Swiss Embrace Digital and Wearable Payment Methods

The use of digital and wearable payment methods in Switzerland has surged to 37%, up from 25% in just two years, reflecting a growing trend in the country's payment habits.

The use of digital payment methods in Switzerland has seen a significant increase in recent years, with 37% of Swiss now utilizing options such as smartphones or smartwatches for transactions. This marks a notable rise from the 25% reported just two years ago, as revealed by the results of the third edition of the Visa Payment Monitor conducted in partnership with the forsa research institute.

The findings of a representative online survey of 1,000 individuals in Switzerland indicate that nearly three-quarters (72%) now prefer digital payment methods. Moreover, the survey highlights that 27% of Swiss in German-speaking regions actively avoid shops that do not offer digital payment options, with the figure rising to 34% in French-speaking Switzerland and 37% in Ticino. Overall, 29% of respondents across Switzerland express a preference for digital payments.

Despite the growing popularity of digital payment methods, challenges remain. The survey reveals that 36% of respondents encounter rejections of digital payments in shops at least once a month. Small shops (17%) and weekly and Christmas markets (20% and 17% respectively) are the locations where consumers most frequently miss digital payment options.

Notably, the study also indicates a significant increase in the adoption of contactless mobile payments among individuals aged over 60, with one in four having made a mobile payment – a considerable increase compared to the previous year (+14 percentage points). Additionally, individuals under 36 continue to show growth in this area, with over half (52%) having already used a smartphone or wearable for payments at the checkout.

The survey also sheds light on the increasing use of mobile devices for online shopping, with 72% of respondents stating that they use mobile devices for online purchases – a seven-percentage point increase from the previous year. Furthermore, two-thirds of consumers have now stored their credit card data digitally, and 59% express a willingness to store their card in digital form with the introduction of modern debit cards that can be used for online payments.

The Visa Payment Monitor highlights the growing preference for digital payment methods in Switzerland, with a significant portion of the population embracing the convenience and efficiency offered by options such as smartphones and smartwatches. However, the study also underscores the need for continued improvements to ensure seamless digital payment experiences across various retail settings.