By: Wayne Abramson, CEO of ATM Solutions, a Paycorp group company

The PayInc Cash Index reveals a simple truth — payment behaviour in South Africa is driven by choice.

I think back to the first ATMs we placed in small cafés and convenience stores in early 2000. Often, before we had even finished testing the machine, people would already be lining up, curious, hopeful and eager for convenient access to their own money. At its core, that need hasn’t changed.

What has changed is the environment around it.

Today, South Africans live comfortably between two worlds of payment. Many tap, scan and pay with ease. Yet millions still rely on cash for everyday essentials, groceries, transport, school fees, or simply because it’s familiar and dependable. Most people move between these options instinctively, choosing whatever works best in the moment.

The new PayInc Cash Index helps ground this conversation. It shows that while cash supply has eased, demand for cash has remained steady, especially for lower-value transactions. This mirrors what we see daily in communities across the country. Cash continues to serve a very real purpose — not as nostalgia, but as practicality.

Coexistence, not competition

For years, discussions about payments have leaned towards absolutes — a “cashless future”, or an argument that digital will ultimately overwrite everything else. But the reality is far more nuanced.

Digital payments are growing steadily, reflecting real progress in digital adoption. At the same time, many South Africans still like the confidence of cash in hand. The index confirms what millions already know: cash remains one of the country’s most relied-upon ways to pay, especially across townships, rural communities and neighbourhood retailers.

Rather than one replacing the other, South Africa is clearly moving toward coexistence — a broader, richer mix of ways to pay. People want choice. And their choices are valid.

The quiet but crucial role of independent ATM operators

A meaningful shift highlighted by the index is how South Africans are getting their cash.

Banks continue to operate ATMs at scale, but they are no longer the only, or even the primary, access point for many communities. Independent ATM operators and retailers offering cashback are an essential part of the ecosystem.

This evolution is not a sign of decline. It is a sign of adaptation.

Independent ATM operators play a critical role in keeping cash accessible where people live, shop and commute. They fill gaps when bank branches and bank-owned ATMs consolidate. They extend their reach into rural and township areas. And they ensure that millions of South Africans can still withdraw cash conveniently and securely.

It’s a role that often goes unnoticed, yet it underpins the everyday functioning of the cash economy.

Payment, like everything else, must be flexible and agile.

At Paycorp, we see these payment choices play out in real time. At ATMs, street vendors withdraw to restock, customers make cardless mobile wallet withdrawals, and business owners tap their mobile phones to withdraw at a mall. Crypto users withdraw their crypto as cash, young professionals cash out betting winnings, and international travellers withdraw cash while viewing the value in their home currency. In retail and hospitality, we see new merchants accepting card payments for the first time and cardholders tapping or swiping to pay.

Each of these moments matters, and each one reflects a personal choice about how to transact.

This is why we continue to invest in a connected payment ecosystem that supports choice, rather than limiting it. Cash infrastructure remains a vital part of South Africa’s economy, and we continue to support it at scale. Our business also operates in card acquiring, mobile payments and digital assets. These streams are expanding quickly, and we will keep building the rails that make these experiences simple and reliable. 

The future is not cash versus digital. For now, and the foreseeable future, cash and digital will work in harmony.

Choice is not a trend — it’s how people live.

The PayInc Cash Index arrives at an important moment for the industry. It reminds us that payment behaviour in South Africa does not move in straight lines or headlines. It moves in ways that reflect the diversity and resilience of the people who use the system.

South Africans will continue to mix, match and choose the methods that make sense to them. Our responsibility, as industry participants, policymakers and partners, is to ensure those choices remain available, reliable and dignified.

A modern payment system should not tell people how to pay. It should enable them to pay their way, confidently, securely and on their own terms.