Despite a high number of banked adults in South Africa, cash still makes up over 50% of consumer transactions by value. This enduring preference is driven by various factors, including the widespread use of cash among low-income earners who may lack access to digital payment infrastructure and the fact that many businesses and services still predominantly accept cash. Additionally, cash provides a sense of control and immediacy that digital payments may not always offer, particularly in regions where digital transactions are less common.

According to a 2022 study by the Bank for International Settlements (BIS) and the International Monetary Fund (IMF), cash usage incurs significant socio-economic costs, including higher transaction costs and reduced transparency. The study revealed that cash transactions in South Africa remain prevalent due to limited digital infrastructure and a strong cultural preference for physical currency. The research highlighted that while digital payments are growing, cash transactions still account for 53% of the total value of consumer payments in the country.