In case you missed my first post on this topic, I'll encourage you to use this link to have a broader understanding: https://serey.io/authors/tayon12/gijvjh7c0j-eikpbitfop-n87m7p0jse
PART 2
STRATEGIC TARGET AUDIENCE
Although this proposed feature is targeted to serve every member of society, nevertheless, a specific target audience that will allow for the penetration, circulation, and promotion of this system must be given prior attention. Thus, giving rise to the use of the term: “strategic target audience”.
The usefulness and relevance of the E-purse should not only last for the period of the pandemic or fizzle away with the pandemic but should have a long-lasting operation such that its value and relevance are sustained even after the pandemic. This is why a definite target audience with the constant need for E-purse services is necessary. Research evidence shows that students in higher institutions of learning will be a suitable target audience for E-purse.
With more than 150 universities, over 50 polytechnics and about 60 colleges of education, and other higher institutions of learning in Nigeria, Nigeria's educational sector sure remain a fertile and exploitable business venture. This sector is a combo of an already-made- market and a definite target audience which are vitals of any and every business. The uniformity in the challenges facing the various academic institutions that span across the 6 geo-political zones in Nigeria creates an avenue for a single ready-made market with a clearly identified target audience.
All Nigeria students of over 10,000,000 in all higher institutions (universities, polytechnics, and colleges of education) are E-purse's target audience. Nevertheless, one can optimistically predict that the success of E-purse in Nigerian higher institutions will generate a wider category of the target audience from the Nigerian population with additional potential of attracting other target audiences in countries affected by the problems E-purse solves.
WHY ARE STUDENTS THE TARGET AUDIENCE?
- First, the whole E-purse idea came from the burning desire to solve an identified problem facing students in higher institutions. Students in higher institutions especially those in federal and state universities, polytechnics, and colleges of education are faced with the problems listed above. Therefore, the higher institution has a larger audience that the abovementioned problems can be attributed to. Thus, this selected audience will guarantee the acceptance of the E-purse, its functioning, and its longevity.
- Another reason why students in higher institutions are appropriate to the target audiences is that the higher institutions have an already available structure that can make E-purse work and easily accepted by all and sundry within the higher institution environment or system. The opportunity granted to students to own and run small businesses in higher institutions will give E-purse the opportunity to directly and effortlessly reach buyers and sellers within the higher institution. Since students are sellers selling to co-students (who are the buyers), therefore, reaching out to students is equivalent to reaching out to both the buyers and sellers.
- Also, the basic technological knowledge available to students which of course is a requirement for the operation of E-purse as well as the technological devices (Especially smartphones) already available to students in higher institutions makes them a sure and more considerable target audience for the success of E-purse.
- The extension plan of E-purse to reach a larger target audience in Nigeria and other countries can be achieved through students in higher institutions. The higher institution is a mini society that can influence the larger society with its practices as well as systems. Therefore, by making students in various higher institutions target audience, they automatically become agents capable of influencing other people outside higher institution environments by a way of introducing E-purse to them. The fact that students will want to keep using E-purse when they are on holiday or outside their school to perform their daily transactions will make them enlighten others about E-purse. Consequently leading to the propagation of E-purse by other people who see its advantageous benefits.
Thus, higher institutions have all that is needed for the operation of an E-purse and what is needed to ensure its longevity no matter the circumstances. Higher institutions are the already-made markets that E-purse can leverage for it to thrive.
COMPETITION
Although in the midst of competition, E-purse chances of heading competition and being above competitors are high and predictable. The fresh possibility E-purse will offer will give it an edge over competitors. E-purse will leverage the demerits of competitors to win over competitors. The ability of E-purse to provide solutions to the highlighted demerits associated with alternative systems (competitors) becomes the stepping stone for E-purse to get above.
Considering the essential services E-purse will offer- being a service that will substitute cash in a face-to-face transaction, there is apparently no existing system or a closely akin system that offers this same service or renders the same possibility that E-purse stands to create, rather, the key feature of an electronic cash service that E-purse possesses will make the three sources of cash accessibility of little or no effect. That is, the need for people to use the ATM, POS, and bank withdrawal slip before they access to cash will drastically reduce to the barest rate. The fact that E-purse will make buyers buy and sellers sell without issuing cash or receiving cash will remove the compelling need for people to use the ATM, POS, or bank withdrawal slip to access liquid cash.
