Goodbye wallet, hello smartphone?
The extent and potential of digital payment systems in Swiss retail
Imagine a shopping trip 10 years ago. How different is the experience today?
Digital technologies and the ability to compare prices and products online have changed the way consumers navigate physical stores. This is also true of payment: Our new report suggests that 17% of Swiss consumers occasionally pay for purchases by smartphone, and this number looks set to double over the next 12 months.
Of those who already use their smartphone to make purchases, 54% solely use third-party providers, such as Apple Pay or Twint, 27% use retailers’ apps, and 19% use both methods.
What's more is that 69% of Swiss consumers use automated systems (self-scanning and self-checkouts) to pay for their food shopping, acting as their own checkout assistant.
To get ahead in the digital race, retailers need to have the courage to trial new technologies early, and anticipate consumer habits before they’ve even changed.