01 Aug The convergence of credit card and cash in Africa
According to a recent study conducted by Mastercard, over 50% of the South African population still transact using cash on a daily basis. This is despite the number of banked adults rising to 77% in 2015.
Conversely, financial service providers now look to promote the use of cards in South Africa and throughout the African continent. Banks have begun to incentivise customers and retailers through the likes of rewards programmes, reduced transaction costs and improved access to card transaction facilities. Even with these incentives and despite the greater risk and costs associated with cash transactions, many consumers are still reluctant to switch to card.