Switzerland Profile: Switzerland Cashless Behaviour To Change Permanently

21 Nov, 2020 . 4 minutes

Switzerland’s population was estimated at 86 million in June. The average highest online spending is from the 25-years-to-34-years age group at 27.3 percent last year. B2C ecommerce users are expected to grow 5.6 percent a year and are expected to increase to 6.3 million users this year.

Internet penetration rose to 96 percent in January - or up 6.8 percent from 2019. B2C ecommerce users are expected to have an average transaction of US$2,034.9 per user and total transactions are expected to be US$12.92 billion by the fourth quarter of 2020.

Cash is no longer popular in Switzerland. ATM withdrawals fell nearly 50 percent between March and mid-April. Contactless payments and online payments increased as the lockdown started on Mar. 16. Switzerland is ready to introduce quick-response bill payments as an alternative at the end of June. The QR-bill will replace seven different payment slips with a digitally readable code. More people have learned to use alternative payments and the cashless behaviour is expected to change permanently.

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