Cash remains king for payments in SA

Many South Africans still prefer using cash to pay for goods and services.

This is according to the South African Reserve Bank’s inaugural 2023 Payments Study.

However, debit card payments seem to be gaining traction.

The study aimed to gain insight into how the public perceive and use various payment methods in South Africa.

SARB Deputy Governor, Rashid Cassim says, “Cash is cheaper. Every time you make a debit card payment. Although you as the consumer doesn’t pay. The little spaza would want to charge a bit more because there is a little fee in it. So, I think that if people have better options, cheaper options in using electronic payments through what we call quick response or QR codes that may change the landscape. And we do think the landscape will change. We think in the future, there will probably be more debit card penetration.”

Debit card payments gain traction in SA