in Switzerland these days, accounting for almost half of all transactions. There has been a strong upsurge in the use of payment apps like Twint. “Twinting” is particularly popular among young people, whereas the over-55s and people on low incomes still pay in cash more often. Cash doesn’t leave a data trail Although the use of coins and banknotes is becoming increasingly rare in everyday situations, 95 per cent of the population want to retain the option of paying in cash. How do we explain this paradox? “We Swiss very much value our freedom of choice,” Eltschinger replies, adding that cash will continue to play an important role in future. He believes that the various means of payment complement each other. For one thing, you can use cash immediately and at any time, without the need for electricity or an internet connection. Nor does cash leave a data trail that could Cash to be enshrined in the constitution Swiss law already states that the Swiss National Bank must supply the country with sufficient cash in the national currency, the Swiss franc. But the Federal Council and parliament are now prepared to lend this principle greater weight by enshrining it in the constitution. No changes to the constitution are possible without the vote of the people and the cantons. The authorities are responding to the 2023 popular initiative “Yes to a free and independent Swiss currency in the form of coins and banknotes (cash is freedom)”. Both the initiative and the direct counterproposal from parliament will be put to the vote on 8 March 2026. The Swiss Freedom Movement (FBS), a libertarian pressure group fronted by former SVP politician Richard Koller, is behind the initiative. The FBS first made headlines during the Covid pandemic after leading protests against mandatory face coverings and other measures such as vaccination. Its 2021 initiative “against mandatory vaccinations” was rejected in 2024 with a resounding no. The “Cash is freedom” initiative, due to be put to voters in spring 2026, has a greater chance of success. Its stated aim is to ensure that coins and banknotes are always available in sufficient quantities. The authors of the initiative criticise the increased use of electronic payment methods that leave digital trails. In their view, cash is the only sure way to protect anonymity. No obligation to accept cash One issue not being put to a vote is an initiative calling for shops, restaurants and public transport companies to be obliged to accept cash. Backed again by the FBS, this more drastic measure failed to collect the necessary number of signatures. Nevertheless, politicians are aware of the growing trend of only offering contactless means of payment. The cantonal parliament in Geneva recently decided to change the city’s local rules on hospitality. Consequently, bars and restaurants must now accept notes and coins from their guests as a valid means of payment. Other cantons are looking to take similar measures. A motion has been submitted in the federal parliament aimed at forcing all service providers to accept cash. The Federal Council rejects this obligation. (TP) Swiss national exhibition held in 2002. The SNB asked curator Harald Szeemann (1933–2005) to create a pavilion for the event. The centrepiece was a glass cabinet in which a robotic arm continually pushed 100-franc notes into a shredder. It was a provocative display – and an elaborate con: the banknotes would have been discarded anyway, a process that still takes place every day behind closed doors in the SNB’s cash vault. Our attachment to cash The lift returns us to ground level at the end of our tour. We chat to Peter Eltschinger in the SNB’s wood-panelled “Salon bleu” meeting room. “What about people’s payment habits?” we ask. Fewer of us are using cash. According to an SNB study in 2024, private individuals now only make 30 per cent of their daily purchases in cash – down from about 70 per cent in 2017. Debit or credit card is the most favoured form of payment Banknotes unfit for use go into the shredder. Some 30 million banknotes were destroyed and around 41 million fresh banknotes were issued in 2024. Photo: SNB Swiss Review / December 2025 / No.5 6 Focus
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