Mobile devices have become the most popular payment method in Switzerland for the first time. This is the finding of the eleventh edition of the biannual Swiss Payment Monitor published by the ZHAW School of Management and Law at Zurich University of Applied Sciences (ZHAW) and the University of St.Gallen. The monitor surveyed a total of 1,700 people across Switzerland in April and May 2024.

In the past six months, the respondents processed 26.8 per cent of their payments via mobile devices such as mobile phones, tablets or smartwatches. This represents an increase of 3.5 percentage points compared to the previous six months. Non-mobile use of debit cards accounted for 26.2 per cent (-3.1 percentage points), while cash payments made up 25.7 per cent (+0.7 percentage points). However, debit cards remained the preferred payment method in shops at 30.1 per cent (-3.7 percentage points). This was ahead of cash at 29.9 per cent (+0.7 percentage points) and mobile devices at 20.1 per cent (+3.8 percentage points). Twint is the dominant mobile payment solution in Switzerland and its use continues to grow, according to the report.

The mobile devices category includes payments made with e-wallets such as Apple Pay, Samsung Pay or Google Pay. “The majority of e-wallets are still based on credit cards, which is why they are benefiting from the growth in mobile payments,” ZHAW payments expert Marcel Stadelmann is quoted as saying.

Only 11 per cent of respondents were able to answer all three knowledge questions about Bitcoin correctly. Nevertheless, almost 14 per cent of respondents hold Bitcoin, primarily men aged between 30 and 44 with a high household income and a high level of education. “Bitcoin holders are even more critical of cash than the average,” says Tobias Trütsch, payment economist at the University of St.Gallen. However, he adds, “anonymity is a potential advantage that links the two payment methods”.

Søren Mose will speak about these developments from the perspective of the financial sector at the Open-i innovation conference in Zurich this November. Mose is Chairman of the Board of Directors of Twint AG as well as Vice-Chairman of the SIX Group and Board Member of BlackRock Asset Management (Switzerland).

Open-i describes itself as a Swiss innovation community and dialogue platform for the economy and the science sector. The conference will bring together academic and economic experts on 21 and 22 November at Zurich Kongresshaus to secure Switzerland's leading role as an innovative and successful market. Open-i is organised by NZZ Connect, a branch of the NZZ based in Bern. Tickets are available now. ce/mm

Mobile payment takes top spot for the first time

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