The move to a cashless South Africa.
The way the world transacts is in transition. Physical cash and cards are morphing into a hybrid of mobile, digital and perhaps even crypto. This brings to the fore exciting commercial opportunity and challenge. Mostly, it offers the chance of financial inclusion.
At the recent Cashless Payments Summit, experts attempted to decipher where this transition is headed and what it means for South Africans.
The idea of going cashless, or replacing cash with digital money – largely enabled through seamless payment on our mobile devices – is being propelled into reality by governments and corporations who see the benefits.
In developed markets mobile payments are leapfrogging card and are well on their way to replacing cash. Singapore, the Netherlands, Sweden and France see almost 60% cashless transactions, according to figures from Mastercard.
The Central Bank of Nigeria is starting to drive ‘cashless’ because it sees the economic benefit. “Going cashless inevitably means you know more about your customers and trade starts to increase. Additionally, where relevant, the more you know about your customer the more you are willing to lend money, which, when done responsibly, leads to further capital available for them to invest and for the economy Click here to read entire article
Source:: IT News Africa