The future of payments
A cashless future is no longer a dream, the future has arrived.
In 2010, in China, the Chinese government issued a string of new cash control regulations attempting to curb the negative effects of an economy built on a culture of cash. Distrust of banks, lack of infrastructure and connectivity and a population still struggling to come to terms with modern technologies resulted in people storing their life savings in cash, and most shops outside of the big centres refused any other form of payment*. Cash was king and few believed this would ever change.
Fast forward eight years... during 2018, US $12.8 trillion in mobile transactions are made, far outstripping the amounts spent in cash**. Stores, roadside stalls and even beggars all accept mobile payments as their primary means of transaction. In a short time, cash has become a pariah, with the latest government broadcasts pleading with stores to not show people away if they arrive with cash. The cashless dawn has arrived.
Can the same thing happen in South Africa? In short, yes. According to stats SA, by 2018, more than half the population of South Africa owned a smartphone, and with a forecast 18% annual growth in smartphone sales, this number is set to rise. As a result, mobile data being consumed is growing by 84% year on year since 2012. South Africans are exploring online at an astonishing rate and discovering a world of new possibilities for connected, digital solutions.
With cash-related robberies on the rise, and a shocking trend of schools being identified as soft targets, schools are stepping up and making use of the new connected world. Across the income spectrum, schools are taking bold steps forward and finding that the cashless future is closer than they were led to believe. A safe, cashless schooling environment is no longer a pipe dream, but a reality that is being achieved by schools today.
With our schools leading the way, our communities are responding, throwing their support behind this worthwhile initiative. The cashless drive is fuelled by the actions of everyday people, people who will no longer stick by the status quo, but boldly take advantage of the solutions already on offer. The cashless future is being built, not through some high-end top-down initiative by government or the banks, but organically, one community at a time.
The future of payments has arrived. Will you stand with us as we shape it, or will you fall behind?
Click here for more information regarding d6's cashless functionality for schools.