Abstract:
This study appraises the Customer Perception and Acceptance of valucard with a view of determining the factors that affect the customer's perfection of this product , the level of usage and to proffer solutions that would enable issuing banks to position the product for optimal performance. The problem associated with a cash economy is a propelling factor that ledto this research work.
Although valucard is a new finan cial product in the Nigerian market, it is
fast gaining grounds as a result of the marketing strategy applied by its owners. Smartcard . Ni'g-'eria PLC and the consortium of banks involved in the marketing and in the distribution of this product.
Those used for this study are professionals from different fields-Bankers,
Lawyers, Teachers, Architects, Media Practitioners who are based in the city
of Lagos. Being a new product, there is limited literature on valucard, but not on credit card.
Data were collected through primary and secondary sources and critically analysed . The primary data were through questionnaire and personal interview with cardholders and noncard holders.
The findings of the study reveal that factors such as income level, reference group/peer group status of customers affect their perception and acceptance of the product. Flaws of valucard were also highlighted and it was recommended that; sufficient Merchant outlets should be provided for easy access to valucard users.
- More efforts should be put on advertisement of valucard by banks and
Smartcard PLC.
Use of valucard should be extended to more states in Nigeria.
- Federal Govt.should step in to promote use of noncash instrument
such as valucard.
