Capital Appreciation gains as South Africans drop cash for cards and digital money
Rapid growth in SA's credit and debit card market has increased demand for point-of-sale machines
Payment services facilitator Capital Appreciation is raking in double-digit profits as more consumers drop cash for credit cards and digital currency. Capital Appreciation’s operations include distribution and management of point-of-sale devices in retail outlets as well as transacting platforms to reconcile business-to-business and business-to-consumer transactions. In the six months to September, the fintech player grew payment terminals on behalf of its banking and institutional clients to 103,000, well ahead of its March 2019 target.
“What we have seen is that cash is becoming less prevalent every year. The number of credit and debit cards in the market is growing at a rapid rate. The long-term trend shows that cash transactions will diminish,” said Capital Appreciation CEO Bradley Sacks. The Payments Association of SA’s 2017 annual report showed that the volume of card transactions in SA increased from about 750-million in 2010 to 2.5-billion by the end of 2017. The combi...
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