More consumers were choosing cards over cash to pay for goods and services, First National Bank (FNB) said on Monday.
Across the banking industry over the past 12 months, card-based spending increased by 38 percent, while ATM withdrawals increased by 22 percent, the bank reported.
In the same period, monthly non-cash procurement by FNB customers in its consumer segment surpassed cash withdrawals at its ATMs by R800 million.
“The dominance of cards over cash is very new in the financial services sector,” FNB said.
Two years ago, FNB consumer segment customers withdrew R1.3 billion more in cash than the value of card purchases. - Business Report