Is it just an impression, or is it really true that more and more restaurants, retailers, and transport companies in this country are no longer accepting cash? Clues to this question can be found in the results of a survey on cash acceptance among businesses, which was presented by the Swiss National Bank (SNB) on Wednesday.

The survey was conducted in spring among large retailers, public transport companies, restaurants, and other providers of everyday goods and services. A total of around 770 companies participated—100 of which were contacted directly by the SNB (with a response rate of 67 percent), while approximately 700 companies were reached through industry associations.

A Cost-Effective Alternative to Cashless Payment Methods

The goal of the survey is to detect early changes in cash acceptance among providers of everyday goods and services, and to better understand businesses’ needs related to cash supply.

The key findings

1. Cash is considered important by most businesses. Respondents highlighted that customers appreciate being able to pay with cash, as it is crisis-proof and offers a cost-effective alternative to cashless payment methods.
2. Cash is the most widely accepted payment method, with 98% of businesses accepting it. However, half of the public transport companies indicated plans to restrict cash acceptance in the future (PostBUS, for example, aims to go cashless). Meanwhile, a fifth of the businesses in the hospitality and retail sectors want to expand their cash acceptance.
3. Many businesses are not entirely satisfied with cash logistics. Bank and cash transport services are too expensive, and there are too few ATMs and service counters. The SNB also notes that in some locations, services linked to cash are being reduced, such as the inability to make deposits.
4. Interestingly, both companies that would like more cash transactions from their customers and those pushing for cashless payments cite similar reasons. For some, the fees for cashless payment methods are the primary argument, while for others, it is the costs associated with cash. Both sides also refer to security concerns and customer preferences.

Based on the results, the SNB concludes that the concerns of businesses must be addressed collectively by all participants in the cash market—banks, the postal service, cash processors, and the SNB itself. The infrastructure must be specifically designed to ensure that cash services remain easily accessible and cost-effective for business, thus maintaining widespread cash acceptance in the future.

Maintaining Cash Infrastructure, Avoiding a Negative Spiral

Martin Schlegel, who became President of the SNB Governing Board in early October, called for the preservation of the cash infrastructure and warned against a negative spiral in a speech im November 2022. He emphasized the importance of ensuring that citizens retain the freedom to choose their preferred payment method.

Additionally, the SNB, in collaboration with the Federal Finance Administration, has convened key players in cash supply, as well as business and consumer associations, for a roundtable discussion on the future of cash supply.

Is Public Transport a Suitable Case to Set an Example?

Will the SNB also discuss the special case of «public transport» at this roundtable? After all, these are companies that are either state-owned or heavily reliant on government funding. The SNB has excellent relations with the federal government and the cantons. These would be ideal conditions to bring about a change in perspective among key actors in the transport industry—and a victory for the cause of cash would also boost the SNB’s credibility and influence on this issue.

The SNB's heightened stance on the matter may also be linked to the growing political attention surrounding the cash issue, with two related popular initiatives already launched. The first, titled «Cash is Freedom», is relativerly uncontroversial. The second, «Those Who Want to Pay with Cash Must Be Able to Pay with Cash!» aims to secure cash acceptance with a stricter mandatory acceptance rule than currently exists.