percent in French-speaking Switzerland and as high as 37 percent in Ticino. Across Switzerland, the figure is 29 percent.
Generational differences are disappearing
However, digital payments will still not work everywhere in 2023. One in three (36%) complain that a digital payment is rejected in a store at least once a month. Consumers most often miss digital payment options in small stores (17%) and at weekly and Christmas markets (20% and 17% respectively).
Compared to previous editions of the study, it also shows that the over-60s are clearly catching up when it comes to contactless mobile payments. One in four have already made a mobile payment, a considerable increase compared to the previous year (+14 percentage points). The young generation of under 36-year-olds is also continuing to grow in this area.
By comparison, more than half (52%) of under 36-year-olds have already paid by smartphone or wearable at the checkout (52%).
Payment data often stored digitally
The Swiss are even more smartphone-savvy when they are online. Overall, seven out of ten people in Switzerland (72%) say they use mobile devices to shop online, an increase of 7 percentage points compared to the previous year.
The survey also revealed that two thirds (67%) of consumers have now stored their credit card digitally. With the introduction of modern debit cards, which can now also be used to pay online, 59% would now store their card in digital form.
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