The report Payments Landscape in Switzerland- Opportunities and Risks to 2022 provides top level market analysis of the Swiss cards and payments industry. It gives detailed current and forecast values for all the players in the card and payments industry which includes cards, credit transfers, cheques and direct transfers. It provides an e-commerce market analysis and various strategies adopted by banks and other nonbanking digital players to market their services. The report assesses the competitive dynamics in the industry and also helps in gaining valuable insights governing Switzerland’s payment industry. Leading market players are PostFinance, UBS, Credit Suisse, Raiffeisen Bank, Migros Bank, Viseca card services, Corner Bank, Bank Cler, Hypothekarbank Lenzburg, Visa, Mastercard, American Express, Diners Club, M-Card, TWINT.
All over the world, various businesses and corporates are moving towards digital platforms to make transactions. An important reason for this is the increased initiatives by both government and businesses to digitalize the platform. Global payments revenue has been increasing in multi-fold despite many disruptions in the market. Due to the increased in competition in the payments and transaction industry, the customer experience and services have improved and diversified. Lack of cross-border payment services have encouraged various players in the past to enter the market. Digitalisation in payment industry has led to the digitalisation of transaction industry as well. As customers have become more and more comfortable with swiping cards and paying through mobile phones, the digitalisation of transaction industry is also expected to give way to its infrastructural development. In Switzerland, the country has been changing regulations in the payments industry to increase the savings for merchants. Since it has one of the highest penetrations in the world, the market has many players who are constantly diversifying their services to reap market share. Switzerland is known for creating a new, separate part for itself in Europe, simultaneously catching up with the global trends.
Switzerland has one of the highest internet penetration rates in the world; It also has one among the highest smartphone users in the world. Studies show that the consumers mostly make card payments and phone payments for most of their shopping. Popular online methods include credit card, PayPal and paying by invoice. Other popular payment methods in Switzerland are online bank transfer, prepaid or rechargeable credit card, post-office issues cheque, Sofort/direct bank transfer, payment in-store after reserving online and bank transfer in branch. One of the recent developments in the payments industry includes the introduction of a new QR bill. This is done to improve efficiency in payment process and these QR bills contains all information necessary for payment. Further, the advent of mobile-only banks is likely to accelerate the shift towards electronic payments.
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