End of cash and ATMs as you know them in South Africa

[Bloomberg]

End of cash and ATMs as you know them in South Africa

The Reserve Bank plans to create a cash-management company by next year that will roll out white-label ATMs and tighten oversight of how money circulates in the economy to make it cheaper and easier to access.

 

[Jet-Fighter7700]

sure, and all the lines I see at payday outside capitec will vanish overnight?
not bloody likely.

 

[Johnatan56]

Not really an end, it's just centralized company for running it, which is good as the big banks are pulling back, and you can get away with less ATM overall rather than duplicate per bank.

Question will more be oversight, cost control, where they end up placed, etc.

Won't really change how most South Africans are using it outside of probably making it a bit cheaper to use.

 

[SauRoNZA]

sure, and all the lines I see at payday outside capitec will vanish overnight?
not bloody likely.

Not even pay day dude.

I was falling over them again this afternoon just to try to get to Checkers.

Breaks my brain how people will go stand in a line to draw money…to then go pay for stuff at the shop instead of using THE SAME CARD instead.

 

[Lupus]

Not even pay day dude.

I was falling over them again this afternoon just to try to get to Checkers.

Breaks my brain how people will go stand in a line to draw money…to then go pay for stuff at the shop instead of using THE SAME CARD instead.

What's even funnier, they can draw from the till with the same card as well.

 

[FiestaST]

 

[Bad Ballie]

Well, the objective is more control and oversight, but cash is here to stay whether they like it or not. Banks reducing ATMs isn't about less need for cash or ATM's is because there are more ways to access cash, banks don't need dedicated ATMs next to retailers who already offer cash withdrawal, and having 20 ATM's in one place for different banks with different charges doesn't make sense even if the bank is making money from it. This is a good move, even if the end game is government oversight.

 

[Jet-Fighter7700]

Not even pay day dude.

I was falling over them again this afternoon just to try to get to Checkers.

Breaks my brain how people will go stand in a line to draw money…to then go pay for stuff at the shop instead of using THE SAME CARD instead.

makes zero sense sometimes seeing massive queues outside ATM's and branches,
was even once told by my dad he prefers to deal with people rather than internet banking and machines,

maybe it really is a Generational thing where older generations went to the ATM to get cash while younger generations just tap to pay with a smartwatch/Phone and it feels completely normal.

just wait, maybe as were laughing about them now, in 10 years time people will be paying for food with their eyeballs
via a retina scan, and us paying for things with smartwatches/phones will be considered old fashioned.

the way technology is moving so quickly, they might link your bank account to your DNA
and you will breathe into a tube to pay.

 

[Smiggles]

sure, and all the lines I see at payday outside capitec will vanish overnight?
not bloody likely.

They can use any ATM for the same price but still queue at a Capitec one.