The Current Cash Environment In South Africa

The use of cash is a vital and integral part of society, It is a way to protect our privacy in a world where ‘tapping’ and instant payments can become invasive in our choices and can lead to a barrage of advertisers monitoring our spending and the trends therein. It is a trusted payment source when we don’t have access to WIFI which particularly in countries like Africa can occasionally be challenging.

South Africa is a country where 11 million people are unbanked making it a crucial and integral part of the economy. As stated in an article on the Cash Matters website, research shows that 86% 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.

As we move progressively further into digitalization there is a growing concern that we will become cashless. Trusted research dismisses this as unlikely. As Dr. Dalinghaus states in her paper ‘Virtually irreplaceable – Cash as public infrastructure’  ‘An even more substantial argument for cash is that the cash infrastructure serves a vital public role since cash can circulate independently of its issuer

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