Cash Usage Still High

In Africa, cash remains a preferred payment choice, with countries such as Nigeria being almost exclusively cash-driven, and South Africa having a broader mix of payment options while still preferring cash for the majority of them. “South Africa still has a high reliance on cash relative to some other countries,” Hylton Kallner, chief executive officer of Discovery Ltd.’s banking unit, said in Johannesburg. — The cost of online banking is expensive in South Africa. In the case of South East Asia, according to a survey from 2020, around 45 percent of respondents in Southeast Asia preferred to pay with cash. Among the respondents, around 15 percent in Singapore preferred to pay with cash, whereas around 91 percent in Myanmar preferred to pay with cash.”

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