Do you still need a bank account if you can have a digital wallet?

With no paperwork, low monthly fees and no need to visit a branch, digital wallets are challenging the role banks have traditionally played in people's financial lives.

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Digital wallets are no longer the future but firmly part of the now, says Jonathan Holden, COO at digital payments platform, SOLmate.

"Across townships and cities, more people are managing their money through cellphones than ever before," he says.

"What was once seen as a supplement to a bank account, is now replacing it altogether."

While bank accounts have long been the foundation of financial life, especially for salary payments and savings, many modern consumers, particularly younger generations, are embracing the speed, simplicity and flexibility of digital wallets.

Holden says this shift is happening here at home and not only at a global scale. According to Discovery Bank and Visa, over 60% of South Africans now prefer digital wallets for everyday transactions, citing ease of use, real-time tracking and enhanced security.