Switzerland's Cash Endures: New Banknote Series Unveiled

The Swiss National Bank (SNB) is set to unveil a new banknote series, reinforcing Switzerland's commitment to cash amid rising cashless transactions. Despite increasing use of digital payments, cash remains a cherished payment method. A design competition themed 'Switzerland and its altitudes' will determine the new notes.

The Swiss National Bank (SNB) announced plans to roll out a new series of banknotes, reaffirming Switzerland's staunch dedication to cash in an era increasingly dominated by digital payment solutions. The decision reflects the country's enduring affinity for physical currency.

Despite the growing prevalence of mobile apps and card payments, cash continues to be a preferred choice, accounting for roughly one in three transactions in Switzerland. SNB Chairman Martin Schlegel emphasized the cultural importance of cash during a press briefing in Bern, stating, 'It is impossible to imagine Switzerland without cash.'

The new banknotes, set to debut in the early 2030s, will arise from a public competition themed 'Switzerland and its altitudes,' celebrating the Alpine landscape. This highlights the SNB's commitment to maintaining its currency's security and relevance, amid the changing financial landscape.

(With inputs from agencies.)