Preferred Payment Methods in South Africa 2024

Cash remains a dominant payment method for 49.89% of South Africans, likely due to factors such as familiarity, trust, and limited access to digital banking solutions in certain regions. This preference highlights the continued significance of physical transactions in the economy, even as digital alternatives grow.

However, the data also reveals a noticeable shift toward digital payment methods. Around 29.55% of South Africans store credit card information on their phones, with a smaller percentage doing so on their desktop or laptop computers. The increasing use of payment apps like Venmo and the ability to send money through social media platforms further emphasizes the integration of financial transactions into everyday digital communication tools.

For a broader context, visit other statistics on cryptocurrency engagement levels in South Africa, cryptocurrency adoption rate in South Africa, most traded cryptocurrencies in South africa.