SNB: Cash acceptance remains high – restrictions on public transport
Published: Wednesday, Oct 9th 2024, 10:10
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According to a survey by the Swiss National Bank, the acceptance of cash in the economy remains high. 98 percent of the companies surveyed accept cash. However, restrictions are planned for public transport.
Cash is still considered important by the companies surveyed, the Swiss National Bank (SNB) stated in a study published on Wednesday. In their comments, the companies cited the fact that customers prefer to pay in cash as a reason for this. In addition, cash is crisis-proof and a cost-effective alternative to cashless means of payment.
The respondents included large retailers, public transport companies, restaurants, hotels, service providers such as hairdressers and dentists, as well as cultural and entertainment facilities. Around 770 companies took part in the survey.
Even though cash remains the most widely accepted means of payment, it is coming under pressure: many public transport companies are planning to restrict the acceptance of cash in the coming years, the SNB wrote: "The main reason given for this is the cost and effort involved in returning surplus cash."
According to the SNB, companies stated that the services provided by banks and cash-in-transit companies were too expensive and that there were too few ATMs and counters. In addition, the range of services is limited at some locations, for example deposits are not possible at all locations, according to the companies' comments.
Banks, Swiss Post and SNB challenged
"The SNB concludes from the results that the concerns of companies must be addressed jointly by all participants in the cash market - banks, Swiss Post, cash processors and the SNB. In particular, the infrastructure must be designed in such a way that cash services are easily accessible and cost-efficient for companies. In this way, the broad acceptance of cash can be maintained in the future," wrote the SNB. The SNB did not explain what this means in concrete terms.
After cash, companies accept debit cards second most frequently. Credit cards are in third place, ahead of payment apps.
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