Spark ATM Systems, an independent ATM deployer based in Cape Town, South Africa, today reported that cash withdrawals declined as predicted in August after the 2010 FIFA World Cup. The withdrawals, however, were still higher compared with the same month last year.
As of Aug. 10, the Spark Cash Index reported average cash withdrawals of R399 (U.S. $55.11), up 6.67 percent compared with average cash withdrawals of R374 (U.S. $51.66) as of Aug. 9, 2009. South Africa’s currency is the rand.
“During the World Cup we saw a record average cash withdrawal increase, and we cautioned that a dip may follow after that event," said Marc Sternberg, managing director of Spark ATM Systems. "Now, the Spark Index shows that consumers have pulled back after overspending during this time.”
The Spark Cash Index measures cash dispensed for the month divided by the number of cash withdrawals every 30 days across a selection of Spark ATMs. Spark operates nearly 1,000 off-premises ATMs nationwide.
