Wednesday, March 24, 2010

E-payment Panacea To Cashless Society – E-PPAN

A foremost panacea to creating a wholly cashless environment in Nigeria is through heavy reliance on other touch points such as point of sales (PoS) channels, the internet and mobile phone, and this could be achieved through the commitment of the industry players.

According to the research, there was  a deep-seated misconception about electronic payment (e-payment) in Nigeria, which has been equated with the automated teller machines (ATMs).

The research further attributed the growth of ATMs to the huge investments that have gone into the business since it was introduced into the Nigerian banking space. The financial institutions that are the key drivers of this venture have invested heavily on acquisition of these machines, maintenance, training of human resources, security, purchase of associated accessories, advertising and marketing  to the negligence of PoS.

This assertion is a result of a research conducted by the umbrella body for the e-payment industry
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