EconomyLens.com
No Result
View All Result
Friday, July 4, 2025
  • Home
  • Economy
  • Business
  • Markets
  • Tech
  • Editorials
EconomyLens.com
  • Home
  • Economy
  • Business
  • Markets
  • Tech
  • Editorials
No Result
View All Result
EconomyLens.com
No Result
View All Result
Home Economy

Switzerland moves towards cashless future with instant payments

Emma Reilly by Emma Reilly
August 21, 2024
in Economy
Reading Time: 4 mins read
A A
0
70
SHARES
878
VIEWS
Share on FacebookShare on Twitter

The Swiss National Bank said the instant payments system was a 'commitment to the future of cashless payments'. ©AFP

Geneva (AFP) – Switzerland’s new instant payment system will bolster the future of cashless payments in the country, the Swiss central bank said Wednesday after the scheme went live. The Swiss National Bank said around 60 financial institutions were now able to receive and process instant payments, covering more than 95 percent of Swiss retail payment transactions, following Tuesday’s market launch.

Related

BRICS nations to gather without Xi, Putin

South American bloc looks to Asia, Europe in face of Trump trade war

China to require EU brandy exporters to raise prices or face tariffs

Rio to host BRICS summit wary of Trump

Trump to sign ‘big, beautiful’ bill on US Independence Day

“By end-2026 at the latest, all financial institutions active in retail payment transactions will be reachable,” the SNB said in a statement. The central bank said the first institutions had already launched retail offerings enabling customers to send instant payments, with further banks to follow in the coming months.

“Instant payments allow private individuals and companies to perform account-to-account transactions with immediate execution and final settlement in seconds,” around the clock, the SNB said. “This market launch represents a further important milestone and reflects the collective stakeholder commitment to the future of cashless payments in Switzerland.”

The SNB said the scheme offered significant advantages due to shorter settlement chains, with funds received being immediately available. The central bank anticipates that instant payments “are likely to become established in Switzerland in the medium term, and form the basis for further innovation in payment transactions”.

The SNB’s latest Payment Methods Survey of Companies in Switzerland, published in February, found that “cash acceptance continues to be high”, and said there was “a broad desire among the population for cash to continue to be available as a payment method”. While mobile payment app acceptance has risen by 19 percentage points since 2021 to 59 percent, the survey found that more than 90 percent of companies doing face-to-face business accepted cash.

The Swiss franc is the legal tender of Switzerland, Liechtenstein and the Italian exclave of Campione d’Italia. Unusually, Swiss banknotes have a vertical orientation. They are printed in the four national languages: German, French, Italian and Romansch. The 10-centimes coins minted in 1879 are the oldest coins still in circulation, according to Guinness World Records.

© 2024 AFP

Tags: cashless paymentsinstant paymentsSwitzerland
Share28Tweet18Share5Pin6Send
Previous Post

US, European stocks bounce as traders await Fed speech

Next Post

US jobs data point to weaker than expected market

Emma Reilly

Emma Reilly

Related Posts

Economy

Trump wins ‘phenomenal’ victory as Congress passes flagship bill

July 4, 2025
Economy

What is the state of play with Trump’s tariffs?

July 3, 2025
Economy

Where do trade talks stand in the rush to avert higher US tariffs?

July 4, 2025
Economy

World Bank’s IFC ramps up investment amid global uncertainty

July 4, 2025
Economy

South American bloc looks to Asia, Europe in face of Trump trade war

July 3, 2025
Economy

Trump wins major victory as Congress passes flagship bill

July 3, 2025
Next Post

US jobs data point to weaker than expected market

Gamer gathering opens in Germany with 'Borderlands' news

Ford adjusts EV lineup as it aims to lower vehicle cost

US jobs data point to weaker than expected market

0 0 votes
Article Rating
Subscribe
Notify of
guest
guest
0 Comments
Oldest
Newest Most Voted
Inline Feedbacks
View all comments
  • Trending
  • Comments
  • Latest

New York ruling deals Trump business a major blow

September 30, 2024

Elon Musk’s X fights Australian watchdog over church stabbing posts

April 21, 2024

Women journalists bear the brunt of cyberbullying

April 22, 2024

France probes TotalEnergies over 2021 Mozambique attack

May 6, 2024

Ghanaian finance ministry warns against fallout from anti-LGBTQ law

74

New York ruling deals Trump business a major blow

72

Shady bleaching jabs fuel health fears, scams in W. Africa

71

Stock markets waver, oil prices edge up

65

France praises China Cognac progress, warns of unresolved issues

July 4, 2025

Modi pushes further India-Africa cooperation on Ghana visit

July 4, 2025

South American bloc looks to Asia, Europe in face of Trump trade war

July 4, 2025

Stocks, dollar drop as tariff talk dominates

July 4, 2025
EconomyLens Logo

We bring the world economy to you. Get the latest news and insights on the global economy, from trade and finance to technology and innovation.

Pages

  • Home
  • About Us
  • Privacy Policy
  • Contact Us

Categories

  • Business
  • Economy
  • Markets
  • Tech
  • Editorials

Network

  • Coolinarco.com
  • CasualSelf.com
  • Fit.CasualSelf.com
  • Sport.CasualSelf.com
  • SportBeep.com
  • MachinaSphere.com
  • MagnifyPost.com
  • TodayAiNews.com
  • VideosArena.com
© 2025 EconomyLens.com - Top economic news from around the world.
No Result
View All Result
  • Home
  • Economy
  • Business
  • Markets
  • Tech
  • Editorials

© 2024 EconomyLens.com - Top economic news from around the world.