⚡️Switzerland🇨🇭launches its own instant payment system. 🆕

⚡️Switzerland🇨🇭launches its own instant payment system. 🆕

The Swiss National Bank announced the launch of its own instant payment system in partnership with financial system provider SIX. But does this mean the famous Swiss banks now have competition⁉️

🔼According to the European Central Bank, the use of instant payments in the EU grew from 5.2% of all credit transfers in October 2019 to 17.8% in February 2024.

🔼 It is expected that by the end of 2026, all financial institutions in Switzerland will adopt this new system.

🔼 However, conservative Swiss citizens still prefer to use cash. Cash remains the most common payment method for shops and restaurants. A study by the Swiss National Bank conducted in February showed that around 92% of businesses in Switzerland accept cash, while only 59% allow app-based payments.

👀Well, that’s unexpected.

#news #Europe

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