© Keystone
Twint: An alternative to cash, especially for young people.

According to a survey, cash is for the first time not the most popular means of payment in Switzerland. Still, it remains important for a majority.

Mr and Mrs Schweizer’s love of cash has been dampened in the Corona crisis. It was first overthrown as a popular means of payment, according to a survey. On the other hand, people were increasingly turning to the Twint mobile phone payment app.

The corona crisis accelerated the trend towards cashless payments and, in particular, gave newer methods such as twint a tailwind. For the first time in a survey carried out by the comparison service Moneyland and published on Tuesday, cash is no longer viewed as the most important means of payment by the Swiss population.

At the top are now debit cards, which 73 percent of the respondents consider indispensable, followed by credit cards with 71 percent. Cash is only in third place: 67 percent still don’t want to do without it in 2021 – a year ago it was 78 percent.

Revolut card on the rise

Meanwhile, 53 percent do not want to do without the Maestro debit card, followed by Twint with a high 43 percent, as Moneyland continues to write. Before the Corona crisis in January 2020, it was only 26 percent who didn’t want to miss Twint. No other means of payment has grown so strongly. Twint is particularly popular with younger people: two out of three 18 to 25 year olds want to keep paying with it.

The Revolut card has also grown in popularity among the young. More than a fifth of 18 to 25 year olds use this as a means of payment in stores. Moneyland attributes their popularity primarily to the simple processes and the good usability of the Revolut app as well as the low fees.

In stores: cash first

Cash is still very popular for in-store payments in Switzerland, with 98 percent of those surveyed. But here, too, Twint has clearly gained ground during the Corona crisis. While in January 2020 only 36 percent of those surveyed used Twint in the store, it is now 48 percent.

A total of 1,503 people between the ages of 18 and 74 from German and French-speaking Switzerland took part in the online survey carried out by the market research institute Ipsos on behalf of Moneyland in January 2021.

(awp / gku)

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