Digital payments are becoming more affordable and accessible in South Africa, and according to banks in the country, many residents now prefer these payment methods over using cash.
Fewer physical banknotes are used to transact in the country due to the emergence of low-cost bank accounts, affordable point-of-sale systems, and the popularity of payment systems like PayShap.
This indicates growing trust in digital payment channels, as previously, many South African adults would withdraw all their money as soon as it was deposited in their accounts.
As a result of this, most payments in the country were being processed using physical banknotes. However, this has shifted considerably in recent years.
According to Discovery and Visa’s SpendTrend25 report, digital channels offer greater convenience, better incentives and increased security, resulting in these payments gradually replacing cash in South Africa.
The companies surveyed South African consumers, and 67% of respondents said they use cash only a few times a month or not at all.
80% of respondents said they prefer to use cards or digital payments whenever possible.
“While many people still use cash for a myriad of reasons, largely out of habit, the prevalence of cash is losing its appeal,” the report reads.
Markets:
Top 10 Of the Top 40
BATS 804.50 18.19 2.31% 1,884,802,957,068
NASPERS-N 4,892.29 57.29 1.18% 804,445,487,262
AB INBEV 1,209.16 9.58 0.80% 2,173,100,599,927
PROSUS 865.34 5.43 0.63% 3,491,200,870,016
RICHEMONT 3,270.00 -19.78 -0.60% 1,757,893,431,030
FIRSTRAND 72.63 -0.60 -0.82% 407,417,113,513
CAPITEC 3,442.05 -42.08 -1.21% 399,621,464,598
BHP 438.66 -14.21 -3.14% 2,226,634,753,805
ANGLO 502.80 -28.05 -5.28% 672,534,174,656
GLENCORE 59.50 -5.60 -8.60% 791,350,000,000
Financial data provided by: iress, 15min delay
Powered by Blogger
Updated: June 2025
#WolmaransstadLinkBusiness
