The Effect of Contactless Payment Technology on Retail Banking Transactions: A Study of Access Bank, Ondo State
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Background of the Study
Contactless payment technology has revolutionized retail banking by enabling swift, secure, and convenient transactions without the need for physical contact. Access Bank in Ondo State has been at the forefront of adopting contactless payment systems, integrating near-field communication (NFC) technology into its point-of-sale (POS) terminals and mobile applications. This technological advancement facilitates faster transactions, reduces waiting times, and enhances overall customer satisfaction by offering an efficient alternative to traditional payment methods (Okoro, 2023). The bank’s implementation of contactless payments is supported by robust security protocols that ensure data encryption and secure authentication processes, thereby minimizing the risk of fraud. As consumer behavior shifts toward digital and touch-free transactions, Access Bank’s initiatives play a critical role in meeting evolving customer expectations while reducing operational costs. However, the transition to contactless technology also introduces challenges such as technical glitches, interoperability issues, and occasional concerns over data security. This study examines the effect of contactless payment technology on retail banking transactions at Access Bank, analyzing both the operational benefits and the challenges that need to be addressed to ensure a seamless customer experience (Chinwe, 2024; Akinola, 2025).
Statement of the Problem
Despite the widespread adoption of contactless payment systems, Access Bank faces several challenges that compromise the effectiveness of these technologies. Technical issues, such as intermittent connectivity problems and occasional system downtime, lead to transaction delays and customer frustration. Furthermore, while the bank has implemented robust security measures, concerns about data privacy and potential breaches persist among certain customer segments, reducing overall confidence in the technology. In addition, interoperability issues between different contactless systems can lead to inconsistent user experiences, particularly when customers use multiple banking or payment platforms. These challenges create a gap between the promised benefits of contactless payments—speed, convenience, and enhanced security—and the actual performance experienced by customers. This study seeks to identify the root causes of these issues and evaluate their impact on transaction efficiency and customer satisfaction, ultimately proposing strategies to mitigate technical and security challenges and improve the overall efficacy of contactless payment systems.
Objectives of the Study
- To assess the impact of contactless payment technology on transaction speed and efficiency at Access Bank.
- To identify the technical and security challenges affecting contactless payments.
- To recommend strategies for improving system reliability and customer trust.
Research Questions
- How does contactless payment technology affect transaction efficiency at Access Bank?
- What are the main technical and security challenges associated with contactless payments?
- What improvements can be made to enhance the reliability and safety of contactless transactions?
Research Hypotheses
- H₁: The use of contactless payment technology significantly reduces transaction processing times.
- H₂: Technical issues and security concerns negatively affect customer adoption of contactless payments.
- H₃: Enhanced system integration and updated security protocols improve overall performance.
Scope and Limitations of the Study
This study focuses on Access Bank’s contactless payment operations in Ondo State. Limitations include variations in system performance across regions, differences in customer digital literacy, and the evolving nature of security threats.
Definitions of Terms
- Contactless Payment Technology: Payment methods that allow transactions without physical contact using NFC or similar technologies.
- Transaction Efficiency: The speed and accuracy with which financial transactions are processed.
- Data Security: Measures taken to protect customer information from unauthorized access.
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