Zurich (awp) – The vast majority of companies continue to accept cash payments to meet the wishes of their customers, according to a survey by the Swiss National Bank (SNB). However, a large number of public transport companies are considering limiting cash acceptance in the coming years.
Accepted by 98% of the companies surveyed, cash constitutes the most accepted means of payment in the everyday consumer sectors, reveals the BNS in a study published on Wednesday. The reasons given are that customers want to pay in cash. Additionally, cash is crisis-proof and a cheap alternative to non-cash payment methods.
Around 770 companies participated in the survey. Those surveyed included large retailers, public transport companies, restaurants, hotels, service providers such as hairdressers and dentists, as well as cultural and entertainment institutions.
Although cash remains the most widely accepted payment method, it is under pressure: many public transport companies are considering limiting cash acceptance in the coming years, partly due to the costs and effort required for the return of excess cash, writes the SNB.
Businesses explained that the services provided by banks and cash conveyors were too expensive and that there were too few ATMs and tellers. They also believe that the service offering is limited in certain places. For example, it is not possible to make payments everywhere.
Infrastructure must adapt
After cash, businesses most commonly accept debit cards. Credit cards come third, ahead of payment apps.
The SNB concludes on the basis of the responses obtained that the wishes of companies must be taken into account by all actors involved in the circulation of cash, namely banks, the Post Office, cash transport and sorting companies and the SNB herself. The infrastructure in particular must be configured in such a way as to guarantee the accessibility of cash services as well as their effectiveness in terms of costs. “Only in this way can broad acceptance of cash be maintained in the future,” writes the SNB.
cw/lf
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