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Since the introduction of a cash-less policy in Lagos State in January, 2012 by the Central Bank of Nigeria (CBN), many merchants in a number of sectors, including the downstream petroleum, have deployed point of sale (PoS) terminals to promote electronic payment system (EPS) among their customers. The paper employed the technology acceptance model (TAM) to predict the intention of motorists in Lagos state to accept and use the new payment technology to pay for petrol price. A valid sample of 267 respondents participated in the study. Multiple regression was used to test the stated hypotheses. The regression results indicated that perceivedusefulness of a PoS device can be predicted from perceived ease of use; attitude toward the use of the device can be predicted from its perceived usefulness; and behavioural intention to use the devices can be predicted from both attitude toward its usage and its perceived usefulness. It was concluded that TAM is appropriate for predicting the intention of motorists to accept and use PoS terminals for the payment of petrol price in the state. These findings suggest opportunities for managers of petrol stations to widely deploy and promote use of PoS terminals to diffuse the innovative technology in Lagos and other states in Nigeria and achieve a competitive advantage over their counterpartsthat do not deploy the devices.