The South African Reserve Bank (SARB) has unveiled its inaugural Payments Study, offering a comprehensive look at the country's payment landscape. The report delves into consumer preferences, usage patterns, and emerging trends in payment methods. Discover key insights on cash vs. digital payments, the growing popularity of banking apps, and the challenges and opportunities facing the South African payment system.
Synopsis of the Key Insights:
Cash and Debit Cards Reign Supreme: Despite the rise of digital payments, cash and debit cards remain the dominant payment methods in South Africa.
Banking Apps on the Rise: Banking apps are gaining traction, offering convenience and security to consumers.
Digital Payments Still Niche: While digital payments like e-wallets are gaining ground, they remain niche and exclusive to certain demographics.
Financial Literacy is Key: The study highlights the importance of financial education in driving the adoption of digital payment methods.
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