The Value of Cash and Payment Choice in South Africa
Mar 31, 2023
Recent research shows 86 percent of South Africans regularly use cash, with 95 percent withdrawing money from ATMs at least once a month, serving as a reminder that cash plays a key role in the retail sector alongside the growth of cashless options.
The research, conducted by Boston Consulting Group, found that just 14 percent of people would be prepared to go completely cashless. Discussing these findings with Payments Afrika, Mark Templemore-Walters, Operations Director at Cash Connect—a provider of retail cash and payment solutions—highlights choice as being key to success in the modern retail sector.
For retailers, one of the keys to success is giving customers choice in how they pay, allowing them to choose the option that meets their needs in terms of speed, convenience, accessibility and security. Retailers should ensure that shoppers can transact safely and conveniently in-store, whether they want to use cards, cash or a digital wallet.
Mark Templemore-Walters, Operations Director, Cash Connect
Templemore-Walters adds that a major benefit of cash is that people can use it without involving a third party—protecting their personal data—and in situations where other payment options may be unavailable, such as during load shedding, when the internet is unavailable and card terminals are non-functional.
[Cash is] a low-cost way to pay and accept payments, and helps people to manage their spending more carefully. It also ensures our fundamental right to privacy. These features make cash one of the most inclusive payment options in a country where around 11 million people are underbanked.
Mark Templemore-Walters, Operations Director, Cash Connect
Last Updated: Mar 31, 2023