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'SA cash economy about 60% of GDP, moving that to digital would be huge saving'

24 September 2020 8:39 PM
Tags:
The Money Show
cashless system
Digital Banking
COVID-19
uKheshe
Clayton Hayward
micro transaction platform

The Covid-19 pandemic's moving us towards a cashless society. Arabile Gumede interviews Ukheshe co-founder, Clayton Hayward.

The way Covid is accelerating our shift towards a cashless society is arguably one of the "positives" of the pandemic.

Micro transaction platform provider Ukheshe is a company that, amongst others, helps people without bank accounts to make or receive payments through the use of QR codes.

Cashless payment, online banking. Image: Gerd Altmann on Pixabay 

On The Money Show, Arabile Gumede (in for Bruce Whitfield) chats to Ukheshe co-founder Clayton Hayward.

He says South Africa is not lagging too far behind in the "cashless revolution", especially with the growing popularity of digital transactions thanks to the pandemic.

Obviously in the informal sector cash still dominates... but if you look at our retail environment, it's totally embraced contactless payments. Up to 80% of consumers now often opt to tap and pay or scan and pay rather than punch a pin into a keypad.

Clayton Hayward, Co-founder - Ukheshe

We saw the big retailers like Pick n Pay, Shoprite deploy QR capability. We also had petrol retailers embrace QR.

Clayton Hayward, Co-founder - Ukheshe

It's definitely been a catalyst... We've been approached by a lot of taxi unions, lots of church groups...

Clayton Hayward, Co-founder - Ukheshe

Even the South African Social Security Agency (Sassa) has realised it's time to move into the digital era and get digital grant payments into the rural areas, he says.

A lot of people don't realise that our cash economy is about 60% of our GDP... and if we could move that to digital it would be a huge saving for the country and create a whole lot of efficiency in the supply chain and saving for the consumer.

Clayton Hayward, Co-founder - Ukheshe

I think rolling out infrastructure to the rural areas is something that is holding back the development of the entire country - that's why we're seeing this mass urbanisation of people flocking into the big cities looking for work and, I think, connectivity...

Clayton Hayward, Co-founder - Ukheshe

Listen to the complete conversation on The Money Show:


24 September 2020 8:39 PM
Tags:
The Money Show
cashless system
Digital Banking
COVID-19
uKheshe
Clayton Hayward
micro transaction platform

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