Transacting: What is the best way to cash out in KZN?
Money, money, money...
In the modern world we live in, there are so many ways to go about bank transactions.
Whether it be cash, tapping your bank card, virtual cards, EFTs or QR codes, we all have a preferred way of forking out the big bucks.
This Black Friday into the Festive Season, there's no doubt that people have moola to spend, but is there a particular way we should be spending money?
Stacey and J Sbu decided to ask our listeners what their take is, tune in at 16:00-19:00 to hear:
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A recent survey by PWC shows exactly what the latest stats in Africa are:
- Cash leads across Africa at one third of all payments
- 50% of respondents pay with cash because there is no alternative, or merchant requests it
- Debit cards are second to cash in South Africa and Nigeria at 27%, while non-bank wallets are in second place in Kenya at 39%
- 69% of Kenyan respondents already pay with mobile phones in store
- Over 70% of respondents across South Africa and Nigeria use bank cards and EFT for online shopping; 44% of Kenyans use mobile phones
- 63% of respondents pay with their mobile phones in store, or plan to do so in future
- 28% of South African respondents would not open bank accounts with non-banks, compared to 14% of Kenyan and Nigerian respondents
- A good mobile banking app followed by low-cost cash withdrawals are most important to Africans choosing a bank
- 39% of respondents are not willing to share their data, even for their benefit
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