Welcome to Switzerland, the land of majestic mountains, picturesque lakes, and of course, sophisticated finance. In this article, we will delve into the evolution of payment methods in this central European country, with a particular focus on local and global actors shaping the retail and online payment landscape.

In 2023, Switzerland has a population of over 8.79 million. The country has always been a financial hub, and this is reflected in its swift adoption of modern payment methods.


Payment by card in Switzerland

Swiss consumers are slowly moving away from using cash. In 2017, 70% of transactions were paid for by cash, but by 2020, this had dropped to 43%. Debit cards are very popular in Switzerland. A high 71% consider debit cards to be completely indispensable, and 50% use them to pay for online purchases.

Local actors : PostFinance, MyOne

PostFinance payment method  MyOne logo


Payment by Bank Transfer

Bank transfers are one of the primary payment methods in Switzerland, especially online. According to JP Morgan, bank transfers are expected to account for 46% of all e-commerce transactions in Switzerland in 2023, down from 56% in 2019 but remain the most popular payment method for e-commerce​1​.

Payment by installment and BNPL

The BNPL sector in Switzerland remains strong with medium to long-term growth. BNPL payments are expected to increase by 19.3% on an annual basis to reach $2,915.2 million USD in 2023​2​. The BNPL market has seen significant growth in recent years, with apps like Ratepay and Heidipay as local actors.

Local actor:Ratepay, Heidipay

Ratepay logo  Heidipay logo


Payment by digital wallet and X-Pay

TWINT remains the most popular mobile payment method in Switzerland, used by 64% of Swiss in-store and 56% online. While mobile payment services like Apple Pay, Fitbit Pay, Garmin Pay, Google Pay, Samsung Pay, and Swatch Pay have been trending for some time, they have not really established themselves in Switzerland.

Local actors: Twint, Swatch Pay

Twint logo  SwatchPay logo



If the payment methods in Switzerland intrigue you, feel free to access the #PayWorldTour library for more insights.

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