South Africans ditching cash

  • Thread starter Thread starter Kirsten Minnaar
  • Start date Start date
Cash is still king. Just way too many banknotes being printed and entered into circulation. Cash is also still the biggest payment method out there in SA.
 
Dimpie (COMPUTEK) said:
I can't remember when last I've been at an atm or inside a bank for cash related transactions :unsure:
Click to expand...

A very small number of the 70m+ population make use of banks and card payments. I too am one of them. Have a friend who owns a butchery in the East Rand and more than 90% of his clients only use cash. Our local Spar bottle store also get the majority of clients paying in cash. So, cash is still king. The SA Government is printing banknotes like crazy. Just in R100 banknotes alone, they are printing in all prefixes on the notes, AA to ZZ every year, meaning they are pushing out more R100 notes than what Tax Income they get per year. The banknotes printed in SA is no longer backed against anything. There is just too much in circulation. Who knows what happens when they reach ZZ, probably starts printing from AA again.
 
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