USER ACCEPTABILITY OF ELECTRONIC PAYMENT SYSTEM AND PAYMENT PROBLEMS IN KUMASI: (A CASE STUDY IN THE KUMASI METROPOLIS)

Abstract

The purpose of our study was to examine the different electronic payment schemes used by financial institutions within Kumasi Metropolis. The study was to enable us to assess and explore the issues of user acceptability of electronic payment systems and problems associated with payments. The design of the study was both exploratory and descriptive. We used both survey and case study techniques. The study population was 685, which included bank managers, employees, customers and corporate bodies. We sampled 600 of the total population. We administered questionnaires to the customers and employees. We also conducted structured interviews with the managers of the banks due to their busy schedules. The questionnaire enabled us ascertain quantitative data whereas the structured interview provided qualitative data for our study. We analyzed the quantitative data with the Statistical Package for Social Scientist (SPSS) and drew inferences from the qualitative data. In our study we found out that, 25.6% of respondents saw electronic payment as incentive and low cost to their services provided by banks in terms of time etc. 27.3% of respondents view electronic payment as a control system of banking. 20.0% of the respondents saw electronic payment as an easy way of budgeting and recording keeping. 16.1% of our respondents view electronic payment as a convenient mode of banking. 11.0%of our respondents saw electronic banking as a way of maintaining their privacy and security. Generally electronic banking has provided a convenient way of banking by providing the fastest and secured payment system to customers.

We recommend future studies to be conducted on the level of security and safety of electronic payment systems. This would provide a holistic study related to customers’ account security.