The use of technology is one of the critical success factors in performing business activities. Among the current technological advancements are e-payment, which enables payment done via electronic medium without involving any physical cash, thus considered as one of the crucial support services in the digital economy. The objective of this study was to examine the risks and challenges associated with e-payment systems in Tanzania and also to develop recommendations for mitigating them. Specifically, the study examined the extent of risks suffered by users of the e-payment system, challenges frequently encountered by users of the e-payment system, and the most secure e-payment method preferred by users in Tanzania. The study used the theory of Technology Adoption Model (TAM) and employed a descriptive research design. The study was conducted in Dodoma municipality, where raw data were collected from 36 respondents using questionnaires as data collection instruments. Data were analyzed by using descriptive statistics whereby the frequency of the variables is presented in tables showing the magnitude of occurrence in percentages; the Pearson chi-square test was used to test the relationships between the variables to determine if there is any significant difference between them at a 10% significance level. Findings indicate that the majority of users of e-payment systems in Tanzania (53%) encountered losses in different levels, ranging from Tsh 1- 5 million. With regard to challenges, poor communication, shortage of funds, and delays in the delivery of items were reported as the major challenging factors, while hacking, loss of data, and theft of funds were pointed out as major risks associated with e-payment. Interbank fund transfer was reported as the most secure method for doing online transactions in Tanzania. The study also indicates that there is no significant difference between the challenges and the status of making e-payment transactions, while on the other hand, findings indicate that there is a significant difference between the risks of e-payment systems and sex, whereby the risk is more severe for males than females. Finally, the study provides a conclusion and recommendations that could help to address the risks and challenges of e-payment systems in Tanzania.
Author
(s) Details
Barnabas
Maagi
Department of Procurement and Supplies Management, College of
Business Education, Dodoma Campus, P.O. Box 2077, Tanzania.
Please see the book here:- https://doi.org/10.9734/bpi/nicass/v2/4939
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