SA will become a cashless country

Hanno Labuschagne

Journalist
Staff member
Joined
Sep 2, 2019
Messages
2,710
SA will become a cashless country

South Africa is becoming a cashless society, with technologies such as the Synthesis and Nedbank tap-on-phone system and the development of stablecoin cryptocurrencies leading the charge.

This was the view of a panel of financial technology players from Luno, MasterCard, Nedbank, and Synthesis speaking at an ITWeb hosted event.

The webinar, titled "The Payment Revolution," addressed current trends in the fintech industry and how the Covid-19 pandemic has contributed to these trends.
 

Fulcrum29

Honorary Master
Joined
Jun 25, 2010
Messages
45,930
Just want to add here,

Cash can be costly. There are fees associated with depositing, withdrawing, and transporting cash that ultimately reduces revenue for organisations.

but so are digital transactions. 2.5% on transactions are high in my opinion, and I would even be surprised to see VAT being worked into this in the time to come. Everyone, each and every party, in the digital transaction will be taking their cut.
 

thestaggy

Honorary Master
Joined
May 11, 2011
Messages
20,432
Not as long as we have car guards, pump attendants, and parking ticket machines that only accept cash...

I haven't used cash for petrol in the last 10-years. I will drive to the next fuel station if their card machines are down. And if I have used cash in the last 10-years I couldn't even tell you when last, it was that long ago.

I can use my credit card to pay for parking tickets at the two shopping centres near me and I know Sandton City and Eastgate allow the same. I am almost certain that any large shopping centre will have these facilities.
 
Last edited:

Mike Hoxbig

Honorary Master
Joined
Apr 25, 2010
Messages
38,322
I haven't used cash for petrol in the last 10-years. I will drive to the next fuel station if their card machines are down. And if I have used cash in the last 10-years I couldn't even tell you when last, it was that long ago.

I can use my credit card to pay for parking tickets at the two shopping centres near me and I know Sandton City and Eastgate allow the same. I am almost certain that any large shopping centre will have these facilities.
Not The Glen, which is the one closest to me. I end up going to Mall of the South.

Re petrol, all stations accept cards, that's not the issue. It's tipping the attendants. This is probably not an issue for some...
 

Drifter

Honorary Master
Joined
Dec 19, 2012
Messages
21,232
Yep, targets are becoming far and few. Jeepers, they robbed our Ackermans for crying out loud.
 

bwana

MyBroadband
Super Moderator
Joined
Feb 23, 2005
Messages
84,005
According to Mushwana, cultural and behavioural aspects are barriers to adopting cashless payment methods, as cash is tangible and available everywhere, whereas cashless systems are not.
Still need cash for our local mall parking, tipping, and paying the gardener. Really can't imagine being able to pay him any other way.

Oh, and, according to a friend, strippers.
 
Top