Switzerland: Cash is again the most used payment method says a study
A study published on February 16, by the University of St. Gallen and the ZHAW (School of management and law) shows that after the corona pandemic, cash is again the most used payment method in Switzerland. Around every third payment is made in cash.
29 percent of daily payments in Switzerland are made in cash – more than with a debit card (27 percent), credit card (18 percent) or mobile payments (18 percent). As the study shows, cash has thus halted the downward trend of recent years, which was accelerated by the pandemic.
Under-30s use cash for 28 percent of payments, whilst 24 percent for those aged 30 to 44, and 38 percent with age up to the over-60s. The average amount of cash a person keeps at home or carries in their wallet has increased noticeably for the first time in three years. “One possible explanation for this behavior lies in the energy crisis feared for this winter, for which some of the population may want to arm themselves with higher cash reserves,” assumes ZHAW payment expert Marcel Stadelmann.
For the sixth Swiss Payment Monitor study, around 1’450 people were surveyed at the end of 2022, representative for the whole of Switzerland.
Source and full study in English and German language: