IDEAS home Printed from https://ideas.repec.org/a/bas/econst/y2023i6p89-107.html
   My bibliography  Save this article

The Innovativeness and Value of Quick Response Code Payment for MSMEs: The Influence of Security-Related Factor

Author

Listed:
  • Ayatulloh Michael Musyaffi
  • Razana Juhaida Johari
  • Christian Wiradendi Wolor
  • Amer Azlan Abdul Jamal
  • Anaya Zahra Santika
  • Muhammad Arifsyah Arifi

Abstract

The implementation of QR code technology aims to make it easier for MSMEs and consumers to create a cashless society. However, many MSMEs still need to implement digital payment methods over time. This research aims to evaluate the acceptance of QR codes for MSMEs, especially regarding the role of innovativeness, security, and ease of use. This research targets MSMEs in Indonesia that have used the QR Code as a tool for making transactions. Questionnaires were distributed via Google form online, totalling 489 respondents who filled out. After the data is obtained, it is analyzed using a partial least square using smart-pls 4.0. Behaviour intention (BIQ) is the most influential construct on user behaviour (UBQ). The other most significant factors are convenience (PEUQ) and security (PSQ) for users. Meanwhile, other variables such as Personal innovativeness (PI), PEUQ, PSQ, and perceived usefulness (PUQ) can increase the positive impact on Perceived value (PVQ). Several factors, such as PEUQ and PSQ, can positively influence PUQ. However, there is a construct with few results: Perceived usefulness on intention to use. This is because MSMEs are more oriented toward consumer needs to buy products and services. So these findings provide insight for the government and service providers to improve security, convenience, and necessary QR code features that support MSME business activities.

Suggested Citation

  • Ayatulloh Michael Musyaffi & Razana Juhaida Johari & Christian Wiradendi Wolor & Amer Azlan Abdul Jamal & Anaya Zahra Santika & Muhammad Arifsyah Arifi, 2023. "The Innovativeness and Value of Quick Response Code Payment for MSMEs: The Influence of Security-Related Factor," Economic Studies journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 6, pages 89-107.
    • Handle: RePEc:bas:econst:y:2023:i:6:p:89-107
    as

    Download full text from publisher

    File URL: https://www.iki.bas.bg/Journals/EconomicStudies/2023/2023-6/06_Ayatulloh-Musyaffi.pdf
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Yongping Zhong & Hee-Cheol Moon, 2022. "Investigating Customer Behavior of Using Contactless Payment in China: A Comparative Study of Facial Recognition Payment and Mobile QR-Code Payment," Sustainability, MDPI, vol. 14(12), pages 1-19, June.
    2. Chang, Mona & Walimuni, Arachchilage C.S.M. & Kim, Min-cheol & Lim, Hwa-soon, 2022. "Acceptance of tourism blockchain based on UTAUT and connectivism theory," Technology in Society, Elsevier, vol. 71(C).
    3. Md. Shamim Hossain & Xiaoyan Zhou, 2018. "Impact of m-payments on purchase intention and customer satisfaction : perceived flow as mediator," International Journal of Science and Business, IJSAB International, vol. 2(3), pages 503-517.
    4. Liguo Lou & Zilu Tian & Joon Koh, 2017. "Tourist Satisfaction Enhancement Using Mobile QR Code Payment: An Empirical Investigation," Sustainability, MDPI, vol. 9(7), pages 1-14, July.
    5. Yan, Li-Ya & Tan, Garry Wei-Han & Loh, Xiu-Ming & Hew, Jun-Jie & Ooi, Keng-Boon, 2021. "QR code and mobile payment: The disruptive forces in retail," Journal of Retailing and Consumer Services, Elsevier, vol. 58(C).
    6. Thakur, Ramendra & Angriawan, Arifin & Summey, John H., 2016. "Technological opinion leadership: The role of personal innovativeness, gadget love, and technological innovativeness," Journal of Business Research, Elsevier, vol. 69(8), pages 2764-2773.
    7. Semerikova, Ekaterina, 2020. "What hinders the usage of smartphone payments in Russia? Perception of technological and security barriers," Technological Forecasting and Social Change, Elsevier, vol. 161(C).
    8. Tamilmani, Kuttimani & Rana, Nripendra P. & Wamba, Samuel Fosso & Dwivedi, Rohita, 2021. "The extended Unified Theory of Acceptance and Use of Technology (UTAUT2): A systematic literature review and theory evaluation," International Journal of Information Management, Elsevier, vol. 57(C).
    9. Alam, Md. Mahmudul & Awawdeh, Ala Eldin & Bin Muhamad, Azim Izzuddin, 2021. "Using E-Wallet for Business Process Development: Challenges and Prospects in Malaysia," OSF Preprints y7zds, Center for Open Science.
    10. Beck, Thorsten & Gambacorta, Leonardo & Huang, Yiping & Li, Zhenhua & Qiu, Han, 2022. "Big techs, QR code payments and financial inclusion," CEPR Discussion Papers 17297, C.E.P.R. Discussion Papers.
    11. Gordon, Ross & Dibb, Sally & Magee, Christopher & Cooper, Paul & Waitt, Gordon, 2018. "Empirically testing the concept of value-in-behavior and its relevance for social marketing," Journal of Business Research, Elsevier, vol. 82(C), pages 56-67.
    12. Türker, Cansu & Altay, Burak Can & Okumuş, Abdullah, 2022. "Understanding user acceptance of QR code mobile payment systems in Turkey: An extended TAM," Technological Forecasting and Social Change, Elsevier, vol. 184(C).
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Yuqi Zhao & Young-Hwan Pan, 2023. "A Study of the Impact of Cultural Characteristics on Consumers’ Behavioral Intention for Mobile Payments: A Comparison between China and Korea," Sustainability, MDPI, vol. 15(8), pages 1-22, April.
    2. Türker, Cansu & Altay, Burak Can & Okumuş, Abdullah, 2022. "Understanding user acceptance of QR code mobile payment systems in Turkey: An extended TAM," Technological Forecasting and Social Change, Elsevier, vol. 184(C).
    3. Berrin Arzu Eren, 2024. "QR code m-payment from a customer experience perspective," Journal of Financial Services Marketing, Palgrave Macmillan, vol. 29(1), pages 106-121, March.
    4. Briana M. Martinez & Laura E. McAndrews, 2023. "Do you take...? The effect of mobile payment solutions on use intention: an application of UTAUT2," Journal of Marketing Analytics, Palgrave Macmillan, vol. 11(3), pages 458-469, September.
    5. Verkijika, Silas Formunyuy & Neneh, Brownhilder Ngek, 2021. "Standing up for or against: A text-mining study on the recommendation of mobile payment apps," Journal of Retailing and Consumer Services, Elsevier, vol. 63(C).
    6. Wang, Guoqiang & Tan, Garry Wei-Han & Yuan, Yunpeng & Ooi, Keng-Boon & Dwivedi, Yogesh K., 2022. "Revisiting TAM2 in behavioral targeting advertising: A deep learning-based dual-stage SEM-ANN analysis," Technological Forecasting and Social Change, Elsevier, vol. 175(C).
    7. Rodríguez-López, María Eugenia & Higueras-Castillo, Elena & Rojas-Lamorena, Álvaro J. & Alcántara-Pilar, Juan Miguel, 2024. "The future of TV-shopping: predicting user purchase intention through an extended technology acceptance model," Technological Forecasting and Social Change, Elsevier, vol. 198(C).
    8. Ma, Qingguo & He, Yijin & Tan, Yulin & Cheng, Lu & Wang, Manlin, 2024. "Unveiling the Impact of Payment Methods on Consumer Behavior: Insights and Future Directions," OSF Preprints 3fphk, Center for Open Science.
    9. Budimir, Ana & Knežević, Blaženka, 2023. "What Influences Young Adult Females When Choosing an Online Apparel Retailer: An Exploratory Analysis," Proceedings of the ENTRENOVA - ENTerprise REsearch InNOVAtion Conference (2023), Hybrid Conference, Dubrovnik, Croatia, in: Proceedings of the ENTRENOVA - ENTerprise REsearch InNOVAtion Conference, Hybrid Conference, Dubrovnik, Croatia, 4-6 September, 2023, pages 211-221, IRENET - Society for Advancing Innovation and Research in Economy, Zagreb.
    10. Mohammad Ali Yousef Yamin & Omima Abdalla Abass Abdalatif, 2024. "Examining consumer behavior towards adoption of quick response code mobile payment systems: transforming mobile payment in the fintech industry," Palgrave Communications, Palgrave Macmillan, vol. 11(1), pages 1-11, December.
    11. Doerr, Sebastian & Frost, Jon & Gambacorta, Leonardo & Shreeti, Vatsala, 2023. "Big techs in finance," CEPR Discussion Papers 18665, C.E.P.R. Discussion Papers.
    12. Chandan Kumar Behera & Ritika Dadra, 2024. "Understanding young consumers’ attitude formation for new-age fintech credit products: an SOR framework perspective," Journal of Financial Services Marketing, Palgrave Macmillan, vol. 29(3), pages 964-978, September.
    13. Semerikova, E., 2024. "Cashless payments beyond access: What influences the intensity of use?," Journal of the New Economic Association, New Economic Association, vol. 64(3), pages 171-188.
    14. Yuyang Zhao & Fernando Bacao, 2021. "How Does Gender Moderate Customer Intention of Shopping via Live-Streaming Apps during the COVID-19 Pandemic Lockdown Period?," IJERPH, MDPI, vol. 18(24), pages 1-24, December.
    15. Schmidt, Sebastian & Saraceni, Adriana, 2024. "Consumer acceptance of drone-based technology for last mile delivery," Research in Transportation Economics, Elsevier, vol. 103(C).
    16. Maksym Koghut & Omar AI-Tabbaa, 2021. "Exploring Consumers’ Discontinuance Intention of Remote Mobile Payments during Post-Adoption Usage: An Empirical Study," Administrative Sciences, MDPI, vol. 11(1), pages 1-33, February.
    17. Raza, Ali & Ishaq, Muhammad Ishtiaq & Khan, Ayesha & Ahmad, Rehan & Haj Salem, Narjes, 2023. "How fashion cewebrity influences customer engagement behavior in emerging economy? Social network influence as moderator," Journal of Retailing and Consumer Services, Elsevier, vol. 74(C).
    18. Cobelli, Nicola & Cassia, Fabio & Donvito, Raffaele, 2023. "Pharmacists' attitudes and intention to adopt telemedicine: Integrating the market-orientation paradigm and the UTAUT," Technological Forecasting and Social Change, Elsevier, vol. 196(C).
    19. Vieira, Valter Afonso & Rafael, Diego Nogueira & Agnihotri, Raj, 2022. "Augmented reality generalizations: A meta-analytical review on consumer-related outcomes and the mediating role of hedonic and utilitarian values," Journal of Business Research, Elsevier, vol. 151(C), pages 170-184.
    20. An, Siyang & Cheung, Chi Fai & Willoughby, Kelvin W., 2024. "A gamification approach for enhancing older adults' technology adoption and knowledge transfer: A case study in mobile payments technology," Technological Forecasting and Social Change, Elsevier, vol. 205(C).

    More about this item

    JEL classification:

    • B26 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Financial Economics
    • D91 - Microeconomics - - Micro-Based Behavioral Economics - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making
    • F65 - International Economics - - Economic Impacts of Globalization - - - Finance
    • G41 - Financial Economics - - Behavioral Finance - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making in Financial Markets
    • M21 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Economics - - - Business Economics

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:bas:econst:y:2023:i:6:p:89-107. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Diana Dimitrova (email available below). General contact details of provider: https://edirc.repec.org/data/ikbasbg.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.