Nigerian Journal of Banking and Financial Issues (NJBFI)

Determinants Of The Adoption Of Digital Payment Services Among Micro And Small Fixed Retail Stores In Ekiti State

Abstract

In order to determine whether perceptions of security, trust, and traceability had an impact on the adoption of digital payment services among micro and small fixed retail stores in Ekiti State, researchers looked into the factors that determine this adoption. The study used survey research to get the necessary data. Data on adoption factors for payment systems used by micro and small fixed retail stores were obtained mostly through structured questionnaires and focused on perceived security, perceived trust, and traceability. 240 respondents from the micro and small fixed retail stores in Ekiti State that were chosen for the study completed the structured questionnaire. Through the use of multiple regression statistics and the t-test, the collected data were analysed. Multiple regression analysis revealed that perceived security, trust, and traceability all significantly influenced the adoption of digital payment services (t = 4.857, p = 0.000 0.05; t = 3.770, p = 0.000 0.05); and that perceived security significantly influenced the adoption of digital payment services (t = 4.875, p = 0.00 0.05). The study came to the conclusion that many factors, including perceived security, perceived trust, and traceability, influence the adoption of digital payment services among micro and small fixed retail stores in Ekiti State. This in tandem with fact that if trust is broken, customers will have the chance to try other products, which could have a negative impact on retail stores, the study advised management of SMEs to keep a close eye on their trust and steer clear of any devices or elements that could do so.