Point Of Sale Terminals Research Articles

Role of Financial Innovation in Enhancing the Meezan Bank’s Market Share: Evaluating the Perception of Regional versus Branch Level Employees

In Pakistan very few researchers have focused on targeting the element of financial innovation within the sector of Islamic banking, despite of its ongoing growth. This study therefore aims to provide the perception based analysis about the effect of Financial innovative/Fintech tools on the market share of Meezan Bank in Pakistan. The present study report the results from the questionnaire survey distributed to the 52 branch as well as regional employees of Meezan Bank in Pakistan. The analysis of survey findingsthrough multivariate regression suggest that financial innovation is positively related to the market share of Meezan bank. On the basis of Step wise regression it is suggested that among the six elements of Fintech services (Mobile banking, internet banking, telephone banking, Automated teller machines (ATMs), Point of Sale terminals (POS), and Artificial Intelligence (AI) only ATM and POS are the most significant variables. Moreover, regional employees are significantly optimistic about the influence of Fintech on the market share of the selected bank.

An Empirical Investigation into the Effects of Cashless Policy on Deposit Money Banks Liquidity in Nigeria

This study focused on the effects of cashless policy on deposit money banks liquidity (DMBs) in Nigeria. The data for the study were obtained from the Central Bank of Nigeria statistical bulletins and the World Bank. A significant effect of cashless policy (point of sale, Web Pay and Mobile Pay) on deposit money banks liquidity spanning for the period of (2013-2020) in Nigeria was evaluated with the help of regression analysis. The trace test indicate 1 cointegration which meant there was a long term relationship among the research variables. The major objectives of the study were to examine the effects of point of sale (POS) on deposit money banks liquidity, to determine the effects of Mobile Pay on deposit money banks liquidity and to assess the effects of Web Pay on deposit money banks liquidity. The policy implication is that point of sale, web pay and money pay are function of cashless policy in Nigeria. Therefore, the study recommends that the Central Bank of Nigeria (CBN) should intensify its effort for full implementation of cashless policy, CBN should also provide enabling environment for the smooth conduct of cashless policy and facilitate, encourage and enforce on all deposit money banks to comply with the policy. Deposit money banks should intensify their effort toward the improvement of the number of automated teller machine, point of sales terminals and internet facilities. This study therefore placed more emphasis on the level and rate of individual access to cashless financial services with the aims of promoting deposit money banks liquidity in Nigeria.

Pandemic and Digitization of the Finance Sector

The COVID-19 pandemic has come about in serious what's more, extended interruptions to the jobs of individuals from one side of the planet to the other, both in creating furthermore, created nations. The inescapable impacts of this pandemic, which have wound up influencing each part of our social orders, continue to unfurl as the emergency advances, making significant imprints on individuals' occupations and nations' economies that are supposed to keep going for a long time after the pandemic has finished. As a feature of the worldwide reaction to COVID-19, the advanced money industry has been playing a key job in creating and offering types of assistance and developments that have moderated, unquestionably somewhat, the disturbances achieved by the pandemic on various parts of individuals' lives. In creating also, arising settings, particularly, there has been a solid flood in interest for the sufficient potential that fintech (for example monetary innovation) conveys in saving individuals' vocations and organizations that have been, and keep on being, compromised by the pandemic, consequently empowering and supporting – inside social orders – the progression of money, credit, stores, speculations, compensations, government to persons (G2P) and distributed (P2P) moves, among others, at public and provincial levels. People in general and private area's reaction to the Corona virus emergency has been advancing a generally speed increase of the computerized monetary incorporation measure in creating settings, particularly in a number of nations (like West African ones), where it was all the while slacking contrasted with territorial patterns (Peyton, 2020). On the interest for finance, both created and creating nations have encountered considerable development in the membership and utilization of computerized monetary administrations, as individuals have searched for elective approaches to run and deal with the monetary viewpoints. Digitalized Financial Services (DFS) can be characterized as the arrangement of monetary administrations got to and conveyed through certain computerized pathways. In another word, DFS are administrations given and gotten to on the client's particular cell phones, PCs, Point-of-Sale (POS), ATMs, and so forth. The benefits of DFS can be executed on installments, credit, investment funds, settlements, protection and getting to monetary data. The "computerized pathways" referenced prior allude to the computerized foundation like the Internet, portable phones(both Smartphone and advanced component telephones), ATMs, POS terminals, NFC-empowered gadgets, chips, electronically empowered cards, biometric gadgets, tablets, and some other existing computerized correspondence framework. The paper zeroed in on the pattern of advanced exchange and street ahead to expand the advanced exchange.

