Adoption of Digital Wallet Systems and Gross Domestic Product Increase in Nigeria: An Exploratory Survey
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Abstract
This research evaluated empirically the adoption of Digital Wallet systems and Gross Domestic Product (GDP) Increase in Nigeria. Survey research design was adopted and data were sourced through questionnaire administration and analysis was by a veritable statistical instrument referred to as Pearson Product-Moment Correlation Coefficient (PPMCC), denoted with ‘r’ letter. The findings exhibited a robust structure showing that an overall 55.31% of total respondents affirmed that the use of Digital Wallets in operations facilitated GDP Increase. The empirically estimated model showed a PPMCC or ‘r’ coefficient of 0.7574 attesting to a strong and healthy linear relationship. Additionally, the Coefficient of Determination (r2) standing at 0.5737 or 57.37% implied that the variable Digital Wallet systems explained 57.37% variation in GDP Increase. In other words, the independent variable, Digital Wallet systems predicted 57.37% of the dependent variable, GDP Increase. From these reports, we rejected the null hypothesis and concluded that Digital Wallets adoption made relevant and great contributions to boosting GDP Increase in Nigeria. We therefore recommend that an effective enlightenment and education be carried out to stimulate rapid adoption of Digital Wallet systems with a view to facilitating economic activities and thus GDP Increase in the Nigerian economy
Keywords
Keywords: Digital Wallet Systems, Unstructured Supplementary Service Data (USSD) codes, Apple Pay, PayPal, Google Pay, GDP Increase, Nigeria
American Economic Association JEL Classification: G1, G2, G
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