The Bank of Estonia recommends that people keep a supply of cash while also preparing for the introduction of the digital euro.
Although most everyday payments in Estonia are already made by card or mobile phone, this does not mean that cash has lost its importance. On the contrary, the Bank of Estonia (Eesti Pank) stresses that being prepared for crises also means having alternative payment options available.
According to Rainer Olt, head of the payment and settlement systems department at the central bank, the use of cash has declined but has not disappeared entirely.
“At the end of the year, we conducted a survey asking people how much they use cash for payments. Compared with the previous survey, cash usage has indeed decreased somewhat. If we look at cash use alone, 8 percent of people in Estonia prefer to make payments only in cash, while most people prefer to pay by bank card,” Olt said.
Alongside digital payments, however, it is considered important that people have a reserve in case electronic systems temporarily go down.
Read more: ERR.EE
