Switzerland's Love for Cash: Why Mobile Payments Are Stalling

In Switzerland, a country known for its financial acumen, the use of mobile payment apps stalled last year, according to a survey by the Swiss National Bank (SNB). Despite technological advances, cash remains a preferred method for in-person transactions, with a vast majority of Swiss respondents expressing a desire to keep using physical currency.

The study revealed that mobile payment apps like Twint and Apple Pay accounted for just 17% of transactions in 2025, down from 18% in 2024. Debit cards took the lead with 37% of transactions, while cash was used in 30%, maintaining its standing from the previous year. This trend underscores a continued preference for cash due to its anonymity, as noted by Marcel Stadelmann, a payments researcher at the Zurich University of Applied Sciences.

Stadelmann pointed out that the inertia in mobile app usage is not due to a lack of adoption but rather a saturation that needs a significant trigger for a shift. Factors such as instant payments offering convenience or real-time spending feedback could incentivize digital payment adoption. Meanwhile, the SNB continues to see value in traditional currency, unveiling plans for new banknotes to circulate in the 2030s.