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Payments Snapshot in Switzerland: Coronavirus (COVID-19) Sector Impact

Payments Snapshot in Switzerland: Coronavirus (COVID-19) Sector Impact

Summary

The Coronavirus (SARS-CoV-2) outbreak, dubbed COVID-19, is first and foremost a human tragedy affecting millions of people globally. The contagious Coronavirus, which broke out at the close of 2019, has led to a medical emergency across the world, with the World Health Organization officially declaring it a pandemic on March 11, 2020. The virus has spread to 189 countries/regions with over 3.6 million confirmed cases, with its spread outpacing other major infectious outbreaks from the past.

The ongoing pandemic has severely affected Switzerland's export-oriented economy, resulting in a slowdown in exports, a fall in tourism, and a fall in the domestic consumption of goods and services. The country's GDP has been revised downward for 2020 due to the economic disruption caused by Coronavirus.

On March 13, the Swiss government announced a stimulus package of CHF10bn ($10.33bn) as immediate support for workers and small businesses impacted by the crisis.

This report focuses on the impact of the Coronavirus outbreak on both the economyand the cards and payments industry in Switzerland. Based on our proprietary datasets, the snapshotprovides a detailed comparison between pre-COVID-19 forecasts andrevised forecasts of total payment card, debit card, and credit and charge card transactions by value and volume. It also offers information on measures taken by the government to combat Coronavirus.

Scope

- Tourism is one of the sectors most affected by this pandemic in Switzerland. According to a survey by the Valais University of Applied Sciences and Arts, Swiss tourism revenue could shrink by 18% in 2020. The hotel industry alone could lose CHF2bn ($2.07bn) between March and May. This loss is nearly double an initial prediction made by tourism body Switzerland Tourism.
- From April 27, a three-step easing of lockdown conditions began in Switzerland. Initially, hair stylists, beauticians, physiotherapists, florists, garden centers, and DIY stores were allowed to reopen. In the second phase, which begins on May 11, schools, shops, markets, restaurants, and bars will be allowed to reopen.
- Consumers will shift from cash-based payments to digital payment tools, particularly non-contact tools, when transacting in stores as they aim to avoid exposure to disease vectors such as cash and POS terminals. Therefore, the use of contactless cards and mobile wallets such as TWINT, Apple Pay, Google Pay, and Samsung Pay is expected to rise.

Reasons to Buy

- Make strategic decisions using top-level revised forecast data on the Swiss payment industry.
- Understand the key market trends, challenges, and opportunities in the Swiss cards and payments industry.
- Receive a comprehensive insight into payments market in Switzerland.
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Payments Snapshot in Switzerland: Coronavirus (COVID-19) Sector Impact
Published By :GlobalData
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