Adoption of Point of Sale Terminals in Nigeria: Assessment of Consumers' Level of Satisfaction

Abstract

The adoption of Point of Sale Terminal for financial transaction is expected to reduce large volume of currency in circulation. However, the adoption of the e-payment system is comparatively lower to other payment systems in Nigeria. The study therefore investigates the level of consumers' satisfaction with adoption of e-payment system in Nigeria. Data for the study were elicited from bank customers and consumers of the product. Overall, the result indicates that fewer consumers were satisfied with the speed of transaction, level of service provided by the merchants, awareness, and security. These findings suggest opportunities for improving the consumers interface with POS technology in order to achieve the objective of cashless economy.

Key words: e-payment, point of sale terminals, consumers