Value of ‘swiping’ doubles in post-cheque era :: Mmegi Online

The value of Electronic Fund Transfer at Point-of-Sale transactions, which are better known as ‘swiping,” reached P53.7 billion in the first half of the year, more than double the value from the first half of last year, as cheques were phased out as a payment method.

Bank of Botswana figures released recently indicate that after the phasing out of cheques on December 31 last year, digital transactions in the economy have exploded. In the first quarter of the year, the value of swiping transactions reached P21.5 billion from P15.8 billion in the last quarter of 2023.

In the second quarter of the year, the transactions rose to P32.3 billion, an increase of more than 50% from the first quarter. The number of swiping machines has also increased since cheques were phased out, reaching 16,462 at the end of June, from 6,915 on June 30 last year. While the numbers suggest a digitisation of the local economy, other figures from the Financial Intelligence Agency (FIA) indicate that cash continues to be king for some sectors.

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