With a variety of electronic payment options available, South Africans are still not close to calling it quits on cash. In fact, according to a report by MyBroadband, they’re using more cash than ever.
In 2017, nine in 10 payments were made with cash. And to accommodate a 100 percent increase in ATM withdrawals over the past five years, the nation’s banks are accommodating consumers with ATMs that feature more features than ever, the report said.
Major banks Absa, Nedbank and Standard Bank are providing ATMs with a wider variety of functionalities and with features such as card-free transactions that enhance the customer experience.
Absa told the publication that cash demand will continue to grow — by 6 to 10 percent for the foreseeable future.
“Customers will continue to make use of ATMs or retailers to withdraw, deposit, and manage their cash.”