Despite recent instant payments initiatives, the Swiss National Bank reported that cash is still the most widely accepted payment method among businesses in the country. Roughly 98% of the 770 companies surveyed by the central bank said they accepted physical payment, primarily citing customer demand. Many businesses also believe cash is more stable and less...
Tag: Swiss National Bank
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SNB cuts interest rates by 25 basis points for third time this year
The SNB cut its policy rate to 1.00 per cent, the lowest level since early 2023. Image: Shutterstock 2 min read Last Updated : Sep 26 2024 | 1:23 PM IST The Swiss National Bank cut interest rates by 25 basis points on Thursday, its third such reduction this year, as it echoed steps...
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Switzerland launches instant payments
Switzerland has launched an instant payment system to catch up with the rest of Europe and transform its cash-loving people into a digital payments society. The Swiss National Bank (SNB) announced that its new digital payments system is now available to 60 financial institutions, covering over 95% of the country’s retail transactions. It plans to integrate...
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Switzerland moves towards cashless future with instant payments
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Switzerland moves towards cashless future with instant payments
The Swiss National Bank said the instant payments system was a ‘commitment to the future of cashless payments’ (FABRICE COFFRINI) 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...
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Switzerland Central Bank Willing to Expand CBDC Project
The Swiss National Bank is reportedly amenable to expanding its digital currency project. “We would like to see a pilot which develops, with more banks joining and a higher volume of transactions,” said governing board member Antione Martin, whose comments at the the Point Zero Forum in Zurich on Wednesday (July 3) were reported by...
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Swiss National Bank Chairman Says Retail CBDC Too Risky
Swiss National Bank (SNB) Chairman Thomas Jordan said Monday (April 8) that the risks of a central bank digital currency (CBDC) issued to the general public would outweigh any potential benefits. Speaking at an event in Zurich, Jordan said both consumers and businesses have access to a wide range of payment instruments offered by the private sector, and...