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Created on 13.12.2018

Mobile payment, credit card, PostFinance Card, cash: which payment method is best?

We are always confronted with more and more possibilities when considering how best to pay during our daily lives. Be it with cash, card or via your smartphone using TWINT − in Switzerland you can use a range of payment methods. But which advantages do the various payment methods offer? And how do Swiss people prefer to pay?

All over the world, Switzerland is often confused with Sweden. But in one way we couldn’t be more different: the nation’s favourite payment method. Whereas the Swedes pay for 80% of their purchases without cash, in Switzerland, believe it or not, 70% of payments are made using cash. This makes us seem more conservative in comparison to our “twin”. Only 22% of payments in Switzerland are made using a debit card. Credit cards are used for around 5% of payments. The rest of the payments are made with mobile payment.

We would like to know a bit more. For this reason we asked passers-by on the street how they prefer to pay in shops:

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Our survey, though not representative, suggest which payment method Swiss people prefer. We will show you which advantages are offered by which payment methods.

This is why cash is popular

Cash is valued above all because it is still accepted almost everywhere, except on the Internet. In addition, you also protect your financial privacy by using cash. Your spouse may see your credit card statement but they rarely know who spends how much cash on what.

In the past there was also a fee on card payments, depending on the transaction. Perhaps some people are still hung up on this idea. But that hasn’t been the case for a while now. In fact, handling cash has become more expensive than paying by card: from the production and issuing of cash to personal effort for shop owners to cash up the register at the end of the day. This added expense is indirectly passed on to consumers.

Advantages of debit and credit cards

Cards are an established and convenient payment method. They allow for quick and reliable payment. They are also accepted at practically every point of sale. Contactless payment is becoming increasingly popular − it makes card payment even quicker and easier then it was in the past. Bank cards are the best option for financial damages or losses. You are mostly covered against them. Debit and credit cards also offer important advantages when travelling. Card payment is also more hygienic than paying in cash. Did you know that around 3,000 bacteria live on a banknote?

Mobile payment: more space in your pocket and more control

First of all, mobile payment has one clear advantage: if you pay with your phone via an app , you don’t need to carry around a wallet. With the free PostFinance TWINT app you as a customer have many additional advantages. In addition to contactless payment by QR code or Bluetooth beacon, customer cards can also be stored digitally. You can also benefit from specific loyalty cards and discounts which you receive directly through the PostFinance TWINT app. You can also easily look back over your payments, giving you more control over your finances.

TWINT is also the easiest way of paying when shopping online. Simply scan the QR code and you’re done. This saves you having to enter your card details and security codes. And if somebody owes you money or vice versa, with TWINT you can transfer money from mobile to mobile easily, conveniently and in just a few seconds.

PostFinance TWINT is available for all iOS and Android smartphones. You can either use the prepaid version of TWINT or connect your PostFinance account to the app (only has to be done once). It then deducts the expenditure directly from your account balance without you having to load any credit. You can also connect TWINT to your credit card instead of your PostFinance account.

Let’s show Sweden how it’s done!

People may think that us Swiss people love innovation. According to various studies we are one of the most innovative countries and should be proud of our pioneering research. But for some things we seem to be rather more conservative. Cashless payment offers many advantages. So take out your smartphone and set up a mobile payment system today. Use your cards for contactless payments and then nothing can stand in the way of a Switzerland which is innovative in all aspects. Let’s show Sweden how it’s done!

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