SA's new instant digital payment system, which was launched yesterday, is at least six times faster than the current instant payment services offered by banks.

‘We wanted it to be cash-like. One of the things that deter people from utilising digital services is the wait,’ said SA Reserve Bank deputy governor Fundi Tshazibana.

Fin24 reports that he said most people still prefer to carry cash, particularly domestic workers, hawkers and people living in townships and rural areas.

‘Many are concerned about bank charges. Furthermore, with money in the bank, it takes money to get it out because they have to travel to get to ATMs,’ he added.

Full Fin24 report