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

Despite the rise of mobile payment apps, cash remains a dominant payment method in Switzerland. The Swiss National Bank's survey highlights a preference for anonymity and control offered by cash, even as debit cards lead transactions. Mobile app growth has plateaued due to widespread adoption and needs for more user incentives.

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.