Demand for Cards and Payments in Switzerland to Gain Traction as Consumers Shop More from Overseas Retailers

Published Date : Mar 29, 2017

ALBANY, New York, March 29, 2017- has announced the addition of a report, titled, “The Cards And Payments Industry In Switzerland: Emerging Trends And Opportunities To 2020” to its offering. The 54-page report deals with the recent trends in the cards and payments market of Switzerland. Volumes and values for check payments, credit transfers, direct debits, and payment cards between 2011 and 2015 are also revealed. 

The growing popularity of ecommerce is a major catalyst of the market for cards and payments in Switzerland. As more number of Swiss online shoppers buy clothing, shoes, food, and consumer electronics, the market will witness considerable opportunities. Furthermore, a majority of these shoppers use invoice payments, credit card payments, and payments via PayPal. Therefore, the growing use of card payments is likely to have a positive impact on the growth of the market. 

The reduction of interchange fees of MasterCard and Visa credit cards is a key trend that is likely to induce growth. Under the new regulation of the Swiss Competition Commission (Comco), the interchange fee has been reduced from 0.95% to 0.75% in August 2015. This fee is expected to be further reduced to 0.44% by August 2017. Although the reduction of interchange fee will benefit card holders, the profitability of card issuers will be reduced. 

Another key trend in the Swiss market for cards and payments is the adoption of alternative payment modes such as Sofort and PayPal due to a plethora of available options. Introduction of new payment solutions, a key business strategy of market players, will take the competition among vendors to the next level. 

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For instance, in February 2017, the WIR Bank launched a new payment service for medium and small enterprises, wherein the card holders can make payments to merchants who are not customers of the WIR Bank. The features of the existing WIRcard and those of the internationally valid Visa V Pay debit card have been combined in this new service. This development is expected to have a significant impact on the market because Swiss consumers are increasingly spending more from foreign ecommerce websites, finds a new study. 

The espousal of contactless technology is gaining traction amongst Swiss consumers recently. The findings of the Swiss National Bank suggest that the number of contactless cards in 2015 was 7.1 million. This figure is projected to double by the end of 2020, with greater popularity of contactless cards promoted by card issuers and banks. Almost every major bank in Switzerland has been offering contactless functionality in their payment cards. Retailers such as Coop, Jumbo, Migros, IKEA, and kkiosk have also been accepting payments via contactless cards.   

SIX payment Services, 2Checkout, NETbilling, GoCoin, Mondido Payments, PayPal Express Checkout, ePay, QuickPay, WorldPay, MultiSafepay,, and BitPay are some of the major companies operating in the market for cards and payments in Switzerland. 

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