Switzerland Redesigns Cash: Embracing Tradition Amid Digital Payment Rise

The Swiss National Bank is set to release a new series of banknotes by the early 2030s, affirming the country's enduring reliance on cash despite increasing use of digital payments. Cash still accounts for a significant portion of transactions in Switzerland, highlighting its cultural significance.


Devdiscourse News Desk | Updated: 30-10-2024 16:33 IST | Created: 30-10-2024 16:33 IST
Switzerland Redesigns Cash: Embracing Tradition Amid Digital Payment Rise
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The Swiss National Bank (SNB) is preparing to introduce a new series of banknotes by the early 2030s, reaffirming the country's cultural commitment to cash. This announcement comes amidst the growing popularity of mobile payment applications and cashless transactions across the globe.

Despite an increasing trend towards digital payments, cash remains a favored method in Switzerland. "It is impossible to imagine Switzerland without cash," said SNB Chair Martin Schlegel, highlighting the strong public preference for cash, even as debit cards and mobile payments gain traction.

In light of these dynamics, the SNB plans to hold a competition to design the new banknotes, themed "Switzerland and its altitudes." The design drafts will be publicly exhibited next year, with winners announced in 2026.

(With inputs from agencies.)

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