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.

"To ensure the ability to make purchases, it is very reasonable for people to keep some cash alongside their bank cards, so they can still pay in stores if, for example, card payments are not working. More broadly, the recommendation is to keep about a week's worth of cash at home for the family, so that if there are disruptions — whether in services or due to other circumstances — it is still possible to manage without problems," he added.

The same logic also applies to the digital euro. According to Olt, one of the main reasons for its development is to ensure that payments can still be made when conventional systems are not functioning or when reliance on foreign services becomes a risk.

"The first reason is that if we look at Europe, we see how dependent we are on global card schemes or payment solutions. Thirteen countries in Europe do not have their own digital payment solution alongside Visa and Mastercard and are fully dependent on those services, including Estonia. In the bigger picture, about two-thirds of card payments in stores and e-commerce are made using these global card schemes," Olt said.

The digital euro is designed to function even when there is no internet connection or when banking services are disrupted, adding an additional layer of security to the payment system.

"It would effectively be a digital wallet for individuals. This digital wallet would be provided by the commercial bank a person already uses and would include additional features. In addition to money being held in a bank account in a central system, people would also be able to store funds on their phone and use them for payments between individuals or in stores — even in cases where there is no internet connection and banking services are generally unavailable due to technical reasons or cyberattacks. It creates an additional layer of protection to ensure that we can continue making our everyday electronic payments," Olt said.

However, the introduction of the digital euro is not imminent. According to current plans, it could reach the public toward the end of the decade, around 2029 or 2030.

According to the Bank of Estonia, cash is not going anywhere, but in the future it will be complemented by new digital solutions that help ensure there is always a backup option for making payments.

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