As more Nigerians embrace electronic transactions, Point of Sale terminals recorded N1.15 trillion transactions in March 2023.
The Nigeria Inter-Bank Settlement System, NIBSS, disclosed this in its latest report on Monday.
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According to the report, the total value from e-payments in March 2023 was recorded at N48.33 trillion compared to N37.67tn in February.
The reason is the suffering Nigerians experienced due to the naira scarcity occasioned by the Central Bank of Nigeria’s cashless policy implementation.
NIBSS added that more Nigerians depended on mobile devices for transactions as their usage surged by 106.93 per cent month-on-month allowing for a 61.99 per cent increase in transaction value from N2.56 trillion in February to N4.14 trillion in March.
What is a POS System and how does it work?
A POS or point of sale is a device that is used to process transactions by retail customers. A cash register is a type of POS. The cash register has largely been replaced by electronic POS terminals that can be used to process credit cards and debit cards as well as cash.
A POS may be a physical device in a brick-and-mortar store or a checkout point in a web-based store.
The software for POS devices is growing increasingly elaborate, with features that allow retailers to monitor inventory and buying trends, track pricing accuracy, and collect marketing data.
Points of sale (POSs) are an important focus for marketers because consumers tend to make purchasing decisions on high-margin products or services at these strategic locations. Traditionally, businesses set up POSs near store exits to increase the rate of impulse purchases as customers leave. However, varying POS locations can give retailers more opportunities to micro-market specific product categories and influence consumers at earlier points in the sales funnel.
For example, department stores often have POSs for individual product groups, such as appliances, electronics, and apparel. The designated staff can actively promote products and guide consumers through purchase decisions rather than simply processing transactions. Similarly, the format of a POS can affect profit or buying behavior, as this gives consumers flexible options for making a purchase.
Amazon’s concept convenience store, Amazon Go, which deploys technologies that let shoppers come in, grab items, and walk out without going through a register, could revolutionize POS systems.1 Besides increasing convenience, this could enable POSs, loyalty, and payments to be rolled into a single customer-centric experience.