The effect of banking channels and efficiency indicators on bank profitability

This article proposes two models to analyze profitability banking. Using panel data methodology it’s analized the relationship between operational efficiency indicators and banking access channels alternative to the branch with ROA and ROE. The main findings are that Net Operating Margin (MNO) has a direct relationship. Net noninterest Margin (MNNI) and Asset Utilization (RA) have a negative impact on ROA. Regarding access channels, Automatic Teller Machines (ATMs) have a positive, albeit weak, impact. Point of Sale Terminals (POS) are significant but in reverse. As for ROE, MNO and MNNI are related in the same sense as ROA. The Capital Multiplier (MC) presents a negative relationship. Mobile Banking (NBM) and POS show a significant inverse relationship, while ATM is direct.

Effect of information and communication technology on the efficiency of deposit money banks in Nigeria

Purpose. This study examined the effect of information and communications technology (ICT) on the efficiency of deposit money banks in Nigeria during the period 2006–2020. Specifically, the effect of volume of transaction on automated teller machine, mobile banking, internet banking and point of sale terminals on the efficiency of deposit money banks was evaluated.
 Results. The result of Granger Causality test revealed that information and communications technology channels of Automated Teller Machine (ATMs), mobile banking, internet banking, and point of sale (POS) terminals have no significant effect on the efficiency of deposit money banks in Nigeria. Volume of transactions on ATMs, mobile banking, and POS terminal have negative insignificant relationship with efficiency of deposit money banks. On the other hand, volume of transactions on internet banking was negatively and non-significantly linked with efficiency of deposit money banks in Nigeria. The non-significant effect of ATMs transactions points to the need for deposit money banks in Nigeria to ensure availability of money in the ATMs machines.
 Scientific novelty. This study is pursued within the framework of the Technology Acceptance Model. The theory is relevant as it explains user’s acceptance of ICT strategies and usage in an organizational context. This finding will add credence to the Technology Acceptance Model postulation on information and communications technology and efficiency of the banking industry.
 Practical value. This research will be of tremendous importance to the banks’ staff as well as managers (top management staff) and investor in the banking industry. This is by the way of providing valuable information on the issues and possible factors that can influence deposit money banks efficiency. The knowledge gained from this study will help make efficient use of information and communications technology gadgets. It will aid the efficiency and growth of banks, and possible provide investment in banking assets.

The effect of automated teller machines, point of sale terminals and online banking transactions on economic growth in Nigeria

Despite the policies put in place by the Central Bank of Nigeria through innovative products intended at reducing to the barest minimum all problems relating to e-transactions through the use of payment channels, people still prefer to conduct their businesses with the use of cash. This research makes use of primary Data collected using descriptive statistics such as tables. The objectives of this study are to assess the effect of Automated Teller Machines, Point of Sale terminals and lastly Online Banking transactions value on economic growth. Furthermore, this study therefore concluded that cashless policy is very important to the Nigerian economy and therefore the ATM and POS platforms must be further promoted by stakeholders. The study recommends that The Central Bank of Nigeria should put in place additional regulations and strengthen guidelines to govern the activities of point-of-sale terminal operators in Nigeria to boost financial inclusion and economic growth.

Deployment of Point of Sales and Customer Satisfaction in the Banking Sectorin Ekiti State, Nigeria

The use of point of sale (POS) in providing banking services has become rampant in Nigerian banking sector especially in Ekiti State. This study therefore determined effects of cash withdrawal, money transfer and payment for utilities using POS terminals on customer satisfaction in the Nigerian banking sector. 320 regular customers of POS operators used for the study were selected through systematic and purposive sampling techniques. Primary data collected were analysed with the aid of Logit model. Findings from the study revealed that confidentiality, speed of transaction, friendliness of POS operator, competitive charges and convenient location were the major determinants of satisfaction when customers accessed POS to make withdrawal, money transfer and payment for utilities. The study concluded that deployment of POS significantly and positively influenced customer satisfaction in the banking sector in Nigeria and recommended more deployment of POS by banks with a view to decongesting banking halls and reduce queues at ATM terminals.

