A report by First National Bank (FNB) shows that people are making fewer cash withdrawals from ATMs than they used to.
CEO of FNB Value Banking Solutions, Ryan Prozesky, says this is the first time they are seeing a healthy shift towards electronic mechanisms.
It is positive for the consumer because it translates into bank fees savings for the customers. Card based transactions are far more cheaper than cash based transactions.— Ryan Prozesky, CEO of FNB Value Banking Solutions
Prozesky says the survey shows a difference between rural and urban electronic payments. He says cash use is still more predominant in rural areas than urban but there's a bit of a shift in behaviour.
To hear more of this interview, listen below: