💸 Switzerland🇨🇭: Debit cards surpass cash, becoming the primary payment method

💸 Switzerland🇨🇭: Debit cards surpass cash, becoming the primary payment method

According to a study by the Swiss National Bank, in 2024, approximately 35% of in-store transactions were made using debit cards, surpassing cash by 5 percentage points. In comparison, in 2017, these figures were 21% and 70%, respectively.

➡️ 18% of payments were made through mobile apps, with Twint being the most used local option. Meanwhile, credit cards accounted for 14% of transactions.

➡️ The study also highlights that cryptocurrency and stablecoin ownership has increased across all age groups. The percentage of people holding crypto assets rose from 6% in 2022 to 10% in 2024. Adoption has been particularly strong among those aged 15 to 34, where the percentage increased from 10% to 17% over the same period.

➡️ Context: In Switzerland, cash is not just a payment method but also a cultural symbol. Its use is even enshrined in the Constitution. On average, Swiss citizens hold around $10,481 in cash, the second-highest amount among the economies analyzed by the Bank for International Settlements.

However, in October 2024, the Swiss Central Bank reported that public transport operators plan to reduce cash transactions, while payment apps have already surpassed cards in commercial acceptance.

Switzerland's financial landscape is shifting toward greater digitalization.

#news #Europe #crypto

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