Top Payment Methods Accepted in Switzerland

The ability to accept the most popular payment methods in Switzerland is essential for businesses looking to launch or expand in this dynamic country. Whether your business is online or brick-and-mortar, understanding your customers’ preferences for in-person and online payments is essential to meet their needs and expectations.

Switzerland’s central European location and currency make it essential to be able to accept payments from abroad and in different currencies. Offering your customers a seamless and convenient payment experience by accepting their preferred payment method is a great way for both new and established businesses to improve customer satisfaction.

Debit and Credit Cards

Credit and debit cards continue to be very popular among the Swiss population as in most other countries. According to a survey conducted by the Swiss National Bank in 2022, 93% of respondents own a debit card (up from 92% in 2020) and 76% own a credit card (down from 78% in 2020)[1].

The most widely accepted and used credit and debit cards include Mastercard, Visa, American Express, and local cards issued by Swiss banks. Businesses can accept these and other foreign credit and debit cards with an integrated global payment gateway.

Debit Cards Are the Most Popular Payment Solution in Switzerland

Debit cards have 33% of the volume share of total payments in Switzerland, making it the single most popular payment method in the country. This compares to credit cards which have a 13% share of total transactions [1].

While credit and debit card use will likely stay popular for the foreseeable future, customers are also embracing other alternative payment methods that streamline the payment process.

Bank Transfers

Bank transfer is the most popular payment method for recurring payments, with 52% of all recurring payments made via online banking [1].

Businesses that wish to accept recurring payments will need a payment processor with an integrated payment gateway. Your payment gateway will handle all of your customers’ recurring payment plans while keeping their data secure.

TWINT

Mobile payments provide a modern and dynamic way of accepting payments in Switzerland. The Switzerland-based TWINT is the most popular mobile payment option with over five million users, accounting for more thanhalf the population. Over 40 banks facilitate payments via TWINT by allowing customers to link their accounts to the app.

According to TWINT’s own figures, 590 million transactions were completed in 2023 via TWINT amongst the five million users in Switzerland. TWINT has become so widespread in Switzerland that around 76% of Swiss businesses accept it as a payment method for in-store and online purchases. It can also be used to make QR-code payments, pay fines, or even make donations.

TWINT for Merchants

Much like credit cards or debit cards, merchants must pay a small fee for accepting TWINT at the point of payment. However, this is a fee most are willing to pay due to TWINT’s widespread use and customers’ expectations that this payment method will be offered and accepted.

Cash

Though cash use has decreased, it’s still one of the most popular payment methods for Swiss consumers. This contrasts with Europe as a whole, where cash is becoming a less-frequently used payment method.

• A study by the Zurich University of Applied Sciences reported that cash is still the second most frequently used in-person payment method in Switzerland in 2024, with a share of 29.2%.
• 96% of respondents in the 2022 survey conducted by the Swiss National Bank keep cash on hand or at home to cover daily expenses [1]. This is despite cash becoming less popular with the rise of digital, online, and mobile payment services.

Both of these statistics indicate that cash is still indispensable for business owners in Switzerland. Take this into account when planning the payment methods that you will offer your Swiss customers.

Buy Now, Pay Later (BNPL)

According to Statista, the BNPL app Klarna was downloaded 70,000 more times in 2022 than in the previous year; this number also rose in 2023. Buy Now Pay Later is appealing to tech-savvy consumers who need financing without the need to use credit cards or need more time to pay for their purchases.

BNPL holds a small but increasing share of the payment method market in Switzerland. This is expected to rise if TWINT also joins the BNPL market.

Offer Customers Payment Flexibility

Swiss business owners must be prepared to adapt to their customers’ preferences and cater to their needs. The payments market is a dynamic one that’s forever evolving, and business owners must be prepared to move with the times.

For Swiss companies, this will inevitably mean adapting both to the domestic and international markets. Choosing payment processing solutions that cover all the bases will help to maximise your success in Switzerland.