Customers continue to experience difficulties in using POS for online transactions all over the country as point of sale terminal(POS) failed transaction hits 180,048 tuesday evening.
Live transaction updates obtained from the Nigeria Inter-Bank Settlement System (NIBSS) showed that payment on POS terminals had a high failure rate of 16.64 per cent out of a total of 1,081,339 transactions conducted as of 7 pm.
According to the data, the customers contributed the most to the failure of the transactions as 105,282 of the failed transactions were attributed to errors they committed.
The Statistical data indicated that 41,805 errors emanated from the acquirer bank and 25,768 errors, which originated from the issuer bank, also contributed significantly to the failed funds transfer carried out by retailers and merchants across the country.
Speaking, The acting Managing Director, NIBSS, Mr Niyi Ajao, had said, “The total turn-around-time had been configured at 15 seconds in agreement with banks and processors. However, delayed responses from issuers after this timeout in recent times could cause authorised debits not to return to the terminal before the set TAT.”
Mr Ajao further explained that the timeout was the total turn-around-time for a POS transaction cycle from the time it was received to the time a response was sent back to the terminal.
Whereas some remedial steps taken in the month of March will i reduce the rate of failure in pos transaction.