The Swiss pay more with Twint – cash is no longer the most popular means of payment

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The hygiene situation during the pandemic means that more and more people are paying with cards. The Twint payment app is also becoming increasingly popular.

Payment behavior in Switzerland has changed due to the tougher hygiene conditions: Twint has received a boost and cash is used less often.

Photo: Christian Beutler (Keystone)

The Swiss love for 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 comparison service Moneyland The survey carried out and published on Tuesday no longer regards cash 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 do not want to do without it in 2021 – a year ago it was 78 percent.

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.

Read about it: Over three million users – why Twint is so successful.

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.

Cash remains the trump card in the store

Cash is still very popular for in-store payments in Switzerland. 98 percent of those surveyed still use cash here: 17 percent rarely, 47 percent occasionally and 34 percent often. 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.

Read about it: How you save fees as a bank customer.

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.

SDA / oli





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https://www.tagesanzeiger.ch/bargeld-nicht-mehr-beliebtestes-zahlungsmittel-325820413450

Swiss pay Twint cash longer popular means payment

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