Current payment systems are almost entirely digitized. The use of paper money is declining worldwide, as is the use of paper checks. But this payment method remains valid.

Among the reasons justifying the current use of paper checks is the simple fact that the recipient may not be registered with digital banking. In that case, payment would be made in cash or with a paper check that can be cashed at a bank branch.

On the other hand, some accounting systems require physical proof of transactions for budgetary purposes, although this requirement is becoming less frequent.

The reasons justifying the elimination of paper checks before online systems include faster transactions, greater transparency, enhanced security and privacy, and reduced administrative costs.

M.Pino

With information from specialized financial media

(Reference image source: Money Knack on Unsplash)

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Next year, specifically on March 8, 2026, Switzerland will hold a referendum to decide whether the country will protect cash in the face of the rise of digital payments.

The measure was announced by the Federal Council (Swiss Executive) on October 29. According to the proposal, the Constitution is expected to be amended to “guarantee the existence of cash and that the Swiss franc remains the national currency, although the Federal Council’s counterproposal presents fewer obstacles to the future development of digital payments.”

This referendum will be the first time since 2010 that Swiss citizens, who must vote in referendums up to four times a year, will decide the future of both a popular initiative and a government counterproposal on the same issue. If they accept both, they will have to indicate which one they would prefer to see implemented.

With this initiative, Switzerland would become one of the first countries in the world to include the right to use cash in its Constitution, “although similar initiatives in this regard have also emerged in other European countries such as Austria, Hungary, and Slovenia.”

Groups in favor of protecting cash argue that its elimination would harm vulnerable groups, such as the elderly or those without bank accounts. Furthermore, they “emphasize the importance that coins and banknotes could have in times of crisis, such as cyberattacks or widespread failures in electronic systems.”

The referendum on March 8, the first of 2026, will also allow citizens to “vote on a proposal to reduce the tax for public broadcasting to 200 Swiss francs (214 euros), as well as on the creation of a climate fund to promote renewable energy and other measures against global warming.”

M.Pino

Source: swissinfo

(Reference image source: Stock Birken on Unsplash)

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