Predicting the Growth of e-Commerce using Trendline Analysis: A Case Study of Ogun State, Nigeria

There is a growing interest from e-commerce planners and other planning agencies in the Information Technology world to measure and forecast the growth of e-commerce in developing countries like Nigeria. The difficulties lie in finding the best forecasting model that can incorporate both the internal and external barriers that influence the full adoption and diffusion of e-commerce. This study attempts to identify the relevant e-commerce tools and its spread in Ogun East Senatorial District as well as formulating a mathematical model for e-commerce adoption and diffusion. A well-structured questionnaire was used to collect data from 126 respondents and analyzed using Trendline, a built-in analysis tool in Microsoft® Office Excel version 2013. The study identified PCs/laptops, ATM cards, e-mail services, mobile money transfer, e-commerce Websites, and point-of-sales (POS) terminals as e-commerce tools used by the respondents. The results of the study show that majority of the e-commerce users/adopters were single female students between the ages of 21 and 30 years, with university education owing to a proportion of 63% of the respondents while the earliest adopted e-commerce tools in descending order were tablets/smartphones, PCs/laptops, ATM cards, and email services. The results further show that the most popularly-used tools were e-commerce websites (98% responses), email services (94% responses), mobile money transfer (94% responses), POS terminals (94% responses), tablets/smartphones (93% responses), PCs/laptops (87% responses) and ATM cards (80% responses). Based on the findings of this study, it is therefore recommended that government should promote the use and development of e-commerce, notably by reducing the costs of access to technology, through the liberation of trade in software and hardware.

How user behaviour is moderated by affective commitment on point of sale terminal

Purpose Several e-payment technologies have diffused in Nigeria yet debit card usage on POS devices have not shown consumer confidence in its usage thereby affecting the cashless policy drive of the nation. The study considered an affective commitment of users as moderating their behaviours. Therefore, the purpose of this paper is to investigate how user behaviour is moderated by an affective commitment on point of sale terminal. Design/methodology/approach Following the purpose of the study, the research design is a survey. The questionnaire was adapted from earlier studies and tested for reliability and validity using Cronbach’s alpha and content validity. Andrew F. Hayes process was used to analyse the moderation effect. Findings The finding revealed that affective commitment significantly moderates users’ ease of use of the device, their perceived usefulness of the device and their social image on their intentions to use the device. Research limitations/implications The findings implied that there is a need for the development of policies and strategies which should be directed towards the users of the device. Equally, the general conclusions on collective e-payment channels in a society should be discarded given that each e-payment channel can have different factors influencing it than the others. This is where customer-focused advertising and awareness campaign becomes very important. Originality/value This paper declares that the research work is not submitted anywhere for publication or for review. It was conducted by the authors who have given their consent for it to be submitted to Rajagiri management journal

A Key-Based Mutual Authentication Framework for Mobile Contactless Payment System Using Authentication Server

This paper presents a framework for mutual authentication between a user device and a point of sale (POS) machine using magnetic secure transmission (MST) to prevent the wormhole attack in Samsung pay. The primary attribute of this method is authenticating the POS terminals by an authentication server to bind the generated token to a single POS machine. To secure the system from eavesdropping attack, the data transmitted between the user device and the machine is encrypted by using the Elgamal encryption method. The keys used in the method are dynamic in nature. Furthermore, comparison and security analysis are presented with previously proposed systems.

Demonetization and digitalization: The Indian government's hidden agenda

The Indian demonetizations of November 2016 came at an entirely new scale to those of January 1946 and January 1978. This time around, the Narendra Modi government's measures applied to 86.4% of the banknotes and coins in circulation, the equivalent to 11% of GDP. Much analysis has been undertaken on the demonetization. This has largely been critical because of its disastrous consequences on local populations and the most deprived among them. Our paper adopts a different angle: it argues that demonetization has had a key impact on the digitalization of payments. We use data from the Reserve Bank of India from 2014 to 2020 to show that the demonetization period brought about a decline in Automatic Teller Machines (ATM) withdrawals. It equally boosted the adoption of digital means of payments, via Point of Sale Terminals (POS) and mobile banking. Since October 2016, the number of POS transactions has risen almost threefold, while the number of ATM transactions has decreased by almost one-fifth. The current government's rhetoric is to promote digitalization as a means of both formalizing the economy and protecting the poor. Its claim is unfortunately highly debatable.

WiPOS: A POS Terminal Password Inference System Based on Wireless Signals

WiFi access points are sources of considerable security risks as the wireless signals have the potential to leak important private information such as passwords. This article examines the security issues posed by point-of-sale (POS) terminals which are widely used in WiFi-covered environments, such as restaurants, banks, and libraries. In particular, we envisage an attack model on passwords entered on POS terminals. We put forward the WiPOS, a password inference system based on wireless signals. Specifically, the WiPOS is a device-free system that uses two commercial off-the-shelf (COTS) devices to collect WiFi signals. Implementing a new keystroke segmentation algorithm and adopting support vector machine (SVM) classifiers with global alignment kernel (GAK), the WiPOS achieves improvement on both keystroke recognition and password prediction. The experimental results show that the WiPOS can achieve more than 73% accuracy for 6-digit password with the top 100 candidates. This article calls the community to take a closer look at the risks posed by the current ubiquitous WiFi devices.

