South Africans should say goodbye to cash

Yup, sadly the informal sector uses it exclusively sometimes not by choice , i.e. high banking fees! Let's not forget the illegals who can't open themselves. (Applies to Europe too)

Perhaps they should mandate all banks to have a free tier of banking. The banks will make enough out of fees related to card use on high Street etc. Then legal South africans, can bank and perhaps the win is more traceability into flows.

They so need to kill Interbank payment fees. I am already forced to pay monthly for my bank account and then they still charge more?

Ridiculous then that interbank payments don't work on weekends, etc. Yet every other country , it's not a problem. Weekends and public holidays are just normal days in their banking systems.

I love my bank accounts in Europe and elsewhere that have no monthly banking fee. I mean I can upgrade to one, with more benefits like insurance, rewards , etc but why???
 
supersunbird said:
And how much does digital banking cost South Africans each year?
Click to expand...
Exactly. This cashless society narrative loves telling us about the cost doing business in cash, but ignore the cost of digital banking entirely.

Because as a business owner in South Africa, my personal experience has been the total opposite. It costs nothing when I am paid in cash, and I can often get discounts when I use that cash as well. To accept digital forms of payment generally costs me about R10k a month (or R120k per year). And that is just the cost of recieving the money - that is before paying any of the banking costs associated with spending the money...
 
R100 in a township can go from the hair salon, to the tire guy, to the shebeen, to the chicken seller, to the building supply guy, to the perfume seller, spaza shop, and back to the hair salon in a morning, and lose zero to fees.

By the time R100 has gone that route with a Yoco, it's probably been whittled down to R70
 
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Knowing the solution is right there in front of us and people aren't using it yet is annoying.
Have had many times in the past few months where someone having a Crypto wallet would have made life so much easier.
 
notayoba said:
R100 in a township can go from the hair salon, to the tire guy, to the shebeen, to the chicken seller, to the building supply guy, to the perfume seller, spaza shop, and back to the hair salon in an morning, and lose zero to fees.

By the time R100 has gone that route with a Yoco, it's probably been whittled down to R70
Click to expand...
Yes, and the hair salon owner, tire guy, shebeen, chicken seller, building supply guy, perfume seller and spaza shop would all have had to wait 24-48 hours before they could actually spend that R70.00 that's left as well over as well.
 
The banks literally make Billions out of card transaction fees. Of course they want you to ditch cash.

"The Reserve Bank recently reported that cash withdrawal and deposit fees cost South Africans R31 billion each year."

I just asked gemini to do a quick check and just between ABSA and FNB they charge almost double this (60 Billion) in card / transactions per year.
 
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