SA lags behind in cashless revolution

Cape Town – The World Health Organisation has said there is a likelihood that cash may spread the coronavirus and in order to help combat the spread South African banks are turning to cashless transactions.

Mobile money transfers, online, debit and credit card transactions are being encouraged as opposed to cash. However, even as cashless transactions increase, the unbanked population remains a concern. Of South Africa’s population of 59 million, 11 million people are described as unbanked or under-banked.

Clayton Hayward, co-founder of micro-transaction platform uKheshe, said: “A move to a cashless environment is now possible for all South Africans regardless of income levels or banking status.”

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