The rate of conversion from cash to digital in the FNB ecosystem is accelerating, the bank said on Tuesday.
, digital payments have surged 360% in the last three years across all banking clients. In the bank’s personal banking segment , the cash to digital ratio improved by 87% in the past year.
“But we are seeing that customers are driving adoption because merchants lose out on a sale when they cannot accept the payment method the customer prefers, so they end up upgrading their technology, so they are prepared for that customer the next time arrive.” Although customers are seen as the main driver of digital payment uptake, merchants play a significant role in driving adoption, too.
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