Cashless Switzerland: between future vision and tradition

Cashless Switzerland: between future vision and tradition

Imagine this: A Swedish tourist wants to pay for a coffee in a Swiss mountain village and pulls out her smartphone as a matter of course. The waitress smiles and points to a sign: "Cash payment only". A culture shock for the Swede - in her home country, over 80 per cent of all payments are already digital.


The opposite happens in the restaurant next door: a German tourist wants to pay in cash, while the waitress kindly asks: "Do you use TWINT?" The confused look on the guest's face speaks volumes - he has never heard of the Swiss payment app, which has long been part of everyday life here.


These small scenes show an interesting contrast: Switzerland of all places, a global financial centre and innovation hub, is holding on to cash in many areas. At the same time Digital payment methods are rapidly gaining in importance. We in Switzerland are going our own way; with a surprisingly balanced mix of digital payments and traditional methods. Exactly this Swiss mix of digital and traditional we are taking a closer look at today.

Table of contents

How we pay in Switzerland today: a country in transition

What does the current payment situation in Switzerland really look like? Two recent studies come to different conclusions:

ZHAW Swiss Payment Monitor:

  • Cash: 29% of daily payments
  • Debit card: 27% of payments
  • Credit card: 18% of payments

Swiss National Bank (SNB):

  • Debit card: 35% of payments
  • Cash: 30% of payments
  • Mobile payment apps: 18% of payments
  • Credit card: 14% of payments

By value of transactions:

A look at the amounts of money shows a different picture:

  • Debit cards: 28% of the turnover
  • Credit cards: 27% of the turnover
  • Cash: only 17% of the turnover

 

These figures make it clear: Cash is mainly used for small amounts of less than 20 francs. Most Swiss people use a card for larger purchases.

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The TWINT revolution and its limits

TWINT has established itself as a Swiss success story. The mobile payment app accounts for around half of all mobile payments in Switzerland and is now more widely accepted in many shops than traditional cards. Especially the 14 per cent of the Swiss populationwho are considered "mobile payers" - they process more than 75 per cent of their payments via mobile devices - have discovered TWINT for themselves.

Why we still don't want to give up cash

The continued importance of cash in Switzerland is no coincidence. Almost the entire population (96 per cent) carries cash in their wallet or keeps it at home. There are many reasons for this:

  • Cost control: Cash offers immediate visual control over spending
  • Data protection: No traces in the digital system, absolute anonymity
  • Reliability: Also works without power or internet connection
  • Accessibility: Usable for all population groups, regardless of technical knowledge
  • Freedom and independence: Swiss values are also reflected in payment behaviour

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Bank Cler and Zak: the best of both worlds

In this area of tension between digital innovation and traditional payment habits, Bank Cler has developed a particularly innovative solution with its neobanking app Zak. balanced solution created. Zak combines the advantages of modern banking technology with an understanding of Swiss payment preferences.

A central element of this strategy is the Seamless integration of TWINT in the Zak app. You can make TWINT payments directly from the app, which makes your everyday life much easier. This combination is tailored to the needs of Swiss consumers: We want to be able to pay digitally, but at the same time we like to keep control of our finances using established payment methods.

Particularly practical: as a Zak customer, you have access to the extensive Bank Cler ATM network and can withdraw cash free of charge throughout Switzerland. This means you can choose between digital payment methods and cash at any time - according to your personal preferences.

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Advantages in everyday life

The combination of banking and TWINT in one app offers you tangible benefits:

  • Keep an overview: All your payments - whether TWINT, card transaction or bank transfer - at a glance
  • Time saving: No need to switch between different apps
  • Flexibility: Choose the right payment method depending on the situation
  • Instant Payments: With Zak's own instant function, you can send money to friends or family in seconds

 

The Zak app shows that modern banking doesn't have to mean throwing established habits overboard. Instead, it's about giving you Freedom of choice and have the right solution for every situation. By the way: Zak Sparen currently also offers very Attractive interest rateswhich is an added bonus in this day and age.

The Swiss way in international comparison

A comparison with other countries clearly shows the typical Swiss middle ground when it comes to payments. While Sweden is already planning to become largely cashless by 2030 and the use of cash has fallen sharply in the Netherlands, Switzerland is more similar to other German-speaking countries, which traditionally have a higher affinity for cash.

