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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 190 countries/regions with over 13.6 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. According to the Swiss government, the economy could lose an estimated CHF100bn ($103.3bn) in output in 2020 due to the pandemic, with the economy set to shrink by 6.2%. As the country is moving towards normalization with several lockdown measures eased, some recovery could be seen.

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. Overall, the Swiss tourism industry is expected to lose about CHF6bn ($6.20bn) in 2020 due to the pandemic. Payment companies are losing out on a significant opportunity due to reduced spending. With the easing of download measures and travel restrictions, the travel industry is expected to gradually revive, benefiting the payments industry.
- While the pandemic has hampered the growth of the payments industry in the short run, card payments are now recovering with several of the lockdown measures now lifted. An analysis of data from the Swiss banks and payment processor SIX Group reveals that weekly card payments turnover almost reached pre-COVID-19 levels by the end of May 2020.
- 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, as is the use of contactless wearable payment solutions such as Fitbit Pay, Garmin Pay, and SwatchPAY!. To support the migration to contactless, the contactless card payment limit has been temporarily increased from CHF40 ($41.33) to CHF80 ($82.66), effective from April 8, 2020.

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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