Though the early 2020s saw the rise of card, mobile and Twint payments in Switzerland, a new study from the University of St. Gallen has shown that cash and coins do not have anything to worry about yet. They found that in the last year, opposition to scrapping cash has grown to the point that nearly nine in 10 residents are against the idea.

Swiss coins and banknotes are here to stay, survey suggests

The university found that 88 percent of residents of Switzerland are against abolishing cash. Sentiment against going cashless has grown significantly since the previous study in 2023, when just 72 percent of those surveyed opposed the idea.

The biggest pro-cash feelings were among elderly residents, with 96,1 percent of those over 60 against getting rid of Swiss franc cash and coins. The biggest jump in opposition was felt by those between the ages of 40 and 49 years, having risen from 60 percent in 2023 to 87,4 percent in 2024.

Inflation and global instability spur support for physical cash

Generally speaking, the lower a person’s salary, the more likely they are to oppose getting rid of cash. Nine out of 10 respondents with an income of less than 4.000 francs a month were against the idea. By contrast, the highest support was found among those who earn 12.000 francs a month or more - though even here, only a quarter were in favour.

Speaking to SwissInfo, University of St. Gallen expert Sven Reinecke argued that global instability tends to put consumers off the idea of getting rid of physical currency. "In times of crisis, people increasingly hoard cash as a store of value," he explained, adding that high inflation rates in 2022 and 2023 may have also spurned pro-cash support.

Cash the third most common payment method in Switzerland

However, while most are not in favour of doing away with cash, cashless systems are becoming increasingly dominant in Switzerland. According to the latest Swiss Payment Monitor by the University of Applied Sciences in Zurich (ZHAW), as of August 2024, payments by mobile phone are the most popular at 26,8 percent of all transactions made.

Physical debit cards followed with a market share of 26,2 percent, with cash now the third most popular payment method in Switzerland at just 25,7 percent.