Electronic challenge to cash grows in Switzerland

Swiss consumers are slowly embracing new forms of electronic payments technology, but it may still be some time before they wean themselves off cash, particularly for smaller purchases. These are the findings of the latest annual Swiss Payment Monitor that asks 1,000 people exactly how they part with their hard-earned money. The results show more people using contactless debit cards – 54% compared with 34% last year. Contactless debit cards were introduced in Switzerland in 2015 and now account for 71% of all such cards issued. Contactless chips can be found in 95% of credit cards, having made their Swiss debut in 2007. The CHF1 billion ($1 billion) barrier spent with contactless debit cards was broken for the first time in Switzerland in May. But this still represents only a quarter of the total volume of money spent in stores, restaurants and the like with this type of plastic. Cash remains king among consumers for items valued at CHF20 or less. Unlike Sweden, which some ...