A FORENSIC FIRST LOOK AT A POS DEVICE: SEARCHING FOR PCI DSS DATA STORAGE VIOLATIONS

According to the Verizon 2018 Data Breach Investigations Report, 321 POS terminals (user devices) were involved in about 14% of the 2,216 data breaches in 2017 (Verizon, 2018). These data breaches involved standalone POS terminals as well as associated controller systems. This paper examines a standalone Point-of-Sale (POS) system which is ubiquitous in smaller retail stores and restaurants. An attempt to extract unencrypted data and identify possible violations of the Payment Card Industry Data Security Standard (PCI DSS) requirement to protect stored cardholder data were be made. Persistent storage (flash memory chips) were removed from the devices and their contents were successfully acquired. Information about the device and the code running on it was successfully extracted, although no PCI DSS data storage violations were identified. The confirmation that the POS systems examined keep our payment card information encrypted is welcome news as payment cards are still very much in use in our daily activities.

The Impact of Information and Communication Technology Investments on the Performance of Lebanese Banks

Previous research on the relationship between investment in information and communication technology (ICT) and bank performance (BP) have been obviously disagreeing. This is because some posit a positive relationship and some argue to the contrary.Thus, this research contribute to the ongoing debate regarding the contribution of ICT to BP by looking at the impact of ICT investments on the performance of a sample of 50 Lebanese banks for the period 2009-2016.Secondary data were collected from the annual report for each bank. CAMELS model is chosen as the dependent variable, while ICT investments (adoption of automated teller machines (ATM), mobile banking (MB), internet banking (IB), telephone banking (TB), debit and credit cards (BC) and point of sale (POS) terminals) is the independent variable.Using multivariate OLS model, the results demonstrate that the application ATM, IB, TB and POS terminals does not significantly affect banks performance. However, the application of MB and offering BC to customers significantly and directly affects performance of banks in Lebanon. Thus, banks in Lebanon are recommended to find a way to increase interest of Lebanese consumers in MB applications and attract more customers by offering them a range of BC tailored to fit their preferences.

The Economy of Financial Inclusion in Nigeria: Theory, Practice and Policy

A large number of adults in developing countries lack access to formal financial services but there are many things that are required to reduce the number across nations. This study investigates through the use of questionnaire, the extent to which adults in Nigeria participate in financial inclusion measures as access to and use of bank accounts, mobile money and insurance services. The benefits and barriers to the use of these services were also identified. We found that though access to bank accounts is high, a majority of the respondents operate savings accounts. However, bank account ownership penetration ratio of 1.4 accounts to an adult including inactive accounts is very low. The use of bank accounts in receiving money from, and sending money to family members living far away helps to service and maintain good family bond typical of Africans where family ties are held in high esteem. Most adults use their accounts between one and five times in a month but 24.01% of the accounts are inactive in receiving deposits while 6.91% are inactive for withdrawal in a month. The most popular non-cash payment methods are ATM/Debit card and wire transfer/on-line payment. 59.58% of those who save used a bank account, 32.5% save with cooperative societies while 26.25% used daily contributors and rotational savings scheme. The use of mobile money and insurance services is very small among account holders. The highest self reported barrier to the use of bank account is lack of necessary documents. Account opening conditions and documentations need to be reduced while the KYC requirements should be tailored to take care of the realities in some areas. Increase in public enlightenment campaigns is required to low income earners, emphasising the benefits of financial inclusion to everybody using different languages, rather than just the middle class and the elite as it is currently done. There is need for stable electricity supply to drive the infrastructural facilities provided by banks, telecommunication companies and other related service providers such that fluctuation in internet and other network communication is reduced to the barest minimum if not fully eliminated, this also include ATMs and point of sales terminals. This will ensure stability and wider network coverage of these services as more ATM, POS, mobile money etc are deployed to areas not yet covered.

The diffusion pattern of non-cash payments: evidence from China

Exploiting an original dataset of non-cash payments during the period between 1996 and 2005, this study analyses the diffusion patterns of non-cash payments in China. Based on both exponential and Gompertz curves, the point of sale (POS) terminal has shown a higher diffusion rate than that of automatic teller machines (ATMs). This result is also robust when a time trend is interacted with rivals' precedence, network effects and market concentration. The diffusion rates of both ATM and POS terminals have accelerated after 2002, when UnionPay was established in China. The diffusion rate of ATMs is found to be mainly driven by rivals' adoption of them. Market concentration boosts the diffusion of POS terminals. In spite of the rising number of POS terminals and merchants, the volume of POS transactions is low. The diffusion rate of POS is, however, negatively affected by interchange fees.

