Barriers and drivers of using transaction accounts in driving electronic payments: A consumer perspective in Southern Africa

Dube, Sithembinkosi

Barriers and drivers of using transaction accounts in driving electronic payments: A consumer perspective in Southern Africa

Master Thesis

2019

Abstract

This study aims to explore barriers and drivers of transactional accounts usage for electronic payments in South Africa and Zimbabwe through quantitative demand side research. This study targeted 200 respondents based on the convenience sampling technique, for a period of 2 years (2016-2017) after which a multiple regression model to examine the barriers and drivers of transaction accounts usage for electronic payments. The study found that customers’ perception towards transaction accounts usage which reflects electronic payment services is high in South Africa and Zimbabwe. The regression results indicate that three factors in costs, accessibility, and ease of use are significantly associated with consumers’ perception towards transaction accounts usage. Remarkably, security and income levels are not significantly associated with consumers’ perception towards transaction accounts usage although the correlation-coefficient results show otherwise. As a result, the researcher recommends that Southern African banks and online transaction facility providers should constantly be enhancing their transactional account services in view of the promising growth rate. It is vital that the services provided must meet customers’ expectations. The electronic payments systems must demonstrate convenience and effectiveness in real world to tape huge market share from cash. The providers of transactional account systems are required to retain an innovative and competitive environment in order to create new enhanced products and services to lower transactional costs for customers and companies. Furthermore, the results of this study serve as a guide to inform the service providers so that suitable approaches can be established to increase the usage of transaction accounts for electronic payments. As services are enhanced, the features must be communicated to improve end users’ awareness.

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