Ranking of Payment Systems on the Basis of Perceived Usefulness (PU) among Nigerian Users

Abstract

The study ranked the three payment systems using the ten factors of perceived usefulness (PU) based on the experiences of Nigerian users. Analyzing data from 282 respondents, the study established e-payment as the first payment system in Nigeria based on PU factors. Cheque and cash payment systems were second and third payment systems respectively. Given the finding that e-payment is considered as the first payment system, the study concluded that the objective of making it the dominant payment system in Nigeria can easily be achieved.  To facilitate this cashless policy objective, the following recommendations were made: government and financial institutions work to reduce the infrastructural and customer service challenges and enhance the Perceived Ease Of Use (PEOU) of e-payment system and emphasize the superior factors of PU in which e-payment scored highly in educating, informing and persuading Nigerians to adopt, accept and prefer it as the payment system of choice in relevant financial transactions.

Keywords: Cash system, Cheque system, E-payment system, Financial transactions and Perceived Usefulness (PU).