Switzerland Remains Committed to Cash
The Swiss National Bank (SNB) has reiterated its commitment to cash and freedom of payment choice, saying that despite a rise in digital payment options, physical money remains popular.
Speaking at the Financial Stability Forum in Liechtenstein in late 2022, SNB’s Deputy Director Martin Schlegel underscored the importance of cash for keeping spending under control, providing privacy and no disclosure of personal data, and ensuring everyone can choose how they pay on a transaction by transaction basis.
I’m convinced that cash will exist for a long time to come… With coins and banknotes, you literally have your spending under control.
Highlighting the importance of free choice when it comes to spending, Schlegel noted ‘the prerequisite for this is that the cash supply works well every day.’
Recent data from the biannual Swiss Payment Monitor supports SNB’s belief in the importance of cash to Swiss society. It noted the proportion of people carrying cash—around 86 percent—remained relatively stable over the course of the pandemic, while the number of people keeping significant cash holdings at home—nearly 59 percent—was unchanged from the previous report.
Data from a survey by management consultancy Strategy& adds that 35 percent of Swiss cite cash as their preferred payment method, with cash usage around the same for younger people (under 35 years of age) as it is for older generations.