Switzerland still loves its cash transactions. That is the latest finding from the central bank's survey on payment methods from last year. Of note, around 92% of firms that operate face-to-face business continue to accept cash, with just about 59% accepting payment via apps.
Adding to that, 87% of businesses said that they are not planning to change their acceptance of cash in the next two years. They cite customer needs as being the number one reason for that, even if it is also the most common reason for accepting cashless means of payment.
While the use of cash transactions are seen nearly unchanged from the previous survey in 2021, mobile apps are seen becoming more popular now. The acceptance level for that has increased to nearly 40% and they are now more widely accepted than credit and debit cards.