Advertise with fastmoving.co.za
 
 

Card payments overtake cash: FNB
Card payments overtake cash: FNB

Card payments overtake cash: FNB

FMCG SUPPLIER NEWS

Businesstech.co.za - Nov 6th 2013, 09:15

FNB reports that monthly non-cash purchases by customers in its consumer segment have surpassed cash withdrawals at its ATMs by R800 million.
 

Non-cash relates to cheque and debit card, credit card, EFT, and GeoPay. It also includes all electronic and digital channels.

The bank notes that the dominance of card over cash is very new in the financial services sector. It said that in 2011, FNB Consumer Segment customers withdrew R1.3 billion more in cash than the value of card purchases.

Across the industry, card-based spend has been increasing at 38% per annum while ATM withdrawals have increased by 22%, showing the more rapid growth of card and cashless transactions during the past 12 months, FNB says.

“Viewing the difference between ATM withdrawals and card transaction values give us a clear view of consumer trends,” said Irlon Terblanche, CEO of FNB Core Banking Solutions.

Terblanche believes this trend is set to accelerate as the number of the card acquiring devices increases and customers seek to transact via cards where no fees are payable per transaction.

“Customers are also making much smaller value purchases via a card. Some customers are making purchases for R30, or even less. Consumers are showing a preference for cards even as FNB offers free ATM withdrawals.

FNB believes this festive season will see no increase in cash usage and that a further decline in cash usage will become obvious in 2014.2013 Copyright, BusinessTech. All right reserved  

Related News

Holiday marketing tips to help your store stand out
27/11/2018 - 08:59
The festive season is a challenging time for shopping malls in Cape Town. Customers are ready to spend their hard earned money and make impulse decisions, therefore, you need to ensure your store is ready for the holiday rush and that your marketing strategy attracts the big spenders.

Macy's raises annual forecast before holiday season
16/11/2018 - 08:47
Macy’s raised its annual earnings forecast, signalling a strong holiday shopping season ahead, as the department store chain builds on a recovery strategy that focuses on its well-performing stores and expanding online.

PayPal debuts credit card targeting brick-and-mortar shopping
31/08/2017 - 16:12
PayPal Holdings is turning to its old nemesis, plastic, to help it expand beyond the digital realm.

51% of card payments now contactless
20/06/2017 - 15:44
Contactless card payments rose by more than a third in the last year, becoming the UK’s favorite way to pay for goods.

4 ways e-retailers can stand out this holiday season
16/11/2016 - 15:16
It’s that time of year again. There’s joy in the air, snow on the ground, and big opportunities online for e-retailers savvy enough to grab some of the extra business that the holidays bring with them. ‘Tis the time for specials, e-mail campaigns, and increased outreach to customers. The problem, of course, is that “everyone else” will be doing the same. The trick for e-retailers is to develop ways to distinguish their site, convincing consumers to shop with them, rather than their competitors.