Payment methods in South Africa - statistics & facts
In South Africa, cash and debit cards are the main preferred payment methods at points of sale. Cash is still considered to be a mainstay in the country, particularly among low-income earners. This is likely because they are not aware of the benefits of alternative payment channels, such as canceling out transportation costs to withdraw money and having enhanced security. The frequent use of debit cards can be associated with the country’s large portion of banked population. On the other hand, credit cards are much less frequently used. Consumers in the country are generally weary of obtaining credit and banks require stricter criteria to give out credit due to the increasing default rates.
