It has been well documented that the persistence of cash usage comes with material costs to society that range from lost tax revenue and direct cash handling costs to significant adverse impacts to financial inclusion. In addition, cash is the mainstay of the “shadow economy” and its attendant illegal activities, that themselves impose serious costs on society in the form of crime and corruption.

To get a sense of the full cost of cash to local consumers EWN's Ilze-Marie Meintjies spoke to Mark Elliott, the division president for Mastercard in Southern Africa.