Login
You are...
Products
Business account A professional account with far more comprehensive services than a traditional bank Collection Cash your customers quickly and easily Accounting Anytime provides invoicing software, facilitates your accounting and helps you with administrative formalities. Financing Discover a wide range of services to support your growth. Whether you're self-employed or a large company, our solutions are tailored to your needs. Cash Management View the banking position of all your activities in real time. Put in place an analytical vision of your flows and give meaning back to your banking operations.
Mastercard business cards Discover the services and Mastercard cards available to you. Corporate expense management Capped Mastercard cards with employee rights management. Managing association expenses The dedicated solution for associations to manage their business expenses. Insurance and legal protection Insurance is included in cards or packages, and meets the needs of both the self-employed and large companies. Chartered Accountants To make your life easier and avoid errors in your declarations, entrust your accounting to chartered accountants.
Expense management
Rates

Switzerland: cash payments gradually declining

Published July 02, 2021 - 2 mins reading time
Bank watch
According to a survey by the Swiss National Bank, cash payments have declined since 2017, in favor of debit and credit cards. The Covid-19 pandemic played a role in this transformation in usage, and accelerated the rise of cashless payments.

The decline of cash in favor of bankcards

The Swiss, who have long been reluctant to pay for their purchases in anything other than cash, are gradually turning to cashless payments, particularly credit and debit cards.

According to the results of a recent survey by the Swiss National Bank, while 70% of non-recurring payments were made in cash in 2017, their share has fallen significantly and will represent just 43% of non-recurring transactions in 2020.

At the same time, the share of debit card payments has risen from 22% in 2017 to 33% in 2020, as has the share of credit card payments, which is now 13% compared with just 5% in 2017. The majority of bankcard payments are contactless, a phenomenon amplified by the Covid-19 pandemic.

"The Covid-19 pandemic has further accelerated changes in the use of payment instruments. A third of those surveyed said they had permanently changed their payment habits, and were paying more by card as a result of the pandemic", detailed the Swiss National Bank in a press release.

As for mobile payment applications, they have also made progress, even if their use remains in the minority. In 2020, they accounted for 5% of transaction volume, and 4% of total value. 48% of those surveyed said they had a mobile payment application.

The Swiss remain attached to the 1,000 franc bill

Unlike most other industrialized countries, which are gradually phasing out high-denomination banknotes, the Swiss still frequently use 1,000-franc bills (912 euros) to pay for expensive purchases. In the euro zone, 500-euro banknotes will no longer be issued from the end of April 2019, to combat the financing of terrorism and illegal activities.

By contrast, in Switzerland, 40% of those surveyed said they had been in possession of a 1000 franc bill at least once in the last two years, with this figure rising to 80% for 200 franc bills. At the end of 2020, 200 and 1000 franc bills accounted for 76% of all banknotes in circulation in the country. These denominations are mainly used to pay for goods and services.