Factors Affecting Adoption of Point of Sale Terminals by Business Organisations in Nigeria

Nigerian payment system is cash-driven because cash is the main mode of payment. Cash based transaction is risky and cumbersome and unhealthy for any economy. The Central Bank of Nigeria introduced a cash policy in 2011 to ensure that cash-based transactions are kept to the barest minimum. Among the initiatives is the introduction of Point of Sale (POS) to business organisations. This paper investigates the factors affecting adoption of POS by organisations in Lagos and Ibadan metropolis, Nigeria using the Technology Acceptance Model2 as the theoretical framework. The study adopted survey design by sampling 200 organisations that have adopted POS in Lagos and Ibadan metropolis using questionnaire as the research instruments. The results reveal that subjective norms and perceived ease of use have significant relationship with adoption of POS machine by the organisations. However, the characteristics of the organisations, image and perceived usefulness do not have significant relationship with adoption of POS. The study provides a guide to banks on the factors they need to put into consideration when deploying POS machine. The study has some limitations, one of which is that the population was limited to only two states therefore, the findings may not be generalised to the entire country.

An Investigative Study on Factors Influencing the Customer Satisfaction with E-Banking in Nigeria

This research work intends to investigate the factors influencing the customer satisfaction with e-banking in Nigeria. The study covered twenty (20) randomly selected banks in Ibadan, Oyo state, Nigeria. A structured questionnaire was used in gathering relevant data from the bank staff and their customers respectively. 105 questionnaires were filled and returned by the respondents. The participants were drawn randomly from different departments of selected banks in Ibadan metropolis. The selection was done in such a way that to include all categories of workers (Senior and Junior staff) and cut across the gender, while their customers’ selection was done in banking hall. The result reveals that quality service (SMS alerts, E-mail alerts, and electronic opening of account etc.) and Automated Teller Machine are the major factors that influence customer satisfaction significantly in Nigerian banks. The study also reveals that telephone banking; mobile banking, point of sale terminals, smart cards and television banking have positive influence on customer satisfaction. The paper recommends that management should improve on the service quality, increase the numbers of ATM dispensers, confidentiality of consumer data should be protected.

Minimizing Mobiles Communication Time Using Modified Binary Exponential Backoff Algorithm

The domain of wireless Local Area Networks (WLANs) is growing speedily as a consequence of developments in digital communications technology. The early adopters of this technology have mainly been vertical application that places a premium on the mobility offered by such systems. Examples of these types of applications consist of stocking control in depot environments, point of sale terminals, and rental car check-in. Furthermore to the mobility that becomes possible with wireless LANs; these systems have also been used in environments where cable installation is expensive or impractical. Such environments include manufacturing floors, trading floors on stock exchanges, conventions and trade shows, and historic buildings. With the increasing propagation of wireless LANs comes the need for standardization so as to allow interoperability for an increasingly mobile workforce. Despite all the advantages and facilities that Wi-FI offers, there is still the delay problem that is due to many reasons that are introduced in details in our case study which also presents the solutions and simulation that can reduce this delay for better performance of the wireless networks. Binary Exponential Backoff (BEB) refers to a collision resolution mechanism used in random access MAC protocols. This algorithm is used in Ethernet (IEEE 802.3) wired LANs. In Ethernet networks, this algorithm is commonly used to schedule retransmissions after collisions. The paper’s goal is to minimize the time transmission cycle of the information between mobiles moving in a Wi-Fi by changing the BEB algorithm. The Protocol CSMA / CA manage access to the radio channel by performing an arbitration based on time. This causes many problems in relation to time transmission between mobiles moving in a cell 802.11. what we have done show that the protocol using CSMA / CA access time believed rapidly when the number of stations and / or the network load increases or other circumstances affects the network.

Challenges to the efficient use of point of sale (POS) terminals in Nigeria

The relevance of efficient payment systems is a subject of interest to all stakeholders. This study analyzed the challenges to the efficient use of point of sale (POS) terminals in Nigeria. Socio economic characteristics of users and non users were also examined. Cross sectional data were collected from 650 randomly sampled respondents from 20 local government areas of Lagos State, Nigeria. Data collected were analyzed using Friedman and Kendall ranking order test. The finding of this study showed that that the most challenging factor to the efficient use of POS is network failure, frequent power outage; limited numbers of POS per merchant store where they are available, security of communication over the network and unavailability of the POS at all merchant stores. Efforts at improving the security of transactions is recommended in order to drastically reduce excess cash flow especially in developing economies. Key words: Debit cards, payment pattern, point of sale terminal, Nigeria.