Swiss to vote on preserving cash as a payment system

Core Viewpoint - The Swiss population is increasingly moving away from cash usage, yet there is significant support for preserving cash as a payment option, leading to a constitutional vote on March 8 regarding its availability [4][6][12]. Current Cash Usage - A study by the Swiss National Bank (SNB) indicates that cash payments have declined from over 70% in 2017 to only 30% in 2024, with less than 20% of individuals aged 15 to 34 using cash [4][5]. - Digital payment methods, including debit and credit cards and the Twint app, have gained popularity, reducing cash transactions at post offices to less than 1% [5]. Public Sentiment on Cash - Over two-thirds of Swiss residents support the preservation of cash, with nearly 90% opposing its disappearance in 2024, up from 70% in 2023 [6][7]. Ballot Details - Voters will choose between a popular initiative titled "cash is freedom" and a government counterproposal, both aimed at ensuring the availability of cash in the constitution [12][18]. Popular Initiative - The "cash is freedom" initiative, launched by the Swiss Freedom Movement, seeks to guarantee the availability of banknotes and coins and requires public approval for any currency replacement [14][15]. - The initiative collected 137,000 signatures and emphasizes cash as a means of freedom and security, particularly for vulnerable populations [16][17]. Government Counterproposal - The government acknowledges the importance of cash and proposes to enshrine the Swiss franc as the national currency in the constitution, ensuring cash supply through the SNB [18][19]. - The counterproposal aims to clarify legal principles and avoid encroaching on the SNB's responsibilities, but does not define the parameters of cash supply [20]. Reasons for Dual Proposals - The Swiss Freedom Movement did not withdraw its initiative due to dissatisfaction with the government's counterproposal, expressing concerns over the adequacy of cash access [21][22]. Support for Proposals - The initiative is primarily supported by the right-wing Swiss People's Party, while the counterproposal enjoys near-unanimous support from both chambers of parliament and various industry associations [24][25].