Point of sale and cashless policy in selected market

Abstract

The study examines the impact of Point of Sale (POS) business on implementing the cashless policy in the Nigerian economy. The Technology Acceptance Model theory served as the theoretical foundation for this investigation. The work adopts quantitative and qualitative approaches to gather data that aligns with the study's objective. 100 questionnaires were distributed among Point of Sale (POS) operators and users of the services in the Federal Capital Territory, Abuja, Nigeria. 100 respondents (first-degree holders and university students, aged 18-55) were purposively selected to have the necessary knowledge about the subject matter. Questions asked: How do POS transactions impact Nigeria's economy? What are the challenges faced by point-of-sale businesses in Nigeria? The survey period is from 10th October 2023 to 10th May 2024. The study found that the point-of-sale business has significantly impacted the Nigerian economy. It has contributed to financial inclusion, employment generation and consequent economic growth. However, among the factors identified as challenges to POS business and cashless policy in Nigeria are exorbitant transaction charges, lack of adequate infrastructure required to run POS, irregular network connectivity, which erodes the users' trust, and security of network communications. The study provides some plausible recommendations, such as improving the infrastructure and reducing charges, among others.