Capitec chief executive Gerrie Fourie says that he currently doesn’t have any money in his wallet, and he believes that this will become increasingly common in South Africa in the near future.
Fourie said during a PSG webinar on Tuesday (27 July), that all the payments he makes are either done through Capitec’s app or with a card.
He explained that this is part of a wider industry shift away from cash towards digital payments, with Capitec set to launch new features in early 2022 to promote this trend.
One of these new features will aid people including car guards, who stand to lose out in an increasingly cashless society. By using QR codes, even those people without cash on hand will be able to make quick payments.
“(Capitec) will very early in the new year have peer-to-peer QR codes, and if I want to pay you then I can scan your code, or you can send that QR code to me over WhatsApp and I can pay you then.”
Fourie said that the moment these types of technology come out, with other local banks working on similar features, it will lead to a payments behavioural change in the country.
He said that cash is becoming less commonplace, adding that he last used cash before lockdown. “It started with travelling abroad where you don’t need cash – so you get used to it. When Covid-19 happened I just made a point to say I won’t use cash (at all).”
This trend was gaining traction within Capitec itself, with no options to buy coffee or food using cash at the company’s headquarters in Stellenbosch, he said.
“We have actually gone so far as to say that you can’t pay with a card. We have on the app (the option) to pay with a scan, so that’s how people pay. It’s all part of a move away from cards and cash.”