As the world shifts towards cashless payment methods, South Africa is gradually moving away from cash against a social and economic backdrop of inequality and slow economic growth. An image shared on social media the past weekend led many to believe that Woolworths would no longer be accepting cash, which of course caused a social media. A cashless society uses plastic cards or digital transfers to make payments and eliminates physical cash from the economy. It is clear that physical cash will be replaced by digital money but maintain its function and its value will continue to be determined through monetary policy. Digital money is more cost-effective than physical cash and these savings can be passed on to individuals and businesses. Also, according to a Stats SA report, there are 1.8 million South Africans operating as informal traders. In terms of payment methods, eight out of ten traders had no bank account and 60% of those who did possess one, only used it to process payments. In this conversation, we speak about South Africa’s appetite for a cashless society with Independent Fintech and Banking Analyst Dan Buntman.

<p>As the world shifts towards cashless payment methods, South Africa is gradually moving away from cash against a social and economic backdrop of inequality and slow economic growth. An image shared on social media the past weekend led many to believe that Woolworths would no longer be accepting cash, which of course caused a social media. A cashless society uses plastic cards or digital transfers to make payments and eliminates physical cash from the economy. It is clear that physical cash will be replaced by digital money but maintain its function and its value will continue to be determined through monetary policy. Digital money is more cost-effective than physical cash and these savings can be passed on to individuals and businesses. Also, according to a Stats SA report, there are 1.8 million South Africans operating as informal traders. In terms of payment methods, eight out of ten traders had no bank account and 60% of those who did possess one, only used it to process payments. In this conversation, we speak about South Africa’s appetite for a cashless society with Independent Fintech and Banking Analyst Dan Buntman.</p>

POWER Talk is a mid-morning talk show that delves deeper into the news of the day, along with larger societal themes, inviting listeners to help unpack issues on the day’s current affairs agenda and topics close to their hearts. The host also interviews the biggest newsmakers and experts in South Africa, helping listeners make sense of their world.

<p>POWER Talk is a mid-morning talk show that delves deeper into the news of the day, along with larger societal themes, inviting listeners to help unpack issues on the day&rsquo;s current affairs agenda and topics close to their hearts. The host also interviews the biggest newsmakers and experts in South Africa, helping listeners make sense of their world.</p>