Payment behavior in Switzerland has changed fundamentally as a result of the Corona crisis. 75 percent of the Swiss use contactless payment – a year ago it was only 60 percent, according to a Comparis survey published on Friday.
With the increase in the limit for contactless payments from 40 to 80 francs in April of this year, the Swiss card issuers have given contactless payments with debit and credit cards a significant boost, according to a communiqué.
7 percent of the population already paid mostly with their smartphone. In the previous year it was only 2 percent. Before the lockdown, 27 percent of those surveyed would have paid with their mobile phones at least once a week. Now it is already 32 percent.
Cash usage collapsed
Conversely, the use of cash has collapsed. Before the corona measures, 39 percent of those surveyed would have pulled out coins and franc notes every day. Since then, only 25 percent have handled cash every day.
A study by the Boston Consulting Group came to a similar result on Wednesday. In the first month after the lockdown, 41 percent fewer cash payments were made than in the previous year, according to the result. The Swiss would have paid 16 percent more often by credit or debit card.
A further 8 percent of those surveyed in this study also stated that they had used e-banking for the first time during the peak of Corona. In addition, a good fifth wanted to visit a bank branch less often or never at all, the consulting firm had written.
Digital banks hardly enjoy any trust
While bank customers in Switzerland tend to be progressive with their payment behavior, they prefer to stick with the tried and tested when choosing their bank. In the banking country of Switzerland, traditional finance houses are trusted far more than their digital counterparts.
According to a survey by the Boston Consulting Group, over half of those surveyed, 55 percent, think their money is safest with a traditional bank. However, only 18 percent would trust the digital banks. This is the lowest value among the respondents in all countries.
Concerns about digital means of payment are still great – despite the current increase. According to Comparis, two out of three Swiss people have security concerns if their cards are lost and 55 percent do not trust that the systems will always function properly from a technical point of view.
Every second person still wants cash
Also, every second person still rejects the idea of a complete abolition of cash. Many feared that digital payments would be monitored too closely, they say.
According to the information provided by the market research institute Innofact, the Comparis online survey was carried out among 1,011 people in all regions of Switzerland in July 2020. In the study by the Boston Consulting Group, 11,600 people in 30 countries, 514 of them in Switzerland, were interviewed.
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