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Abstract
Payments using computer is not as easy as we think, now that Nigeria has started practicing cashless economy, knowing how to do transactions with the computer machine will be highly recommended. The new policy by Central Bank of Nigeria (CBN) on cashless system of payment has raised a lot of concern to the growth of Nigerian economy, with the objective of reducing robbery, high cost of processing cash, revenue leakages, inefficient treasury management, promoting economic development through financial intermediation ,e.t.c. should be considered. This paper assesses the technological modality of using computer based payments, to achieve cashless economy in Nigeria. For instance ATM, Bank Wire Transfer, Western Union, Mobile Banking, PayPal, Perfect Money , Ego pay , Payza , Credit Card , Master Card, Electronic Checks, Gift Cards, Vogue pay, 2checkout, to name but a few as means of achieving cashless economy in Nigeria. It also gives the details of all kinds of payments system using the computer machine,
Keywords: payment, ATM, Bank Wire Transfer, Western Union, Mobile Banking PayPal
1 Introduction
The cashless economy is nothing but a system where by business men, civil servants etc.. would not have to carry money in bulk from one place to another before a transaction is executed. Computer based payment or [1] Electronic banking is defined as the use of computers to carry out banking transactions such as withdrawals through cash dispensers or transfer of funds at point of sale . This is in line with the injunction of the Federal Government of Nigeria. [2] As the cashless policy of the Central Bank of Nigeria designed to reduce the amount of physical cash circulating in the economy goes nationwide on July 1 Senior Correspondent, Sola Alabadan said that there is need to tackle the challenges facing the policy so that its laudable aims can be achieved. In other word it a type of E-payment system. An e-commerce payment system facilitates the acceptance of electronic payment for online transactions. E-commerce payment systems have become increasingly popular due to the popularization of the internet-based shopping and banking. [3] Most developed countries are moving towards cashless economy. Sweden is leading the pace, only 3 percent of transactions in Sweden are made using cash; the rest is credit cards...