Impact of Contactless Payments on Business Survival in Nigeria
Contactless payments are only one example of how the digital revolution has altered Nigeria’s commercial scene. In addition to revolutionising financial dealings, this technology also has far-reaching consequences for firms’ ability to stay open and expand across the country. The purpose of this paper is to examine the impact that contactless payments have on the long-term viability of businesses in Nigeria by analysing the opportunities, threats, and possible outcomes associated with this trend.
Credit cards, mobile money, and digital wallets are examples of the type of contactless payments that have recently gained popularity in Nigeria. In the aftermath of the COVID-19 outbreak, there has been a growing need for payment methods that prioritise speed, security, and ease of use. Companies who have used this technology report higher sales as a result of the enhanced pleasure of their customers.
The use of cash, which presents both security hazards and operational inefficiencies, has been greatly diminished thanks to the rise of contactless payment methods. Going cashless has several benefits for organisations, including reduced opportunities for theft and fraud, streamlined processes, and better financial management. Small and medium-sized businesses (SMEs), who frequently have difficulties with cash management, have benefited greatly from this.
However, there are obstacles to the widespread use of contactless payments. Many companies, especially those located in rural regions, lack the resources and knowledge to effectively integrate this technology into their operations. There are considerable impediments to adoption, such as the high cost of digital payment systems and the risk of cybercrime.
Notwithstanding these difficulties, Nigeria’s contactless payment future is bright. The government’s push for digitization and financial inclusion bodes well for the spread of contactless payment methods. Additionally, companies should expect greater chances to utilise this technology as a result of continued technical improvements and the expanding e-commerce industry.
To sum up, contactless payments have had a major effect on the long-term viability of businesses in Nigeria. While there are obstacles to be addressed, the positive effects of this technology, such as higher profits, safer transactions, and more efficient operations, cannot be disregarded. Contactless payments are predicted to play a significant part in Nigeria’s economic future as the country continues to embrace digitization.
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Impact of Contactless Payments on Business Survival in Nigeria