Electronic Payment System in Nigeria: Its Economic Benefits and Challenges

Abstract

The crux of this study is on the adoption of E-payment system in Nigeria: Its economic benefits and challenges. The arrival of the internet has taken electronic payments and transactions to an exponential growth level. Consumers could purchase goods and services from the internet and send unencrypted credit card numbers across the network, which did not provide much security and privacy. But a wide variety of new secure network payment schemes have been developed as consumers became more aware of their privacy and security. The benefits of e-payment are unquantifiable in that it would galvanize Nigeria into a cashless society and elimination of fear of the unknown. Though e-payment is faced with challenges, like public acceptability, lack of uniform platform being, operated by the banks, lack of adequate infrastructure and issues of security, with the proper use of e-payment system, corruption which is a cancer in government arena will be holistically addressed.

Keywords: Electronic payment, e-commerce, e-banking, digital money and infrastructure