IMPACT OF ELECTRONIC PAYMENT SYSTEM ON CUSTOMER SATISFACTION
Need help with a related project topic or New topic? Send Us Your Topic
DOWNLOAD THE COMPLETE PROJECT MATERIAL
IMPACT OF ELECTRONIC PAYMENT SYSTEM ON CUSTOMER SATISFACTION
ABSTRACT
The study looked at the impact of electronic payment systems on customer satisfaction in Nigeria. The study specifically evaluated the extent to which electronic payment technologies such as internet banking, mobile banking, ATMs, and POS systems influence consumer satisfaction in Nigeria, utilising a case study of Redeemers University students.
The examination of literature shows that e-payment systems increase service delivery, loyalty, and consumer happiness. E-payment systems make it easier to track client activity. It also aids in the mapping of future terrains and charting the most profitable course, as well as changing the way organisations interact with their customers.
The study used primary data. A structured questionnaire was given to 164 randomly selected Redeemers University students. The collected data were then statistically analysed using descriptive statistics and multiple regression analysis.
The findings demonstrated that online banking, mobile banking, ATMs, and POS systems had a favourable and significant impact on consumer satisfaction (both individually and collectively).
In addition, ATMs have the greatest impact on client satisfaction, followed by mobile and online banking. The POS system has the least impact on customer satisfaction.
The study shows that the ease, flexibility, reliability, accessibility, cost effectiveness, safety and security, and personalisation of electronic payment systems in Nigeria, including ATM, POS, internet, and mobile banking, have a significant impact on customer satisfaction.
According to the report, commercial banks and other financial service providers should increase their investment and technical efficiency in internet banking in terms of usefulness, friendliness, and personalisation.
Management of banking institutions and other financial service providers should expand the use of mobile banking to increase client satisfaction. Banking institutions should invest in ATMs that are easy to use, ensure privacy and security, have reasonable fees, and allow clients to make deposits;
Banking institutions are recommended to collaborate with major retail outlets and other organisations that use point-of-sale systems to guarantee that cards given to clients and POS systems are useful, fast, and reliable.
Chapter one
INTRODUCTION
1.1 Background for the Study
The rapid and consistent development of information technology, as well as the growth of internet-based banking and shopping, has resulted in an increase in electronic payments over the last few decades, and it is widely regarded as a key driving force in increasing the use of E-commerce services around the world, particularly in Nigeria.
It is no longer news that Nigeria has experienced a tremendous surge in the number of internet users. According to Ayo (2012), the number of Nigerian internet users increased by 90% between 2000 and 2008. In the same vein, the quantity of online financial transactions has grown significantly over the years.
Tokunbo (2015) described e-commerce as the use of the internet to market, identify, pay, and deliver goods and services. The country’s e-commerce industry has transformed the manner of commercial transactions by allowing consumers to bank, invest, purchase, distribute, interact, and explore at any time and from any location where the internet is accessible.
E-commerce refers to the use of the global Internet to buy and sell goods and services, as well as after-sales service and support. Although internet commerce introduces some new technologies and capabilities to business, the core business concerns have been with merchants for many years.
You must have something to sell, promote it to potential buyers, collect money, deliver the goods or services, and provide proper after-sales service. E-commerce (electronic commerce), as defined by Jeffrey and Bernard (2004), is the process of buying and selling goods and services, as well as the transmission of funds or data over an electronic network, has several ever-changing potential.
Modern technological advancements make it easier to accept electronic payments for both online and offline transactions. E-payment, also known as Electronic Data Interchange (EDI), is a system that has grown in popularity as more people utilise the internet for buying and banking.
Payment is an essential part of the mercantile process, and an electronic payment system is an essential component of e-commerce. E-commerce has produced new financial needs that traditional payment methods are often unable to provide.
Humprey (2001) also characterised an electronic payment system as cash and associated transactions carried out electronically. The usage of the internet and digital stored value systems is common in this regard, allowing bill payments or debit transfers to be made directly from the bank.
Agimo (2004) described an electronic payment system as one that accepts payment via direct credit, electronic transfer of credit card information, or some other electronic method rather than cheque or cash.
As a result, an electronic payment system is any method for making payments over an electronic network, such as the internet. E-payment stages include, among other things, transaction process, payment cost, security/confidentiality of consumer information, and network availability.
Many new payment systems have emerged in recent years, the majority of which are based on technology advances such as cards, telephones, and the internet (Abor, 2004). In 1993, the Central Bank of Nigeria (CBN) implemented the use of payment cards (smartcards) and paper-based instruments.
Similarly, in 2004, the CBN issued a wide guideline on banking, which included the adoption of Automated Teller Machine (ATM) e-money products such as credit and debit cards (Salimon, 2006).
Currently, there is a Real-Time Gross Settlement (RTGS) system that reduces the risks associated with large-value payments. However, little progress has been made in terms of developing an effective payment system due to several attitudinal and sociological issues, as seen by the vast quantity of money that sits outside the banking sector (Ojo, 2004).
Need help with a related project topic or New topic? Send Us Your Topic