Anyone can use cash to transact – important in a country where one in five people do not have a bank account (Finscope, 2018). Cash doesn’t discriminate according to whether you own a smartphone, can get a card from a nearby banking branch or have an ID book for a FICA or Know Your Customer process. It allows immediate participation in the economy for all.
According to the PYMNTS Global Cash Index™ South Africa Analysis, more than 50 percent of consumer transactions are completed with notes and coins. With around R135 billion in cash circulating in the economy and millions of unbanked citizens, the drive towards a cashless society risks harming those it purports to help.
Many financial institutions, technology providers, and payment organisations are motivated in pushing consumers away from using cash and towards using plastic or digital payments channels instead. For many cashless crusaders, the COVID-19 pandemic and the resulting desire for social distancing are the latest arguments against cash.
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According to the PYMNTS Global Cash Index™ South Africa Analysis, more than 50 percent of consumer transactions are completed with notes and coins. With around R135 billion in cash circulating in the economy and millions of unbanked citizens, the drive towards a cashless society risks harming those it purports to help.
Many financial institutions, technology providers, and payment organisations are motivated in pushing consumers away from using cash and towards using plastic or digital payments channels instead. For many cashless crusaders, the COVID-19 pandemic and the resulting desire for social distancing are the latest arguments against cash.
Read more
Many UK consumers blocked from paying cash
