Debit cards have overtaken cash as the favoured payment method among consumers in Switzerland.
The data come from a survey of 2000 adults conducted by the Swiss National Bank. As part of the study, participants recorded their everyday payments in a payment diary for a period of one week.
The survey found that for payments at a physical point of sale (POS), the shift from cash to cashless payment methods is continuing, with debit cards now cited as the most frequently used payment method.
Coming up on the rails are mobile payment apps, which are now used for almost one in five payments at physical POS.
Despite this development, 95% of the population want cash to continue to be available as a payment method. Only a very small proportion are in favour of abolishing cash.
Cash is used most often by people over the age of 55 and those with lower incomes. Those who use cash often especially appreciate the good overview it offers of their spending and that no data is disclosed when making payments.