Abstract
Payments system plays a very crucial role in any economy, being the channel through which financial resources flow from one segment of the economy to the other. This study has tried to empirically evaluate the electronic-payment channels and their penetration level in Nigeria from 2012 to first quarter of 2019. The main research objective was to determine given the technology revolution the level of e-payment penetration in Nigeria. Concepts of e-payment, E-payment in Nigeria and the different E-payment platforms were reviewed. The data were obtained from the secondary sources like CBN, journals, and commercial banks quarterly bulletins. The study employed descriptive statistics to ascertain the level of penetration E-payment in Nigeria. The data were analyzed using percentages. From the study, it was found that ATM dominated the penetration of E-payment in terms of volume in Nigeria from 2011 to first quarter of 2019. In terms of value NEFT dominated in 2012 and 2013 while NIP dominated from 2014 to first quarter of 2019. It is recommended that more electronic channels should be open to deepen the electronic transactions in the economy to fast tract transaction as the world move into tech revolution. Also, the issue of fraud emanating from electronic transaction should be checked and reduce to give trust to consumers of such transactions.
Highlights
The payments system plays a very crucial role in any economy, being the channel through which financial resources flow from one segment of the economy to the other
Payment system according to Ojo [1], can be viewed as an arrangement consisting of institutions, instruments, organizations, operating procedures, and information and communication systems, usually within a nation’s financial system, used to initiate and transmit payment information from payer to payee and to settle payment or discharge financial obligation among economic units
They include but not limited to cash, cheque, credit or debit cards, money order, bank transfer and online payment services such as PayPal, EPOS which is a selfcontrolled, computerized equipment that performs all tasks of a store, checkout counter, it allows payment by bank or credit cards, verifies transactions, provide sales reports, coordinates inventory data, and performs several other services normally provided by employees
Summary
The payments system plays a very crucial role in any economy, being the channel through which financial resources flow from one segment of the economy to the other. Payment systems or methods are very many in a modern day business. They include but not limited to cash, cheque, credit or debit cards, money order, bank transfer and online payment services such as PayPal, EPOS which is a selfcontrolled, computerized equipment that performs all tasks of a store, checkout counter, it allows payment by bank or credit cards, verifies transactions, provide sales reports, coordinates inventory data, and performs several other services normally provided by employees. Nigeria is lagging way behind most of the world in the general quest to boost micro economic activity by reducing the role played by physical cash in daily transactions and by encouraging the creation of cashless society, this can be averted [4]. Fidelis Onyemaechi Nedozi and Chris Ikponmwen Omoregie: An Empirical Evaluation of Different Electronic
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