Europe & Central Asia · GDP rank #19

Switzerland

CH · CHF @ 1.2757/USD

Switzerland is a closed-loop A2A payments market — TWINT is universal for domestic P2P and increasingly P2M, SIC5 delivered retail instant on an ECB-comparable footing in August 2024, and cross-border CHF flows route mostly through SIX-operated channels. The country sits outside SEPA's instant-payments obligations and the long tail of card spend still flows through the classic Visa/Mastercard stack.

Tab 04

Economics

The macro backdrop that actually bends payment behaviour. Nominal GDP, real growth, CPI, policy rate, and FX volatility set the backdrop; interchange, MDR, FX regime, and capital-control posture set the industry-specific dynamics.

CHF remains a safe-haven currency — appreciation pressure persisted through 2024–25; SNB cut rates to 0.25% at March 2026 meeting.

Nominal GDP

$916B

Real GDP growth

1.3%

CPI inflation

0.8%

Policy rate

0.25%

Unemployment

2.3%

30-day FX volatility

0.9%

Remittance inflows

$2.8B

Remittance outflows

$27.6B

FX posture

How the currency is managed

The FX regime and capital-control posture together determine how much of cross-border flow is priced against the interbank and how much is administratively steered.

FX regime: free float with occasional SNB intervention to prevent excessive appreciation
Capital controls: none

30-day currency volatility

0.0%benchmark 2.5%0.9%

Scale 0-15%. Benchmark 2.5% marks the approximate median across G10 majors.