Debit cards, Twint and Co. are increasingly replacing conventional cash. But be careful: in many places cash is still the only way to pay.
The saying “only cash is true” is losing importance even in the course of the latest developments. The younger generation, in particular, is making increasing use of payment methods such as debit cards or Twint, and the Corona crisis, with its steadily increasing hygiene regulations, has caused cash to dwindle out of the wallets of the Swiss.
Why bother to withdraw cash when you can only pay by card or Twint in many shops anyway? Cash withdrawals actually fell massively during the crisis, which has also been shown by various evaluations by Swiss financial institutions since the beginning of the crisis.
But with the expectation that you can now pay with card everywhere, caution is advised: What is now standard in the metropolitan areas is not yet possible everywhere in the peripheral regions.
You should pay attention to the following if you are increasingly traveling without cash:
• Especially in the rural regions there are many small grocery stores and Kiosks that do not have the infrastructure to set up digital payment methods. Therefore you should on excursions and during your vacation Far away from the big cities, always carry some cash with you.
• Be aware that setting up and maintaining modern digital payment systems for businesses also causes a lot of costs . Depending on the size of the business, such a payment system may not really be worthwhile.
• Are you handling your personal data rather cautiously, it is advisable to pay as much as possible in cash. In terms of monitoring, the total abolition of cash would be a further step in the direction of “transparent people”, because without spending cash, each of your payments can be tracked with absolute precision.
• Is the transaction traffic in the In the event of technical problems or poor reception being interrupted, cash can suddenly become a rescue in an emergency , which is why it can always be an advantage to carry some cash with you.
• Even in the event of blackouts or cyber attacks, all of a sudden, nationwide payments are no longer possible. Since all transactions run through the same system, outages can be extremely devastating.
We summarize: Even in times of Corona, cash remains extremely valuable as a complementary means of payment, so you shouldn't do without it completely.
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