Switzerland Cashless Behaviour To Change Permanently
Switzerland had an estimated population of 8,654,622 as of the middle of 2020, according to UN data. Based on Worldometer elaboration of the latest UN data, Switzerland had a population of 8,695,315 as of February 22, 2021, with 74.1% living in urban areas, mainly Zurich and Geneva. The median age of the population is 43.1 years. Switzerland had approximately 8.42 million active internet users as of January 2021, according to Data Reportal.
The high internet, banking, and smartphone penetration rate means Switzerland will have a smooth planning to establish an e-commerce market. The average annual revenue per paying user in Switzerland amounted to $2,623 in 2020, according to the PPRO Report. Most cross-border e-commerce purchases by Switzerlandian shoppers are of products from China, Germany, and the United States.
In 2020, most Swiss shoppers prefer to pay with cards, followed by cash, bank transfers, and other payment methods. For cashless payments, the three big players are Visa, American Express, and Mastercard..
According to IMF data, Switzerland had a gross domestic product of $704.83 billion in 2019, which only grew to to $707.87 billion in 2020 due to the pandemic. As the economy continues to recover, Switzerland's GDP is expected to expand to about $790.66 billion in 2021.
Internet & mobile phone trends
According to Statista, the 98.9% majority of internet users in the country were aged 14 to 19 years old as of 2020. According to Datareportal, there were 8.42 million internet users in January 2021, which had increased by about 146 thousand (+1.8%) from 2020, with an internet penetration rate of 97.0% in January 2020. Meanwhile, 80% of the population had smartphones in 2020.
According to the PPRO Report, 98% of Swiss had bank accounts in 2020, and 65.5% of them were credit card holders.