Switzerland Cards and Payments – Opportunities and Risks to 2027
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Switzerland Cards and Payments Market Report Overview
The annual value of card transactions in the Switzerland cards and payments market was $145.8 billion in 2023. The value is expected to grow at a CAGR of more than 4% during 2023-2027.
Switzerland Card Transactions Outlook, 2023-2027 ($ Billion)
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The Switzerland cards and payments market research report provides a detailed analysis of market trends influencing the industry. It provides transaction values and volumes for several payment instruments for the review period. In addition, the Switzerland cards and payments market analysis offers information on the country’s competitive landscape, including market shares of issuers and schemes. The report also entails regulatory policy details and provides extensive coverage of any recent changes in the regulatory structure.
Annual Value of Card Transactions (2023) | $145.8 billion |
CAGR (2023-2027) | >4% |
Forecast Period | 2023-2027 |
Historical Period | 2019-2022 |
Key Payment Instruments | · Cards
· Cash · Credit Transfers · Mobile Wallets · Direct Debits · Cheques |
Key Segments | · Card-Based Payments
· Ecommerce Payments · Alternative Payments |
Leading Players | · Apple Pay
· Klarna · Visa · Migros Bank · UBS |
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Switzerland Cards and Payments Market Dynamics
In Switzerland, cards are the preferred method of payment among consumers. Growth in the payment card market is attributed to the combined efforts of the government and banks to promote card payments and improve payment card acceptance infrastructure. Payment cards are now regularly used for low-value, everyday transactions instead of cash. In line with this trend, companies are also increasingly focusing on offering innovative payment solutions. For instance, in February 2023, SPAR Switzerland launched its first cashier-less store in Zurich, SPAR Express. Customers can enter the store by scanning a QR code at the entrance using their smartphone, without downloading any app or registering. They scan products using their smartphone and pay for their purchases using methods such as Twint, credit and debit cards, Apple Pay, and Google Pay.
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Switzerland Cards and Payments Market Segmentation by Payment Instruments
Cards had the highest share of payment transaction volume in 2023.
The key payment instruments in the Switzerland cards and payments market are cash, mobile wallets, credit transfers, cards, direct debits, and cheques. Cards led the market in 2023 in terms of transaction volume. The convenience of cards, enhanced security, and the growing adoption of contactless have supported the growth of card-based transactions.
Switzerland Cards and Payments Market Analysis by Payment Instruments (Volume Terms), 2023 (%)
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Switzerland Cards and Payments Market Segments
Ecommerce growth has significantly benefitted alternative payment solutions such as PayPal, Apple Pay, and Klarna
The key segments in the Switzerland cards and payments market are card-based payments, e-commerce payments, and alternative payments.
Ecommerce Payments: Switzerland’s ecommerce market recorded significant growth in the last few years and is expected to continue in the forecast year. This is due to increasing internet penetration and growing consumer preference for online shopping. The growth is also attributed to the popularity of online shopping events such as Black Friday and Cyber Monday. To capitalize on the growing market, companies are expanding their online services to Switzerland. For instance, in May 2022, Klarna launched Virtual Shopping in 18 markets (including Switzerland). The feature allows online shoppers to connect with in-store experts via live chats and video calls to receive product advice, images, and live demonstrations.
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Switzerland Cards and Payments Market - Competitive Landscape
A few of the leading players in the Switzerland cards and payments market are:
- Apple Pay
- Klarna
- Visa
- Migros Bank
- UBS
Klarna: It is a Swedish online payment services provider that offers both immediate and buy now pay later options for ecommerce purchases. Customers can pay in 30 days after receiving the product. In June 2021, Klarna introduced its shopping app in Switzerland, allowing customers to buy products and make payments at a later date via the app.
Leading Switzerland Cards and Payments Players
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Switzerland Cards and Payments Market – Latest Developments
- In July 2020, challenger bank YAPEAL launched its services in Switzerland. The bank offers a Swiss bank account along with a Visa debit card. In August 2021, it also launched the youth banking service Yapini for children aged seven and above.
- In March 2022, Swiss fintech Kaspar& launched in Switzerland, offering a free bank account along with a Mastercard-branded card.
Segments Covered in the Report
Switzerland Cards and Payments Instruments Outlook (Value, $ Billion, 2019-2027)
- Cash
- Mobile Wallets
- Credit transfers
- Cards
- Direct debits
- Cheques
Switzerland Cards and Payments Market Segments Outlook (Value, $ Billion, 2019-2027)
- Card-Based Payments
- Ecommerce Payments
- Alternative Payments
Scope
This report provides:
- Current and forecast values for each market in the Switzerland cards and payments industry, including debit and credit cards.
- Detailed insights into payment instruments, including cards, credit transfers, cheques, and direct debits. It also includes an overview of the country’s key alternative payment instruments.
- E-commerce market analysis.
- Analysis of various market drivers and regulations governing the Switzerland cards and payments industry.
- Detailed analysis of strategies adopted by banks and other institutions to market debit and credit cards.
- Comprehensive analysis of consumer attitudes and buying preferences for cards.
- The competitive landscape of the Switzerland cards and payments industry.
Reasons to Buy
- Make strategic business decisions, using top-level historical and forecast market data, related to the Switzerland cards and payments industry and each market within it.
- Understand the key market trends and growth opportunities in the Switzerland cards and payments industry.
- Assess the competitive dynamics in the Switzerland cards and payments industry.
- Gain insights into marketing strategies used for various card types in Switzerland.
- Gain insights into key regulations governing the Switzerland cards and payments industry.
Viseca
Corner Bank
PostFinance
Credit Suisse
Raiffeisen Bank
Viseca
Migros Bank
Bank Cler
Diners Club
Mastercard
Visa
American Express.
Table of Contents
Frequently asked questions
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What was the annual value of card transactions in the Switzerland cards and payments market in 2023?
The annual value of card transactions in the Switzerland cards and payments market was $145.8 billion in 2023.
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What is the expected growth rate of the annual card transactions in the Switzerland cards and payments market for the forecast period?
The annual value of card transactions in the Switzerland cards and payments market is expected to grow at a CAGR of more than 4% during 2023-2027.
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Which was the leading payment instrument in the Switzerland cards and payments market in 2023?
Cards was the leading payment instrument in terms of transaction volume in the Switzerland cards and payments market in 2023.
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Which are the leading players in the Switzerland cards and payments market?
The leading players in the Switzerland cards and payments market are Apple Pay, Klarna, Visa, Migros Bank, and UBS, among others.
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