Over the past four months we have seen India begin the difficult process of weaning her people off of physical cash, as Prime Minister Modi has officially called for the implementation of a digital monetary system. Then earlier this week we began to hear word that Russia was investigating the taxing of individuals who chose to use cash in transactions and other commerce.
Now on Feb. 24 we can add South Africa to the growing list of BRICS nations who might be setting the stage for eliminating physical cash in their economies and creating a completely digital monetary system.
Globally, cash, as a means of transaction, has been on the decline for decades.
First World countries are leading the transition.
In emerging market countries, such as China, South Africa and India, for example, more than 90% of payments are still cash based.
We have also seen how quickly, thanks to our almost complete mobile penetration, blockchain technology, such as Bitcoin has taken off in South Africa across all strata of our economy.
These are signs that South Africa’s transition to a cashless environment could happen very quickly indeed. - Biz Community