The New Value of Cash
The emergence of digital money is leading to two new factors that are putting under stress the traditional link between money and the banking system: the emergence of money external to banks and that of "autonomous" currencies (decentralized crypto), in which money also becomes code, programmable and intelligent.
Cash Resists in the Digital Age
Despite this pluralization of money, cash continues to maintain its centrality. Data from the Bank for International Settlements (2025) indicate that, although ATM withdrawals decreased by 10% between 2020 and 2023, cash in circulation remained stable or even increased in several jurisdictions. This persistence reflects the enduring preoccupation with privacy and the fact that trust remains central to a segment of the population.
The Rise of Digital Payments and Global Differences
Meanwhile, digital and cashless transactions have grown rapidly. Between 2020 and 2023, cashless payments per capita increased by 29% in emerging markets and by 4% in advanced economies. Emerging markets in particular have strongly adopted e-money and mobile money, with over 23% of accounts held outside of traditional banks. By contrast, advanced economies continue to rely heavily on credit and debit cards, with an average of over 300 card transactions per capita in 2023.
The Return of Policies Protecting the Use of Cash
We are faced with a somewhat schizophrenic reality, with certain states feeling the need to preserve the status of cash more explicitly. This is the case of the State of New York (2025), Australia (2025), the United Kingdom (2025), the Norwegian (2024-2026) and Swedish (2025-2026) central banks, and the very recent case of Switzerland (2026).
In the State of New York, a law was approved by the state parliament and signed by the governor that prohibits stores from refusing cash payments or charging higher prices to those who pay in cash, imposing penalties. The measure is aimed primarily at protecting low-income individuals, the elderly and the unbanked.
Similarly, in Australia, since the beginning of 2025, the government has introduced rules requiring most gas stations and supermarkets to accept cash payments of up to $500 made in person during certain hours, to ensure access to essential goods even for those who do not use digital tools.
From Australia to Norway and Sweden
In 2024, the Norwegian central bank emphasized the right to pay in cash, declaring that Norges Bank banknotes and coins are legal tender and, therefore, no one can refuse to be paid in cash, also here within certain amounts.
Sweden, which has been among the world's most advanced countries in the transition to digital payments for over a decade, emphasizes that private businesses — such as shops, bars and restaurants — are not required to accept cash, even if banknotes and coins are legal tender. However, in 2025, the Swedish central bank stated that digitalization has made payments faster and cheaper, but has also created problems, thus declaring that the state must ensure, even in times of crisis, secure, accessible and well-functioning forms of payment. Naturally, the downside of cash is that it is sometimes used for criminal activities, so to combat this problem, the central bank has proposed setting a maximum limit for this category of payments.
The Case of Switzerland
Turning now to the case of Switzerland, it is worth remembering that with the referendum of 8 March 2026, the popular vote enshrined the protection of cash in its Federal Constitution, although this did not necessarily entail changes in daily life, nor new tasks or costs. On a symbolic level, however, many people seem to value the fact that cash is now explicitly enshrined in the Swiss Federal Constitution and not just in law. This includes reasons of inclusion, security, maintaining an informal space in the daily lives of individuals, the need for personal control, etc.
Cash as a Public Infrastructure in the Digital System
In conclusion, these countries are neither abandoning nor reintroducing cash, but are redefining it as a public good complementary to digital, to be preserved even in an increasingly electronic payment system. Cash, therefore, does not disappear; it becomes a guarantee of resilience, inclusion and freedom, a sort of "public security infrastructure."
