Author: Philasande Sokhela

The 2019 Future of Payments in South Africa report by Deloitte and Mastercard stated that “although 80% of South Africans have a bank account, most consumer transactions are still cash-based” and that a “relatively high share of consumers (45%) receive cash salaries.” In the chapter titled, ‘Why does it continue to dominate?’, the report goes on to say, “although rural and township residents were found to use cards for 60% of their transactions at formal retailers, only 4% of transactions were card-based at informal retailers.” The financial sector can no longer shy away from the reality that there is a…