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Cashing in on soccer

7 Jul 2010

The Spark Cash Index, a real-time indicator of cash availability and consumer spending in the economy, shows that during the month of June 2010 the average value of cash withdrawn was R413 per withdrawal, representing a record year-on-year increase of 11.26% over June 2009. It also shows that international card withdrawals increased by 52% over the same period last year with foreign transactions comprising 8% of overall transactions, up from 5% in June 2009.

The Department of Home Affairs announced recently that there was a 24% increase of foreigners visiting South Africa in June 2010 compared to June 2009.

The index also shows a 2.54% increase from the previous month of May 2010. To date, the average withdrawal value of R413 is the second highest value recorded in the index, second only to the December 2009 spike of R434.

Comments Marc Sternberg, MD of Spark ATM Systems, ''What this shows us is that more and more foreigners are choosing independent ATMs over street-facing bank ATMs. The main reason for this is that security was a major concern for tourists even before they arrived in the country and, as independent ATMs are situated in more secure locations, such as a hotel lobby, pubs and retail stores, they feel more confident withdrawing cash there.''

For more information visit www.sparkatm.co.za