Swiss National Bank Survey Reveals Citizens Prefer Debit Cards To Cash At The POS
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Recent data from a survey conducted by the Swiss National Bank revealed that in Switzerland, debit cards have finally overtaken cash as a preferred method of payment among consumers. The survey questioned over 2,000 adults from the country, and many of the participants recorded their everyday payments in the payment diary they were leading for the study.
They recorded their shopping habits for a period of one week, but while it is a fairly short period, it was enough for researchers from the Swiss National Bank to record certain patterns in consumer behavior.
The accompanying survey found that there has been a major shift in the way people make payments at physical Point of Sale (POS) terminals. Consumers have started preferring making cashless payments via a variety of methods, and this shift has been continuing for some time.
Now, the research suggests that debit cards have finally become the most frequently used payment method, overcoming cash which was the dominant form of payment for many years.
Another highly popular option is mobile payment apps, which are typically used for almost one in five payments at physical POS terminals these days.
95% Of The Swiss Population Wants Cash To Stay Available
Interestingly enough, despite this development and the fact that non-cash payment methods are becoming more common than cash itself, 95% of the population still feel a strong connection to cash, and they want it to continue to be available as a payment method.
Only a very small portion of Swiss citizens are in favor of abolishing cash entirely and relying solely on cards, apps, and similar payment methods. This is not surprising, given that there are still many who prefer owning and using physical money, rather than having numbers on an account.
The study has also found that most often, cash is used by people over the age of 55, but also those with lower incomes. Having cash in hand helps them with getting a better overview of the money they have, and the spending that they can afford to do. Plus, cash offers a certain dose of anonymity when making payments, as those transactions cannot be traced, as no private information is disclosed.
On the other hand, cards and apps provide convenience, but every electronic payment can be traced, thus removing the privacy element.
