Paying with Bitcoin in Switzerland

Cryptocurrencies have experienced remarkable growth over recent years. Once a niche product for technophiles, they became a much-coveted form of investment, sometimes achieving incredible price performance. With a slight lag, they are now entering the mainstream and playing an increasingly important role in daily life. So more and more people are asking themselves: where in Switzerland can I pay with Bitcoin or Ethereum? From paying for a cup of coffee with Bitcoin to settling your tax bill with Ethereum – the options available are wide-ranging and continually increasing.

Consumers can already make payments with Bitcoin in several hundred shops, cafés, restaurants and hair salons throughout Switzerland – from natural cosmetics from Eastern Switzerland to luxury watches in Geneva. Even the Italian luxury car manufacturer Ferrari has latched onto the trend: since early 2024, US customers have been able to use Bitcoin to buy these prestigious vehicles. You can find out exactly where cryptos are accepted on websites such as The link will open in a new window Coinmap and The link will open in a new window Bitcoinwide.

Zug and Lugano – pioneering cities

This development is being driven forward by cities such as Zug, whose municipal administration has accepted Bitcoin for the payment of fees since 2016. In 2021, the Canton of Zug followed suit – natural persons and legal entities have since been able to pay their tax bills in Bitcoin or Ether. The region known as Crypto Valley is certainly living up to its name.

The city of Lugano has also launched an initiative called “Plan ₿” to encourage acceptance of cryptos. In addition to around 300 points of sale that accept cryptos, taxes and municipal services can also be paid for using Bitcoin, Tether and LVGA. The latter is a stablecoin – its rate is tied to the Swiss franc – that was specially developed for Lugano as part of “Plan ₿”.

In parallel with the acceptance points, the number of crypto ATMs is also increasing. The The link will open in a new window Coin ATM Radar lists around 130 ATMs that enable the purchase and sale of cryptocurrencies against the Swiss franc.

International transfers can also be made, an attractive option for migrants. Conventional transfers often incur high charges and are time-consuming, while currencies such as Bitcoin provide an efficient and inexpensive alternative. The transfer is also guaranteed to arrive virtually instantly. Another advantage is independence from bank accounts, because only a digital wallet is needed. As around a fifth of people are still unbanked, this factor shouldn’t be underestimated. These crypto transfers are also legally valid, as the providers are subject to the same money laundering provisions as traditional financial service providers.

Integration into payment systems

A key step in the acceptance of Bitcoin in everyday life is integration by payment service providers. One example is Worldline, a leading payment transaction provider, which operates around 55,000 card readers in Switzerland. Crypto integration means companies using Worldline can receive payments in Bitcoin, Ethereum, Bitcoin Lightning and three stablecoins.

The process is extremely straightforward – it’s simply a matter of activating the service via Worldline. Retailers don’t assume any exchange risks: the crypto payments are automatically converted into Swiss francs and credited at the current rate. This immediate conversion protects retailers against the volatility of the crypto market and enables seamless integration into existing financial systems.

PostFinance’s e-commerce solution also enables payment in Bitcoin – both in high-street stores and online. Bitcoin, Ethereum and the two stablecoins USDC and USDT are accepted. The crypto payment technology behind this solution is also provided by Worldline.

The fact that there’s nevertheless still room for improvement in terms of everyday adoption of Bitcoin points to the lack of integration by the major players, such as Apple Pay and Google Pay – or the highly popular TWINT solution in Switzerland. None of these solutions offers crypto payments – consumers have to make do with a separate app. To ensure further integration in everyday life, payment service providers and banks incorporating crypto payments such as Bitcoin into their own app would represent a future-oriented approach.

The situation is different for normal Bitcoin trading, where some banks have now taken up this trend and extended their business model. While investors were previously reliant on platforms abroad and had to bear default risks, various Swiss institutions now offer their customers secure crypto investments. PostFinance customers can also invest in a range of cryptos directly via e-banking and the PostFinance App. In addition to safe custody, they also benefit from a simple procedure and a high degree of user-friendliness and transparency.

Pros and cons of Bitcoin payments

The pros

• Security and privacy: cryptocurrencies such as Bitcoin use highly advanced cryptography, making transactions more secure than conventional online payment methods. Users don’t have to disclose any personal data, reducing the risk of data leaks and identity theft.
• Global transactions: crypto payments enable purchases to be made and money transferred worldwide. These transactions can also be made 24/7, improving flexibility and accessibility.
• Decentralized solution: as Bitcoin isn’t controlled by a central authority, such as a central bank or government, financial transactions can be made without having to rely on third parties. This can be hugely beneficial, especially in regions with unstable financial systems and/or a volatile political climate.
• Low transaction fees: in the case of international transactions in particular, the fees for crypto payments are often lower than those charged by traditional banks and online payment services. It’s worth comparing transaction costs on the market, especially when making large transactions (see the cons). 

The cons

• Price fluctuations: cryptos are still a volatile asset class, which means their price can fluctuate dramatically. For instance, if the rate rises sharply just before you make a large payment in Bitcoin, you risk losing out on the profit from this increase.
• Technical barriers: using cryptocurrencies requires a degree of technical knowledge. Inexperienced users can struggle with wallets, keys and navigating the crypto space in general.
• Limited acceptance: despite growing popularity, usage is still low in terms of the number of stores – lying in the hundreds of thousands – that accept payments. You can’t get by in everyday life in Switzerland with Bitcoin alone.
• Risk of total loss: if you lose your private key or the crypto platform you’re using falls victim to a hacker attack, all your crypto assets can be irretrievably lost.
• Transaction costs: the flexible fee structure of the Bitcoin and Ethereum networks can be unfavourable depending on the market situation – fees can rise significantly when demand is strong. It’s worth keeping a close eye on fees, especially for large amounts.

Conclusion

When it comes to the practical use of cryptocurrencies such as Bitcoin and Ethereum, Switzerland is one of the world’s pioneers. More and more cities, companies and service providers are accepting crypto payments, especially in Bitcoin, with Zug and Lugano in particular showing the way towards successful integration into everyday life.

Thanks to providers such as Worldline and PostFinance, it is also getting easier for smaller businesses and online shops to offer Bitcoin and Ethereum as a payment method. Nevertheless, compared to traditional payment methods, acceptance is still limited.

If you want to know exactly where in Switzerland you can pay with Bitcoin, you can find helpful overviews on platforms such as Coinmap or BitcoinWide. As interest grows, infrastructure improves and solutions become more user-friendly, the number of acceptance points looks set to continue to rise in the future. As acceptance grows, so too does the trust in and relevance of Bitcoin and Ethereum as long-term investments. This means that in the long term, cryptocurrencies have the potential to establish themselves as a serious alternative in Swiss payment transactions.