Zürich (Business Emerge), October 9: Despite the growing presence of cashless payment systems, cash remains the dominant payment method for Swiss businesses, according to a recent survey conducted by the Swiss National Bank (SNB). Of the 770 companies surveyed, including retailers, public transport providers, service businesses, and cultural venues, 98% still accept physical money. Many companies attribute this to the resilience of cash during crises and its cost-effectiveness compared to digital payment methods.
While public transport companies are gradually moving toward reducing their acceptance of cash due to the operational costs involved, such as handling and returning excess funds, cash continues to hold strong among Swiss businesses. They argue that the fees for bank services and cash-transport companies are too high, and with the number of cash machines and branches dwindling, maintaining cash infrastructure is becoming increasingly challenging.
Interestingly, Switzerland stands in contrast to other nations like Sweden, which have significantly reduced their reliance on physical currency. The survey indicates that Swiss customers continue to value the option to pay in cash, highlighting the nation’s cultural affinity for money, including the CHF 1,000 note, one of the highest-value banknotes globally.
Moreover, the number of physical bank branches has fallen by 21% over the past decade, and this trend is expected to continue as major financial institutions consolidate their operations. For instance, UBS plans to close 85 branches by 2025 following its acquisition of Credit Suisse.