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Paying in Switzerland – The debit card is the preferred payment method – News

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Paying in Switzerland – The debit card is the preferred payment method – News

In 2023, the debit card was again the most important means of payment in Switzerland. The second most common method of payment in Switzerland in 2023 was cash. In third place are mobile devices such as mobile phones, tablets or smartwatches.

In 2022, cash displaced debit cards from the top spot after two years. The number of cash payments fell in 2023 for the first time since the Covid-19 pandemic in 2020, as shown by the tenth Swiss Payment Monitor published on Thursday by the Zurich University of Applied Sciences (ZHAW) and the University of St. Gallen.

Cash payments fell by 3.2 percent and still accounted for a quarter of transactions. Payments via devices follow closely behind cash at 23.3 percent. Leader debit card continued its advance with 29.3 percent in 2023, after 29 percent of sales the previous year.

Difference between debit card and credit card

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Colloquially, a debit card is also called a bank card or EC card. You can use it to withdraw cash from ATMs or pay for goods and services without cash. In contrast to credit cards, with a debit card the booking is deducted directly from the account.

The debit card was ahead both when paying on site with 41.2 percent and with 37 percent in the number of transactions. When it came to paying on site, the so-called face-to-face business, the credit card followed with a share of 29.1 percent and was in third place in terms of transactions. This includes transactions with e-wallets such as Apple Pay or Samsung Pay, where a debit or credit card is stored.

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One in three credit card payments and 13 percent of debit card payments are now made using mobile devices. At 29.2 percent (minus 2.9 percentage points), customers paid on-site with cash the second most frequently. Twint payments from bank accounts – mobile payments in the truest sense – only increased slightly to 7.2 percent in face-to-face business. According to the monitor, there was strong growth between November 2022 and May 2023.

It’s harder to get cash

84 percent of people surveyed for the monitor rated access to cash as good. However, 46 percent noticed a deterioration in recent years, as the Monitor authors also reported. On the question of abolishing cash, the proportion of undecided people fell significantly. 44.3 percent were clearly against the abolition of cash, with the proportion being higher among older people. But rejection also increased significantly among younger people. 61 percent welcomed the introduction of an obligation to accept cash. 1,700 representatively selected people were interviewed for the monitor.

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