Cash is slowly being replaced by other means of payment in Switzerland. Mobile phones however haven’t been able to make great inroads yet.
It’s a first: in the annual survey by Comparis.ch, Swiss consumers said they preferred debit cards. Cash is losing its appeal.
The reason behind the change is the introduction of the contact-free payment functionality four years ago. With this option, cards gained the upper hand over the use of cash.
Not Compatible
The speed of use is what makes people choose their preferred payment method – and is the reason for the failure of smartphone applications to edge out debit and credit cards.
Also, the payment application available in Switzerland are not compatible, making it less attractive to adopt for consumers.
Smartphone May Soon Catch Up
Twint, the solution offered by the banks in Switzerland, has a fast transmission functionality – and it is this service that makes up for about half of all transaction made with Twint.
Many of the people surveyed (43 percent) expect mobile payment solutions to become the preferred option in future, despite the current problems in establishing a proper foothold. And the percentage of consumer who expect plastic cards to slowly lose their advantage is also rising.
