South Africans rapidly adopting cashless payments

[Daniel Puchert]

South Africa saying goodbye to cash

Cash is still dominant in South Africa, with almost half of all adults withdrawing all their money as soon as it is deposited in their accounts. The majority of payments in the country are made using physical banknotes.

However, South Africans are rapidly adopting cashless payments through credit or debit cards and new systems such as PayShap. The Reserve Bank also plans to make the country’s economy cashless.

 

[HartsockZA]

Like 89% of my transactions are cashless, only criminals get away with 100%

 

[Kaapie]

Card payments are just more money to the ****ing leech industry aka banking.

 

[FiestaST]

https://twitter.com/x/status/1845034142263587086

 

[dontcryforme]

Like 89% of my transactions are cashless, only criminals get away with 100%

You one of those people that think SARS is on your side and your taxes are used for good?

 

[bixt]

It's filthy to kiss bank notes goodbye, so in this case saying goodbye is def a better choice.

 

[Bliksis]

I prefer the option to use both.

We have an OK close to us who boasts about how progressive they are for adopting the cashless model, and along comes a worker cleaning the field across the road, unable to buy rolls and a soda with cash in his hand.

EDIT: Fixed a mistake that changes the entire meaning of my post LOL

 

[Speedster]

Card payments are just more money to the ****ing leech industry aka banking.

Cash is usually more expensive to use

 

[JimM]

If you pay a bill that's say R100 and then that person spends the R100 in a shop. After that the shop pays one of its staff with that R100 and they in turn give to a child to buy a toy at R100 and it goes on forever!

Each time you pay electronically, the R100 immediately drops in value with the bank taking a chunk and after a short while there's no money left!

Only sensible people use cash!

 

[Swa]

If you pay a bill that's say R100 and then that person spends the R100 in a shop. After that the shop pays one of its staff with that R100 and they in turn give to a child to buy a toy at R100 and it goes on forever!

Each time you pay electronically, the R100 immediately drops in value with the bank taking a chunk and after a short while there's no money left!

Only sensible people use cash!

Exactly this. In China they also tried this but instead of supporting the bank industry people went other ways with in many cases traceless methods. People will never go the way you want them to but choose what is most convenient and best for them as we saw with piracy and the music and now film industry eventually giving way to the trend.

No way that people will support the banking industry taking 3% of the economy.

 

[supersunbird]

I prefer the option to use both.

We have an OK close to us who boasts about how progressive they are for adopting the cash only model, and along comes a worker cleaning the field across the road, unable to buy rolls and a soda with cash in his hand.

Was it fake cash? Why did the cash only store not take his cash?

 

[SauRoNZA]

If you pay a bill that's say R100 and then that person spends the R100 in a shop. After that the shop pays one of its staff with that R100 and they in turn give to a child to buy a toy at R100 and it goes on forever!

Each time you pay electronically, the R100 immediately drops in value with the bank taking a chunk and after a short while there's no money left!

Only sensible people use cash!

Yeah erm no…it’s exactly the other way around due to the inherent risks involved with cash making it extremely expensive to hold and manage.

Sure a 100 years ago where all systems weren’t electronic and cash went directly hand to hand it worked like that, but it’s no longer the case.

 

[netstrider]

Carrying cash is a pain but I'm wary of Trudeau-like shite happening here where someone you know drives a tractor so your bank account gets blocked.

 

[Ivan Leon]

Duplicate thread - Shaun beat you to it by EXACTLY 1 hour...

Credit card boom in South Africa

Credit card boom in South Africa Demand for credit cards in South Africa remains strong as households struggle to maintain their lifestyles amid a rising cost of living.

mybroadband.co.za

 

[Lupus]

https://twitter.com/x/status/1845034142263587086

Money doesn't taste much better. You also get those that go, I'll go cash cause we can't use cards during the apocalypse. Or gold or something it's like son, during the apocalypse food would probably be barted for a good few years cause no one can process gold

 

[Lupus]

Cash is usually more expensive to use

Yet banks charge shops for using card machines.

 

[DStvNothingOn]

But a hang of lot less than depositing cash, and thats before adding the cost of cash transport there a reason retailers push cash back at tills so hard.

Yet banks charge shops for using card machines.

 

[Speedster]

Yet banks charge shops for using card machines.

And banks charge shops for depositing cash.

Costs mount up quickly if they're also using cash in transit services.

 

[Swa]

Yeah erm no…it’s exactly the other way around due to the inherent risks involved with cash making it extremely expensive to hold and manage.

Sure a 100 years ago where all systems weren’t electronic and cash went directly hand to hand it worked like that, but it’s no longer the case.

Is that not because of making it electronic then? If you keep it cash there is probably little cost involved.

 

[Speedster]

Is that not because of making it electronic then? If you keep it cash there is probably little cost involved.

Storing, securing, transporting and banking cash are all expensive.