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South African plan to say goodbye to cash
Despite the surging adoption of contactless payments in South Africa, more than half of the country still relies on cash as their dominant payment method, and the digital divide is slowing the migration to digital currencies.
South Africa's major banks have noted that transactions made with digital wallets have been skyrocketing, with Capitec reporting a 238% increase in digital payment volumes between June 2023 and June 2024.
Despite the surging adoption of contactless payments in South Africa, more than half of the country still relies on cash as their dominant payment method, and the digital divide is slowing the migration to digital currencies.
South Africa's major banks have noted that transactions made with digital wallets have been skyrocketing, with Capitec reporting a 238% increase in digital payment volumes between June 2023 and June 2024.