Swiss Companies Hold Onto Cash Despite Global Cashless Trend

The Swiss National Bank reports that cash remains widely accepted by Swiss businesses despite global trends favoring cashless payments. A survey reveals 98% acceptance of cash among diverse Swiss companies, reflecting the persistent importance of physical money in Switzerland, even as branches and cash machines decrease.

Cash remains the most widely accepted payment method for Swiss businesses, according to a statement released by the Swiss National Bank (SNB) on Wednesday. Despite intentions by some companies to reduce their acceptance of bills and coins, cash is still accepted by 98% of companies surveyed.

The survey included various entities such as retailers, public transport, service providers, and cultural facilities, indicating a strong preference for cash due to customer demand and its reliability during crises. Companies view it as a cost-effective option compared to cashless transactions.

The SNB's findings stand in contrast to other nations like Sweden, which has largely moved towards a cashless economy. While digital payment systems are slowly making inroads in Switzerland, factors like associated banking costs and reduced availability of cash machines pose challenges.

(With inputs from agencies.)