ABSTRACT
With the information and communications technological revolution of the twenty-first century, the way banking transactions are being carried out has dramatically changed over the years. Specifically, the last decade witnessed tremendous growth in non-cash-payment transactions in the global financial system. Three identifiable factors that triggered such growth in non-cash payments are: unprecedented advances in technology; penetration of smart phones and internet usage; and the proliferation of innovative products and services in the banking sector (Capgemini 2014). It is expected that mobile payment transactions will reach an estimated number of 29.9 billion transactions in 2014, based on the projected annual growth of 58.5 per cent. In spite of these successes and projected growth, disputes associated with e-payments are not usually reported as the success rates. Such a paradox reminds one of a bitter-sweet situation associated with financial transactions. The financial industry remains a highly regulated industry which speaks volumes of the paradigm shift in most financial markets towards consumer protection, particularly after the 2007–2008 global financial meltdown (Oseni 2014).
