In Switzerland, cash remains the only legal tender that individuals can hold directly. The Currency and Payment Instruments Act (WZG) defines a mandatory acceptance obligation for cash: each person must accept up to 100 Swiss circulating coins and must accept Swiss banknotes without limit. By contrast, sight deposits held at the Swiss National Bank (SNB) are legal tender only for banks and other financial market participants under the National Bank Act (NBG).
Although the law establishes a special status for cash, Swiss contract freedom allows parties to waive the acceptance requirement by mutual agreement. Over recent years, cash usage in payments has been declining, a trend the SNB has flagged as a concern for the cash infrastructure. The decline is attributed primarily to technical progress that makes cash‑less options more attractive and to changing payment habits, especially among younger generations.
The cash‑less sector capitalised on the COVID‑19 pandemic, when authorities issued a health‑driven recommendation to avoid cash payments. Industry players used that moment to expand market share, although the source notes that quantifying the lobby impact of non‑cash providers is difficult.
Against this backdrop, the cash lobby is organising. The association "Bargeld Schweiz" was formally established on 6 May 2025, exactly 175 years after the franc became Switzerland's official currency. Ernesto Zimmermann, Head of Operations and Chief Operating Officer of Loomis, chairs the association. Its stated purpose is to ensure that a cash‑based payment system remains available to the Swiss population, preserving choice and accessibility.
Membership includes cash‑logistics firm Loomis and its Italian counting‑and‑verification equipment subsidiary Cima. Also listed are Orell Füssli Security Printing, which produces banknotes, Landqart, a banknote substrate manufacturer, Sicpa, a security‑feature provider, and the German printer Koenig & Bauer, whose Swiss subsidiary in Lausanne develops and produces banknote and security‑printing machines.
The association does not limit membership to companies. It is actively seeking private individuals as members to broaden its support base. Miguel Fonollosa, recently appointed part‑time managing director of the association, told finews that the website has been refreshed and that more public communication is planned. He stressed that the group does not aim to oppose cash‑less payment methods, acknowledging their efficiency and convenience.
Four arguments underpin the association's advocacy. First, accessibility: cash must remain easy for all residents, requiring a secure supply and everyday acceptance. Second, resilience: cash is part of basic infrastructure and contributes to system robustness when digital channels fail, making it a component of Swiss crisis preparedness. Third, inclusion: cash does not require a smartphone, app, credit card, bank account or digital literacy, thereby avoiding exclusion of users who prefer or need non‑digital payment. Fourth, freedom of choice: cash lets individuals decide how to pay, protecting privacy and control over transactions.
Political developments have reinforced the cash agenda. In the Zurich municipal council, a motion originating from the SVP and passed with left‑wing support obliges city‑run enterprises and those supported by the city to accept cash. The motion follows a citizen initiative on cash that was accepted by the sovereign in March 2026.
At the federal level, the Federal Council opened a consultation on amending the Federal Act against Unfair Competition. The proposed amendment would require payment service providers to disclose to merchants the individual components of fees for cash‑less payments, including merchant fees, inter‑bank fees and licence fees, both at contract signing and during the contract term. The government statement says the increased transparency should help merchants understand cost composition and compare offers from different providers.
The source notes that, while the Federal Council does not mandate it, merchants could choose to forego cash‑less offers altogether and accept only coins and banknotes.
Overall, Bargeld Schweiz seeks to safeguard cash as a viable, inclusive and resilient payment option, while the Swiss political arena moves toward greater fee transparency and reinforced acceptance obligations for cash in public procurement.
