E-Payment System and its Sustainable Development in the Nigerian Economy

Abstract

The e--payment system has gradually emerged strongly and has no doubt earned competitive advantage. However, the process of establishing e-payment practices in the pursuit of a sustainable development and economic growth is yet to be firmly established. Firstly, this paper describes the significance of e-payment system by explaining the transition from the traditional payment practices to the evolving electronic payment practices which has broken many new grounds and has taken a global dimension.  Secondly, it explains why the electronic payment channels such as the use of ATM, Mobile banking, internet banking, POS terminals, etc could enable business to flourish and reduce the movement of cash/cash handling which in turn helps to curb crime rates and would protect consumers from many dangers.  Also, it explains why it has gained greater height of acceptability and thus explains how information communication technology (ICT) could be exploited and enhanced for this purpose.  Again, it develops a strategic management framework for leveraging e-payment practices by providing considerable and practical suggestions on the use of e-payment system, its features, benefits, success factors and possible attendant risks associated with e-payment system and e-payment constraints.  Finally, it outlines why we need e-payment system, and what we should do to enhance and improve the standard of living, as well as facilitating economic, social and technological changes as certain values are espoused by sustainable development which in turn, would help to foster economic growth in the Nigerian economy .

Keywords: e-payment, mobile banking, internet banking, corporate i-bank, smartcards/credit /debit cards, POS, ATM, sustainable development.