Cash is still king in SA, says Lesaka’s Cash Connect | Business Day, Mudiwa Gavaza | 12 Dec 2023

At a time when SA's financial services sector is fighting for more digital payments, Lesaka's Cash Connect is forecasting that cash will be the preferred payment method for transactions this festive season. According to Lesaka, cash remains the payment option of choice for most SA consumers, with peak trading periods such as the festive season seeing a sharp increase in the number of cash transactions that retailers need to handle. "It's important that retailers support customer choice by enabling shoppers to pay by card, with smart devices, or notes and coins," says Mark Templemore Walters, operations director at Cash Connect. He explains that as much as 90% of transactions in SA are still settled with cash. Retailers need to continue to support cash transactions to avoid excluding people who don't have bank accounts or cards, as well as to maximise sales over the festive season, he says.
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