Customer Perception of Cashless Payment Systems in Small Businesses: A Study of Kogi State
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Background of the Study
Cashless payment systems have transformed global commerce, making transactions faster, safer, and more efficient. In Nigeria, the Central Bank’s cashless policy, introduced to enhance the financial ecosystem, has led to the proliferation of cashless payment platforms such as mobile banking, Point of Sale (POS) terminals, and QR code payments (Adekunle & Musa, 2023). For small businesses, these systems offer numerous benefits, including reduced handling of physical cash, enhanced transaction security, and broader access to digital customers.
In Kogi State, small businesses represent a significant share of economic activities. However, the adoption of cashless payment systems remains inconsistent, largely influenced by customer perceptions regarding ease of use, security, and accessibility (Ibrahim & Bello, 2024). This study examines customer perceptions of cashless payment systems, focusing on their acceptability and challenges among small businesses in Kogi State.
Statement of the Problem
Despite the increasing adoption of cashless payment systems in Nigeria, small businesses in Kogi State face challenges in encouraging customers to use these platforms. Concerns about transaction security, network reliability, and a lack of awareness hinder customer confidence and adoption. Furthermore, some customers prefer cash transactions due to cultural and habitual factors.
Research by Yusuf and Adebayo (2023) highlights that negative customer perceptions significantly limit the effectiveness of cashless payment systems. While these platforms can enhance business operations, understanding and addressing customer concerns are critical for widespread adoption. This study investigates customer perceptions of cashless payment systems and offers insights for improving their acceptability.
Objectives of the Study
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To assess customer perceptions of cashless payment systems in small businesses in Kogi State.
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To identify factors influencing customer acceptance of cashless payments.
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To recommend strategies for improving customer trust and adoption of cashless systems.
Research Questions
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What are customers’ perceptions of cashless payment systems in small businesses in Kogi State?
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What factors influence customer acceptance of cashless payments?
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What strategies can enhance customer trust and adoption of cashless payment systems?
Research Hypotheses
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Customers perceive cashless payment systems as less secure than cash transactions.
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Network reliability significantly influences the adoption of cashless payment systems.
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Awareness campaigns and education improve customer acceptance of cashless systems.
Scope and Limitations of the Study
This study focuses on customer perceptions of cashless payment systems in small businesses in Kogi State. It excludes other states and business sectors. Limitations include variability in customer experiences with different payment platforms and potential biases in survey responses.
Definitions of Terms
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Cashless Payment Systems: Digital platforms enabling electronic transactions, such as POS machines and mobile banking apps.
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Customer Perception: Customers’ attitudes, beliefs, and opinions about a product or service.
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Small Businesses: Enterprises with limited financial and operational scale, often locally owned and managed.
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