How South Africa intends to keep a cashless society secure

Daniel Puchert

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South Africa's plan to kiss cash goodbye

The South African Reserve Bank said it is working on two-factor authentication, a digital financial identity, and an electronic know-your-customer registry to ensure safer digital payments in the future.

This is part of its digital payments roadmap, which aims to smooth out the path to a cashless society.
 
Mini Bus Taxi Drivers will NEVER EVER kiss cash away, this is how they avoid @sars
 
Won't they just clear your account with the below R500 cap. Should be done on every single transaction.
 
How to from a cashless society

Step 1: Form an ANC/MK/EFF coalition
Step 2: Nationalise the Reserve Bank and start printing money
Step 3: Wait for Hyper Inflation
Step 4: Return to the barter system
 
There will be no cashless society in South Africa. It is a dream. This will just force companies not to accept this as payment method as it will have no value. Companies will start accepting only foreign currency or leave the country. Paypal tried this on a scale a million times that of SA and it failed abroad to pull it off. Nothing will ever replace a normal currency with notes and coins. Easy as that.
 
Sounds awesome, imagine the government being able to cream 2.5% to 5% facility fee off the top of each and every transaction. Money for jam!
 
Wait until our banks go offline, and then see how much we will need cash.
 
"This type of authentication requires something you know (e.g., PIN), something you have (e.g., cryptographic identification device), or something you are (e.g., biometrics)." I guess more kidnappings are in our future...
 
Wait until our banks go offline, and then see how much we will need cash.

They go offline all the time and nobody has died…because already people don’t use cash.

Mitigations are already in place.
 
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