Switzerland increasingly cashless, SNB seeks fairer system

Contesto

In brief - Cash is used in 30% of transactions at the till - Payment apps account for 20% - The SNB warns about the risks of market concentration ## Key facts - What: Use of cash and payment apps - When: 2024 data - Where: Switzerland - Who: Swiss National Bank (SNB) - Amount: 30% cash, 20% payment apps Cashless payments continue to gain ground in Switzerland. According to the periodic surveys by the Swiss National Bank (SNB), cash is now used in approximately 30% of transactions at the till, while payment apps – with Twint leading the way – have reached 20% of operations. This scenario was highlighted by Petra Tschudin, a member of the SNB's Executive Board, in a recent speech in Zurich, where she also issued a clear warning: market concentration in digital payments is a real risk and requires targeted interventions. ### The three speeds of payments in Switzerland The retail payment landscape has transformed rapidly over the past decade. The 2024 SNB survey – the most recent with complete data – provides a precise picture: debit cards are the most used means, accounting for 35% of purchases; cash holds 30% of in-person transactions; payment apps reach 20% and credit cards the remaining 14%. For comparison, in 2017 cash was still at 70%: a shift of forty points in seven years, unprecedented in the history of Swiss payments. ### The risk of concentration It is precisely on apps and payment networks that the most interesting game is being played. According to the SNB, the Swiss market is currently dominated by four major players: Mastercard, Visa, PostFinance, and Twint. A concentration that carries with it the risk of an oligopolistic drift, with effects on competition, commissions, and ultimately on costs for merchants and consumers. ### The SNB's intervention F...

Dettagli operativi

Implications for cross-border workers The transition towards an increasingly digital payment system has significant implications for cross-border workers employed in Switzerland. With the rise in the use of payment apps and debit cards, it is crucial for cross-border workers to be aware of the available options and associated costs. For instance, using Twint or other payment apps can offer advantages in terms of convenience and speed, but it is important to compare the fees and conditions offered by different providers. ### Comparison of payment methods To help cross-border workers navigate this landscape, it is useful to compare the different payment methods available. Here is a comparative table showing the pros and cons of each method: | Payment Method | Advantages | Disadvantages | |-----------------|----------------------------|---------------------------------| | Cash | Anonymity, no fees | Less convenient, risk of theft | | Debit Card | Convenient, widely accepted | Possible fees, risk of fraud | | Payment App | Speed, convenience | Dependence on technology, fees | | Credit Card | Rewards, consumer protection | High fees, risk of debt | ### Future scenarios With the evolution of the payment system, various future scenarios can be envisioned. An optimistic scenario sees a more equitable and competitive payment market, with greater choice for consumers and lower costs for merchants. However, a pessimistic scenario could lead to increased market concentration, with a few dominant operators dictating the terms. ### What to do now For cross-border workers, it is important to keep up with changes and adopt new payment technologies. It is advisable to explore the different option...

Punti chiave

Concrete steps for cross-border workers 1. Evaluate payment options: Compare fees and conditions offered by different payment service providers. 2. Adopt new technologies: Experiment with payment apps like Twint and other digital platforms. 3. Monitor regulations: Stay updated on BNS decisions and any regulatory changes. 4. Compare costs: Use comparison tools to assess the costs associated with different payment methods. 5. Protect personal data: Ensure the use of secure payment platforms and protect personal information. ### Useful tools To help cross-border workers navigate the complex world of digital payments, Frontaliere Ticino offers a series of useful tools. Among these, the salary calculator can help compare the costs associated with different payment methods and plan expenses. Additionally, the digital payments guide provides detailed information on the available options and the steps to follow to make the best use of new technologies. ### Conclusion The transition to an increasingly digital payment system offers both opportunities and challenges for cross-border workers. With the right information and adequate tools, it is possible to successfully navigate this new landscape and take advantage of new technologies. Staying informed and adopting a proactive approach are fundamental to addressing the ongoing changes. Source: tio.ch

Punti chiave

{"q":"What are the main payment methods in Switzerland?","a":"The main payment methods in Switzerland include cash, debit cards, payment apps like Twint, and credit cards. Each method has its own advantages and disadvantages, and the choice depends on individual needs."},{"q":"How can I compare the costs associated with different payment methods?","a":"You can use comparison tools like the [salary calculator to evaluate the costs associated with different payment methods. Additionally, it's useful to monitor the fees and conditions offered by different providers."},{"q":"What are the implications for cross-border workers?","a":"Cross-border workers must be aware of the available payment options and the associated costs. It's important to adopt new payment technologies and monitor any regulatory changes to best handle the ongoing changes."}]

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