Proposal to replace ATMs in South Africa

[Luis]

Proposal to replace ATMs in South Africa

The South African Reserve Bank (SARB) has proposed a new strategy regarding automated teller machines (ATMs) in the country that could see banks' ATMs replaced by white-label ones.

This was in response to banks reducing their ATM footprints across the country due to declining demand and rising costs, including security costs.

 

[Brian_G]

It said the white-label ATMs would be independently owned and not tied to any specific bank, which would allow customers from any bank to withdraw cash and transact.

Mafia owned or govt. owned? And is there a difference?

 

[FiestaST]

I'll wait for the "cash is trash" tribe to chime in.

 

[SeRpEnT]

And these new machines will be.... couch shaped!

 

[Lupus]

I'll wait for the "cash is trash" tribe to chime in.

Not for laundering it isn't, you think all those barbers are needed??

 

[Smiggles]

Haven’t used cash in years and Mrs Philips cuts my hair beautifully.

 

[Brian_G]

Haven’t used cash in years and Mrs Philips cuts my hair beautifully.

You're late..

 

[Swa]

Just replace them with cash printing machines. Problem of transit solved.

 

[Brian_G]

Standard Bank said it had no plans to close or remove ATMs in 2026. Instead, it will replace 600 older ATMs with newer ones that promise to improve the customer experience.

...FNB’s ATM footprint hadn’t shifted significantly since 2022. The bank has 4,781 cash withdrawal and deposit devices, just seven fewer than in 2022.

He added that FNB was replacing some of its ATMs with automated deposit-taking (ADT) devices to support cash recycling in the local market and reduce reliance on cash-in-transit services.

Cash is back?

 

[Smiggles]

I'll wait for the "cash is trash" tribe to chime in.

Also gold is old.

 

[konfab]

This was in response to banks reducing their ATM footprints across the country due to declining demand and rising costs, including security costs.

The SARB published its Position Paper on Cash in South Africa, in which it outlined the new strategy, which aims to end bank-branded ATMs nationwide.

It said the white-label ATMs would be independently owned and not tied to any specific bank, which would allow customers from any bank to withdraw cash and transact.

That is already possible with Saswitch. And Saswich is operated by PayInc, which is 50% owned by the reserve bank. All they have to do is tell them to reduce the fees.

 

[Brian_G]

Also gold is old.

 

[Adhvik]

We should start having white label goods esp food such as milk, meat, eggs and sugar as standardised not branded as it is all the same. this will bring costs down alot esp on packaging etc

 

[Mekon]

Haven’t used cash in years and Mrs Philips cuts my hair beautifully.

Yes you have mentioned before that you are so magnificent that you don't use cash

 

[saturnz]

View attachment 1916869

not to mention that the bankers themselves regard gold as a tier 1 asset

 

[mypetcow]

Euronet has entered the chat.

 

[Bad Ballie]

Cash is back?

Never left, but convincing us it had was a 'good story to tell'

 

[SauRoNZA]

I'll wait for the "cash is trash" tribe to chime in.

I thought you said cash in transit there for a second…because that all goes away when the cash goes away, along with any adjacent crimes.

But yes, get rid of this multi brand kak and SASwitch and their bullshit along with it, it’s the only reason everyone runs to their own bank’s ATM.

 

[Brian_G]

We should start having white label goods esp food such as milk, meat, eggs and sugar as standardised not branded as it is all the same. this will bring costs down alot esp on packaging etc

You're exaggerating, it's at least 6 months to go before they make this nice Socialist Chinese local government suggestion