The Swiss National Bank said on Wednesday it would develop a new series of banknotes, underscoring Switzerland's love of physical money despite the rise of mobile payment apps and cashless payments.

About a third of all payments in Switzerland are made in cash, the SNB said, adding that it believed cash would remain a widely used payment method in the future.

"It is impossible to imagine Switzerland without cash," said SNB Chairman Martin Schlegel. "Cash is and will remain a popular method of payment."

"Although bank cards and apps are increasingly used for payments, there is no doubt that people in Switzerland still attach great importance to cash," he told a news conference in Bern.

The SNB last introduced a series of new banknotes between 2016 and 2019, and said the new notes could be introduced in the early 2030s.

Schlegel said: "The SNB believes that cash will continue to play an important role as a payment method and store of value in the future. Therefore, continued development in security technology and the redesign of banknotes are crucial."

A competition will be held to design the new banknotes, with the theme "Switzerland and its altitudes" to reflect the country's Alpine landscape. Draft designs will be released to the public next year, with winners announced in 2026.