UNIQUENESS
The distinctive feature of the E-purse is clearly defined: E-purse is a system without a system like it at the moment. There is apparently no system that makes it possible to perform a face-to-face transaction without cash except the incoming E-purse. Think of it: Is there an electronic monetary system that makes it possible for an individual to walk to a nearby shop and buy a #5 worth of commodity without liquid cash? Or a system that makes it possible to board a taxi and pay without cash? Absolutely no, but with E-purse, such transactions are possible without cash. There is presently the existence of electronic systems that make cash accessible for spending, but E-purse defiles this status quo. E-purse does not join the league of many money-providing e-systems rather, E-purse in its unique way makes cash of no need in performing any form of transaction. This implies that E-purse is not initiated to make cash accessible but make cash spendable electronically. No need to hold and issue cash! This is what defines its uniqueness.
In addition, E-purse is different from the various e-payment platforms in the sense that many of the e-payment options are used to perform online transactions or used to purchase goods and services that are sold online, for example, Jumia. Meanwhile, at the interpersonal level, people often experience difficulty in purchasing items or paying for services on a face-to-face level because of reasons like bank and ATMs unavailability in a geographical area, POS and ATM unavailability or inability to dispense cash, ATM overcrowded nature which prevents individuals from making a cash withdrawal that will make buying of commodity or issuing of cash possible. Therefore, with E-purse, these problems are utterly eradicated, and the interpersonal transaction is enhanced.
Also, while the various e-payment platforms prioritize paying for goods and services purchased the online via bank system i.e. (bank account to bank account), E-purse takes a different form entirely. E-purse functions without depending on the banking system. E-purse uses an electronic purse account and with the use of an electronic purse, goods and services purchased on a face-to-face level transaction can easily and instantly be paid-for without charges. Hence, it is a system that works outside the banking system. It does not involve the use of a bank account or bank-to-bank transfer. However, it is flexible in a way that it can be adjusted to favor any bank and can further incorporate online market features.
It is however worthy of note that E-purse is not intended to join the league of e-payment systems that are used to pay for just online commodities in either goods or services, but majorly to pay for any kind of goods and services that are purchased during our daily activities on a face to face level of the transaction.
Its uniqueness is further seen in its features and usage. E-purse can be used to make multiple daily transactions without limitation, and to purchase commodities as low as #5 without charges. It is just like spending your money without restraint. It is easy to use, fast and immediate in its transaction process.
DIFFERENCES BETWEEN E-PURSE AND CRYPTO-CURRENCY LIKE BITCOIN
- Bitcoin is exclusively used by ‘bitcoiners’ alone for online transactions in particular. The use of bitcoin is limited to people who have it and it is majorly used for online transactions.
- E-purse on the other hand makes use of an electronic purse to pay for goods and services that we perform on an interpersonal level (face to face). Imagine buying from a hawker without issuing cash. Imagine boarding a taxi or flagging off a bike without the need to issue cash. Imagine buying from your neighbor’s small shop/kiosk bothering about issuing cash. Imagine yourself successfully performing all these transactions without issuing cash. This is what E-purse makes possible: transactions within the scope of an interpersonal relationship without the need to issue cash.
- Also, bitcoin is a crypto-currency but E-purse is not. E-purse is a system and as such, operates local currency. It makes use of the currency the country uses.
WHAT MAKES E-PURSE A PREFERRED CHOICE TO A CRYPTO-CURRENCY LIKE BITCOIN
- Bitcoin does not have the same value as local currency.1 bitcoin does not equal #1. The value of the bitcoin is not equivalent to local currency. The values are completely different. Thus, issuing 1 unit of bitcoin for a commodity worth #10 does not measure up. This is why E-purse operates with local currency, to make it possible to pay for any and every commodity in its exact worth or value electronically.
- Also, the complex nature of bitcoin in terms of comprehending the way it works will not encourage interpersonal transactions or local use as there are many people who do not know about bitcoin nor consider the need for bitcoin provided they already have their local currency which they understand and operate perfectly well.
In addition, Bitcoin does not have circularity like the local currency, thus it is limited. A currency that is widely used would serve better transactions, but where a few people make use of a crypto-currency, its efficiency and usage will be minimal.
162.472 SRY