According to PYMNTS.com’s Global Cash Index series, South Africans prefer rands over other A transfer of funds which discharges an obligation on the part of a payer vis-à-vis a payee. methods. In fact, after struggling to gain more users, the mobile From the Latin word moneta, nickname that was given by Romans to the goddess Juno because there was a minting workshop next to her temple. Money is any item that is generally accepted as payment for goods and services and repayment of debts, such as taxes, in a particular region, country or socio-economic context. Its onset dates back to the origins of humanity and its physical representation has taken on very varied forms until the appearance of metal coins. The banknote, a typical representati... transfer app M-Pesa finally pulled-out of South Africa in 2016.
Because of this particular affinity for Money in physical form such as banknotes and coins., there are many companies that have adapted their business plans to meet demand. Uber, and online retailers like Takealot.com are now accepting payments in cash.
These figures are not surprising given that a quarter of the population does not own a bank account. Yet, despite the growing use of mobile apps, South Africans still choose cash over alternative payments – and these numbers are expected to increase with the growing number of ATMs.
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