The CODETA (Cape Organisation for the Democratic Taxi Association) recently launched a cashless tap-and-go payment system for minibus taxis in Cape Town. It replaces traditional cash transactions with a secure digital card or smartphone application, designed to improve commuter safety and streamline boarding.
The South African government is working on an ambitious plan to reduce cash transactions via a digital payment platform that can be used by South Africans, free of charge.
The Presidency and National Treasury have made submissions on an initiative to speed up the implementation of economic reforms by proposing the introduction of a free real-time digitised payment system.
The proposal wants to place South Africa at the same level with developing economy peers that are rapidly moving towards cashless transactions.
The digital payments ecosystem is expanding rapidly in the country with the prepaid‑card and digital‑wallet market expected to grow from $11.8 billion in 2024 to $21.2 billion by 2029.