This balanced approach reflects Swiss values:

  • Self-determination: The freedom to decide how to pay remains with the individual.
  • Pragmatism: What works is kept - even if it is not always the most modern
  • Security awareness: Various payment methods offer security through redundancy
  • Inclusion: A mixed system enables all population groups to participate

 

Zak and Bank Cler epitomise this balanced approach. They do not force customers into a purely digital corset, but offer solutions that suit the actual payment behaviour of the Swiss.

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Practical tips for your everyday life

Everyday life shows how useful a Mix of different payment methods can be. Fast digital payment is practical for small amounts at the bakery or kiosk. For larger purchases, a debit card is a good option. And sometimes cash is simply the most straightforward solution - for example, if you want to strictly control your spending for a specific purpose.

I too am now a Predominantly digital payer and carry out almost all my daily transactions cashless. Nevertheless, I always have a small supply of cash with me - as a reserve and for unforeseen situations. This mix gives me a feeling of security and flexibility.

Why cash remains important for all of us

Even though digital payments are convenient, there are good reasons why I personally prefer a Advocates of cash retention am:

  • Privacy: Cash is the only payment method that leaves no digital traces. In a world in which our data is increasingly being collected, cash offers an important freedom. Even if you personally "have nothing to hide", the mere existence of this payment option protects our social freedom. It sets limits to the surveillance potential of the state and companies - the mere possibility of using cash gives us a space in which our financial decisions can remain private.
  • Crisis security: Cash continues to function in the event of power failures, system malfunctions or cyber attacks. The events of recent years have shown how important such backup systems can be.
  • Financial education: Handling physical money is an important learning process, especially for children. The value of money becomes more tangible when you actually hold it in your hands. If you would like to teach your children how to handle money, you will find the following in our Child account comparison valuable tips on choosing the right account.
  • Inclusion: Not everyone can or wants to use digital payment methods. A functioning cash system ensures that nobody is excluded.

 

Of course, the cash infrastructure entails costs for us as a society. But I believe that this investment in our financial freedom and security is absolutely justified.

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The future of payment in Switzerland

The available data indicates that Switzerland will continue to be a Mixed payment system will be maintained. The Swiss Payment Monitor shows that the decline in cash use has slowed significantly in recent years: While between 2017 and 2020, the proportion of payments made in cash fell by an average of 9 percentage points per year, the annual reduction in the following years was only around 3 percentage points.

This development confirms what many experts were already predicting in 2019: Cash will continue to exist in Switzerland, even if electronic payments become more and more common. The exact balance between traditional and digital payment methods will continue to evolve, but the typically Swiss middle ground will remain. Even more recent developments, such as the Swiss National Bank's deliberations on a possible digital franc, are unlikely to fundamentally change this middle ground.

At the same time, changes in the infrastructure are also becoming apparent: the SNB has found that many Public transport companies plan to stop accepting cash or only accept it to a limited extent in the next few years. This emphasises the growing importance of digital payment solutions such as Zak with TWINT integration.

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Conclusion: Paying the Swiss way

Switzerland is going its own way between digital payment future and cash tradition. We value the advantages of both worlds and pragmatically choose the most suitable solution in each case. Offers such as Bank Cler's Zak app with its TWINT integration fit perfectly with this typically Swiss approach.

They allow us to utilise the advantages of digital payment methods without having to give up traditional payment channels. At a time when extremes often dominate the debate, Switzerland is showing that a Balanced middle ground is not only possible, but also sensible.

Would you like to find out more about different payment methods and financial solutions in Switzerland? In our comprehensive bank comparison you will find all the important information about Swiss banks. Also of interest is our article on Tipping in Switzerlandwhich explains the local customs. And if you want to know how to earn money online we also have a helpful guide on this topic.

If you would like to experience the benefits of the combination of a modern banking app and integrated TWINT functionality for yourself, you can visit find out more about the Zak app here and open your own account. With Schwiizerfranke you even receive 50 francs starting credit as a new customer!

Transparency notice: This article was created in collaboration with Zak from Bank Cler. The content and presentation have nevertheless been freely and independently designed by Schwiizerfranke.

The information on Zak is intended exclusively for persons domiciled in Switzerland. A Zak account can only be opened with domicile in Switzerland.

Sources

Financial author Eric Marschall certified investment advisor (IAF) independent financial expert Switzerland - certified financial expert switzerland
About the author

Eric is the founder of Schwiizerfranke.com and certified IAF wealth advisor. Since 2019, he has been helping Swiss citizens to organise their finances comprehensibly, independently and efficiently.

More about Eric & Schwiizerfranke

📌 Note: This article is for information purposes only and does not constitute personalised investment advice.

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