Cash share makes up 58.2% of South Africa's GDP (Global Cash Index, 2017)
Jul 7, 2017
The statistic comes from the Global Cash Index from PYMNTS, published in June 2017.
According to the report findings, cash is king in South Africa, making up 58.2% of the country's GDP.
For South African eTailers, accepting cash is not an ‘if,’ but a ‘must.’ According to the latest PYMNTS Global Cash Index™ South Africa Analysis, cash powers over 50% of consumer transactions and accounts for 58% of GDP. And while the technological infrastructure catches on, eTailers must accept cash to stay competitive, says Vusi Ndwandwe, head of retail and business banking at Absa Bank. Plus, over 200 data points that track South Africa’s state of cash, in the report.
Last Updated: Feb 7, 2020