The pandemic has boosted the use of bank cards and smartphones in Switzerland. One in four people have no cash left on them at all, research shows.
According to a Comparis survey, nearly a quarter of Swiss consumers avoid using card terminals for fear of the risk of contagion. (illustrative image)
KEYSTONE
The health crisis has changed the payment habits of the Swiss. Due to the rules of physical distancing, contactless solutions – by means of a card or a smartphone – have experienced an unprecedented popularity, according to a study by Comparis.
Due to the coronavirus, one in four people in Switzerland no longer have any cash on them at all. Card issuers have “really boosted contactless payment” by raising the limit for contactless payments from 40 to 80 francs last April, points out Michael Kuhn, Consumer Finance expert with the online comparator.
Regularly used smartphone
According to the representative survey released on Friday, 75% of those polled said they used contactless payment, up from 60% last year. In more than two-thirds of cases, purchases are paid for with a credit or debit card.
The smartphone is used regularly by 7% of respondents to pay for purchases at the checkout, against only 2% last year. Almost one in three consumers make a payment through this at least once a week, reports Comparis.
A comparison of payment habits in spring 2019 with those observed since the introduction of containment measures last March shows that the use of cash is in sharp decline in the population. Before the lockdown, 39% of those polled used cash daily to pay for purchases, a share that has dropped to 25%.
Fear of handling cash
More than 42% of those surveyed give up handling cash for fear of the risk of contagion, and around a quarter said they avoid using card terminals. The complete disappearance of cash transactions, however, remains unthinkable for a narrow majority.
The reservations against digital means of payment remain significant. Two in three respondents doubt the security of data if the card is lost, and 55% do not believe that systems can function without technical problems.
The survey carried out last month on behalf of Comparis was conducted among a sample of more than 1,000 people from all regions of the country.
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