E-Payment: Nigerian Merchants Endure 150,777 Failed PoS Transactions On Tuesday
It wasn’t a great outing for Nigerian retailers and merchants who struggled to collect payment through Point of Sales, PoS terminals on Tuesday.
All over the country, the merchants experienced 150,777 failed Point of Sales transactions throughout the day.
The PoS transactions carried out by retailers and merchants totaled 798,833 at exactly 7.10 pm on Tuesday and had a high failure rate of 19%, according to a live update provided by the Nigeria Inter-Bank Settlement System, NIBSS.
The reports showed that transactions via PoS terminals peaked at 4.20 pm on the same day, recording 14,530 successful and non-successful electronic payments while the lowest number of payments was conducted between 10.50am and 11.20 am.
In addition, NIP, an online real-time product that facilitates instant payment on an account, as of 7.10pm on Tuesday, recorded a total volume of 2.52 million transactions.
Analyses of the live electronic payment data indicated a low failure rate of 0.28%, representing 7,187 failed transactions.
NIP has been adjudged the most preferred platform for electronic payment having grossed more transactions in monetary terms and comprises payments conducted via mobile devices, Unstructured SSD, Internet banking, bank teller, Automated Teller Machines, and vendor merchants, among others.
Don't forget to share this story with your friends.