Blockchain technology is a game changer

The Swiss are increasingly relying on the use of digital payment options. This is shown by the results of the second edition of the Visa Payment Monitor in Switzerland. According to the representative survey of 1,000 people in Switzerland, two and a half years after the start of the pandemic, a growing majority of Swiss people (77%) compared to 2021 are convinced that changing payment habits is not a temporary phenomenon, but will also prevail in the future.

One in two Swiss now think that in five years it will no longer be common to pay in cash (50%), three in ten already avoid shops if cashless payments are not possible there (30%).

What matters is speed and safety

When it comes to paying, consumers always value speed, a good overview of spending and independence from ATMs. For two out of three Swiss, fast payment is crucial (64%) – and the trend is rising from German-speaking Switzerland to French-speaking Switzerland. At the same time, the intensive use of recent years has increased confidence in digital payments:

When shopping online, 13% are very concerned about data breaches, down 6 percentage points in just one year. In brick-and-mortar retail, only 9% are still very concerned about data mining this year. Consumers attach particular importance to security when making cashless payments. What 91% of Swiss appreciate most about card payments is that they get their money back for unauthorized payments.

Conclusion of VISA: The innovations that the Swiss payments market constantly produces are used and appreciated by people. More than two and a half years after the start of the pandemic, it is clear that the trend towards accelerated digital payments has not been a flash in the pan. Consumers continue to value fast, secure and reliable payment options that go beyond traditional cash and plastic cards.

Mobile payment is growing

Contactless payment has firmly established itself in Switzerland. 90% of Swiss people now pay this way. The growth compared to 2021 is only weak and is more pronounced in French-speaking Switzerland. The growth is clearer when it comes to mobile payments in brick-and-mortar retail: Across Switzerland, the proportion of people who paid in-store by putting their smartphone or wearable devices on the table rose to 28% ( +3 percentage points).

This is quite normal for Generations Y and Z: 44% of people under 35 already use their mobile device to pay at the checkout. Usage frequency among people making mobile payments also increased from the previous year. One in two people already use their mobile device at the checkout several times a week (+9 percentage points) and the recommendation rate is also increasing: almost 9 out of 10 mobile payers would recommend mobile payment to their friends (87%).

In German-speaking Switzerland, smartphones overtake wallets

The smartphone is becoming more relevant overall than the wallet: if they had to choose between the two, the German-speaking Swiss would now choose their mobile phone more (51%, or +7 percentage points) than their wallet (47%). In French-speaking Switzerland, it is the opposite: here the wallet (52%) beats the mobile (41%).

Trust in online payments increases

The intensity of use of mobile devices in online commerce is even greater than in physical commerce. Two-thirds of consumers (65%) have now purchased goods or services over the Internet using smartphones or otherwise. This corresponds to a growth of 7% for the whole of Switzerland. As in the previous year, German-speaking Switzerland is in the lead in this respect: 66% buy mobile phones on the Internet (+ 6 percentage points).

The heavy use of online channels in the wake of the pandemic has improved the reputation of online shopping: 22% say they are more positive about online payments today than before the start of the Covid-19 pandemic and 32% shop online more often. In general, almost everyone (97%) now shop online at least occasionally – more than six in ten regularly.

Cryptocurrencies: Switzerland clearly number one in the DACH comparison

According to the Visa Payment Monitor 2022, almost a quarter of Swiss (23%) own cryptocurrencies. Among those under 35, it is almost one in two (44%). For many cryptocurrency owners, digital currencies are not just an investment: more than a third (38%) have already used them to make payments and one in four even assumes that in five years it will be quite normal to use digital currencies in everyday life. to pay.

Strikingly, cryptocurrencies are particularly popular with men – statistically, men own digital currencies almost three times more often than women (32% vs. 13%). Compared to German and Austrian consumers, both women and men are clearly ahead. In Germany, only 7% of people own crypto assets and only 14% of them have paid with them. In Austria, 14% of people own cryptocurrencies and 37% of them have already paid with it.