Swiss prefer to pay by mobile phone, reflecting a significant shift in payment trends.
In the picturesque landscape of Switzerland, a notable transformation is underway in the realm of payment methods. The Swiss populace is increasingly gravitating towards mobile payment solutions, a trend that has garnered significant attention in recent studies. According to the latest Swiss Payment Monitor, mobile payments have ascended to the pinnacle of payment preferences, both in terms of transaction volume and overall turnover.
The study, conducted by the Zurich University of Applied Sciences (ZHAW) in collaboration with the University of St. Gallen, reveals that Swiss consumers are now more inclined to utilize mobile devices—be it smartphones, tablets, or smartwatches—for their financial transactions. This shift encompasses a variety of e-wallets, including prominent platforms such as Apple Pay, Samsung Pay, and Google Pay, alongside the homegrown favorite, Twint.
A comparative analysis with the previous survey conducted in May 2024 indicates a remarkable uptick in mobile transactions, which have surged by 3.9 percentage points, now constituting a robust 30.7 percent of all payment activities. In stark contrast, traditional payment methods have experienced a decline; debit card usage has dipped by 1.8 percentage points to 24.4 percent, while cash transactions have similarly waned, decreasing by 1.5 percentage points to 24.2 percent.
When examining turnover, the dominance of mobile payments becomes even more pronounced. With a revenue share of 25.6 percent—an increase of 2.2 percentage points—mobile devices have eclipsed cash, which now finds itself relegated to third place behind debit cards at 24 percent. Credit cards, once a stalwart of payment methods, now trail with a revenue share of 23.8 percent, reflecting a modest increase of 2.0 percentage points.
Interestingly, while mobile payments are gaining traction, cash remains the preferred method for in-person transactions, albeit with a slight decline of 1.7 percentage points to 28.2 percent. Debit card usage has plummeted even further, falling by 2.1 percentage points to 28.0 percent. However, the momentum of mobile payments is undeniable, as they have surged by 4.3 percentage points, now accounting for 24.4 percent of all transactions conducted on-site.
The Swiss Payment Monitor, a biannual publication, is grounded in representative survey data and public information sourced from the Swiss National Bank. It is disseminated by the Swiss Payment Research Center at the ZHAW School of Management and Law, in conjunction with the Swiss Payment Behaviour Lab at the University of St. Gallen. As Switzerland navigates this digital payment revolution, one can only ponder: will cash soon become a relic of the past, or will it stubbornly cling to its place in the hearts—and wallets—of the Swiss people?
