Abstract:

Although other payment methods are available, like card, cheque, mobile, and online payments, most Ghanaians still use the cash payment system. The study examined how Ghanaian customers felt about using electronic payments. These included determining thesector andctors that influence consumer adoption and use of electronic payment services in Ghanaian banks, examining customer satisfaction with e-payment in the banking sector, and preventing fraud. A sample size of 100 participants was chosen for the study using purposive sampling to select participants from the banks and systematic sampling to select participants from the customers. According to the research’s findings, factors such as usability, security, privacy, the caliber of the after-sales support, marketing mix, and reputation affect consumers’ opinions of electronic payment systems. According to the study, customers are satisfied with the value offered for their banking requirements and the opportunity to experiment with e-payments in the banking sector. The study also found that while customers’ top concerns are trust and security, barriers to e-commerce include a low internet penetration rate, fewer users, expensive and challenging e-commerce technology, and a lack of progress in other supporting industries. Trust and security are significant deterrents against using electronic payment systems. The ability of consumers and banks to reach a larger market and participate in the world payment system is another way that technology can help the economy. Stakeholders should offer the unbanked sufficient assurances of security for utilizing electronic payment systems on their privacy without requiring them to maintain accounts with them.

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