An Exploration of Mobile Payment Solutions and Their Impact on Business Revenue: A Study of SMEs in Nasarawa State
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Background of the Study
Mobile payment solutions have revolutionized the way businesses interact with customers, particularly in emerging markets where traditional banking systems may not be widely accessible. Small and Medium Enterprises (SMEs) in Nasarawa State, like many across Nigeria, are increasingly adopting mobile payment platforms such as mobile wallets, QR code payments, and mobile banking apps to enhance customer experience and streamline transactions (Kew, 2024). This study aims to explore the impact of these mobile payment solutions on business revenue for SMEs in Nasarawa State.
Statement of the Problem
Despite the adoption of mobile payment solutions, many SMEs in Nasarawa State face challenges in fully leveraging the potential of these technologies to increase revenue. The integration of mobile payments can result in improved sales, reduced operational costs, and greater customer retention; however, many SMEs may not be effectively utilizing these tools. This study seeks to assess the specific impact of mobile payment solutions on business revenue in this region.
Objectives of the Study
- To evaluate the adoption rate of mobile payment solutions among SMEs in Nasarawa State.
- To analyze the effect of mobile payment solutions on business revenue growth for SMEs.
- To identify barriers and challenges to the effective implementation of mobile payments in SMEs.
Research Questions
- What mobile payment solutions are SMEs in Nasarawa State adopting?
- How do mobile payment solutions affect business revenue growth in SMEs?
- What challenges do SMEs in Nasarawa State face when adopting mobile payment solutions?
Research Hypotheses
- The adoption of mobile payment solutions leads to a significant increase in business revenue for SMEs in Nasarawa State.
- SMEs in Nasarawa State experience operational challenges that hinder the full implementation of mobile payment systems.
- There is a positive relationship between mobile payment adoption and customer retention in SMEs in Nasarawa State.
Scope and Limitations of the Study
This study will focus on SMEs in Nasarawa State that have adopted mobile payment systems. Limitations may include access to proprietary business data, as well as potential differences in the types of businesses that choose to adopt mobile payment solutions.
Definitions of Terms
Mobile Payment Solutions: Digital payment systems that allow businesses to accept payments through mobile devices, such as mobile wallets, apps, or QR codes.
SMEs (Small and Medium Enterprises): Businesses that are privately owned and characterized by a relatively small scale of operation.
Business Revenue: The total income a business receives from its operations, typically generated through the sale of goods or services.
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