Cash may still be king for South Africans, but in an increasingly digital world that demands swift and reliable transactions, flashing a "two-clip" (R200 note) may become a thing of the past. The 2016 World Payments Report found that global non-cash transaction volumes grew to 426.3billion in 2015, up 10.1% compared to the previous year. The biggest jump came from emerging Asia, which rose 31.9%, while volumes in Central Europe, the Middle East and Africa were up 15.7%. As technology makes digital transactions marginally safer than lugging cash around, it becomes more sensible to use digital methods such as mobile wallet services and cards. Fezile Sibeko, a young farmer from Volksrust, relies heavily on technology, particularly mobile wallet services, to pay his employees. "Last year, I walked into a branch and withdrew a large sum of money. I was followed and relieved of it in a matter of minutes," said Sibeko. "Since then, I use mobile services for those employees who do not have ...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.