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'Rush for cash during Cup'

Aug 10 2010 11:26

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Johannesburg - The Spark Cash Index on Tuesday revealed that the average value of cash withdrawn during July 2010 was R412 per withdrawal, representing an increase of 9.10% over July 2009.
   
"The index shows a slight drop from June 2010 which had an average of 413 rand, an indicator that the FIFA World Cup potentially attracted higher withdrawal values in the June leg of the competition versus the later July stages," said Marc Sternberg, MD of Spark ATM Systems.
 
July 2010 now represents the third highest absolute value and the second highest year-on-year increase recorded in the Spark Cash Index. Tourism and local consumer spending during the event was a major contributing factor to July 2010's large increase over the same period last year.
   
The Spark Cash Index also monitors the split of international versus local cardholder cash withdrawals.
   
"It is interesting to note that during the FIFA World Cup - 11 June to 11 July - international withdrawal volumes as a percentage of total
withdrawals increased by 75% and comprised 7% of all ATM transactions, compared to 4% for the same period in 2009," Sternberg said.
   
The index also shows that average international cash withdrawals rose by 8.12% year-on-year from 628 rand to 679 rand per transaction.

- I-Net Bridge
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