ADVANTAGE

This study was carried out to evaluate the competitive advantage of why Opay and Palmpay digital applications and advertisement are preferred in comparison with commercial banks in Nigeria's money payment system. The objective of this study were to identify the key factors that contribute to the competitive advantage of Opay and Palmpay in Nigeria's money payment system, to identify key factors that contribute to its competitive advantage and to also compare and contrast the advertising strategies and advantages in relation to commercial bank platforms in the Nigeria money payment market. The Diffusion of Innovation Theory and the Technology Acceptance Theory were utilised as the theoretical framework. To obtain reliable data for the study, a sample size of 240 respondents comprised of students from the Department of Mass Communication and Theatre Arts Department were administered questionnaires to solicit their responses regarding the study. Descriptive statistical tools such as tables, frequency counts, and simple percentages were used to adequately analyze the obtained data. The findings from the study indicated a high rate of satisfaction among respondents with the use of Opay and Palmpay services. The findings further revealed a high level of satisfaction with notable features and services such as points for discounts, charge fees, all-in-one services, easy application interface, and rapid response rate. However, the lack of physical infrastructure to communicate with bank personnel was identified as one of the challenges customers face while using Opay and Palmpay digital applications. The study, therefore, recommends the need for physical infrastructure to cater to customers in need of physical guidance. It also suggests that commercial banks and other financial platforms carrying out financial transactions should review their charge rates, reward programs, application interfaces, and complaint-handling approaches to adequately satisfy bank customers