Bank The Swiss like cash - but prefer to pay by card
The Swiss still hold their cash sacred. However, according to a study, fewer and fewer are paying with it. They are also more likely to be able to imagine a cashless future than their European neighbors.
01.10.2024, 09:13
SDA
According to a survey of participants from ten European countries, 82 percent of respondents like cash, according to a study published on Tuesday by the market research institute Marketagent. In Switzerland, the figure is as high as 85 percent.
Credit cards follow close behind with a favorability rating of 81 percent in Europe and also 85 percent in Switzerland. In terms of security, cash scores even better with 92 percent.
In general, however, there is a clear trend towards electronic payment methods. In Switzerland, only 38 percent of payments are still made in cash, while the European average is 45 percent.
Positive perception of mobile payment
Newer payment methods such as mobile payment are also perceived positively: 61% of Europeans and 65% of Swiss people like this payment method. 63% in the EU and 62% in Switzerland consider them to be secure.
Cryptocurrencies and digital currencies, on the other hand, only convince around a quarter: in the EU, 21% like them and 25% find them secure, compared to 18% and 21% respectively in Switzerland.
Skepticism towards cashless remains high
Despite the trend towards electronic payment methods, skepticism towards a completely cashless society remains high. In Switzerland, 64% would not welcome such a development.
However, 48% of the Swiss consider a cashless society to be possible, while 56% in Europe consider this to be illusory. The year 2040 is cited as a realistic time horizon for the implementation of a cashless society.
Fear of technical failures
The greatest concerns relate to technical failures (65% in Switzerland), the increase in digital crime (60%) and the loss of anonymity (51%). The disappearance of counterfeit money (43%) and simplifications for checkout staff (42%) are cited as advantages.
The study was conducted by Marketagent among 26,584 people in 10 European countries, including Switzerland, Austria, Croatia, the Czech Republic, France, Germany, Hungary, Italy, Poland and Spain. The survey period ran from October 4, 2023 to July 18, 2024.
