The relevance of efficient payment systems is a subject of interest to all stakeholders. This study\r\nanalyzed the challenges to the efficient use of point of sale (POS) terminals in Nigeria. Socio economic\r\ncharacteristics of users and non users were also examined. Cross sectional data were collected from\r\n650 randomly sampled respondents from 20 local government areas of Lagos State, Nigeria. Data\r\ncollected were analyzed using Friedman and Kendall ranking order test. The finding of this study\r\nshowed that that the most challenging factor to the efficient use of POS is network failure, frequent\r\npower outage; limited numbers of POS per merchant store where they are available, security of\r\ncommunication over the network and unavailability of the POS at all merchant stores. Efforts at\r\nimproving the security of transactions is recommended in order to drastically reduce excess cash flow\r\nespecially in developing economies.
Loading....