Switzerland loves credit card but cash is better

In Switzerland there are more than six million credit cards, nevertheless the cash continues to be the favored payment method in the country. However, they are very popular in Ticino: according to a survey, 38% prefers to banknotes and coins when go shopping.

However, about half of the Ticino and the German-speaking Swiss continues to prefer cash to credit and debit cards. In Romandie the majority prefer to pay with a debit card rather than with cash or credit card, according to the results of the survey conducted by the GfK market research.

In general, over 60% of respondents indicated they use the card for purchases on Internet while only 5% does not use it for online shopping. To pay the hotel, almost half of respondents are using your credit card.

The situation looks different for purchases of all days: only 25% say to use the credit card "always" or "usually" for this type of shopping. The survey results show, however, that its use is proportional to the expense: for purchases over 300 francs, the percentage of those who prefer the credit card has risen to nearly 40%.

Credit card is not very popular among young people: only 14% of those under 30 consider it the preferred payment method, while among the other age groups (30-49 years and 50- 74 years), this value stood at 30%. For withdrawals uses these means "always" only 1% of young people, while in the over fifty-end is almost one in ten people to do so. "The young generation that uses the credit card seems to be well aware that use it to withdraw money is proportionally more expensive," says Marc Parmentier, bank expert at comparis.ch.

"The entry of Apple Pay in the Swiss market should still give a big boost to cashless payment," Parmentier believes. "The widespread use of iPhones in Switzerland will contribute to the success of Apple Pay, in case that the new technology is accepted by customers."

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