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eMoney News

eMoney taking hold in South Africa
9 Apr 2010

The increased use of eMoney across South Africa is changing the way that its people approach transactions.

That is according to Fin24.com, which interviewed the chief executive of a low-cost baking service.

While the development of mobile banking and advent of mobile wallets, making use of contactless smart card technology, has certainly reduced the amount of paper money floating around, Brian Richardson says that perceptions still need to change if South Africa is to become a truly cashless society.

"There is a weird perception that the cost of carrying cash is zero," Richardson told the news provider.

In actuality, and particularly pertinently in South Africa given the level of crime, that is not true.

South Africa is not yet at the level of other countries, such as the UK and Taiwan, who have taken greater steps towards eMoney adoption.

In the UK contactless smart cards can be used as fare payment on a number of transit networks through providers such as sQuid.

sQuid also facilitates contactless smart card payment for low value goods and with the technology already in use in many of the country's schools, it may not be too long before the dream of a cashless society is realised.