Factors Influencing Generation Z’s Adoption of QR Code-based Mobile Payments in Emerging Economies

Abstract

This study intends to identify the factors influencing the intention to use QR payments for retail purchases by Generation Z in the emerging economy (Sri Lanka), incorporating the Mobile technology acceptance model (MTAM) as the basic theoretical framework of the study. The study follows a quantitative methodology using data collected from online surveys shared via social media platforms. The sample consists of 384 participants representing Generation Z in the Western Province of Sri Lanka. Quota sampling was the sampling technique used in this study. The hypotheses were tested via multiple regression analysis. Findings from the regression analysis exhibit that all the study contrasts, respectively, mobile usefulness, mobile ease of use, and perceived security, have a significant and positive influence on the intention to use QR payments. Thus, the hypotheses were supported. The study contributes to the literature by confirming the robustness of the MTAM model and identifying the drivers of Gen Z’s QR payment intention. It further emphasizes the importance of considering the impact of influential factors to leverage Gen Z’s QR payment intention in retail purchases, providing practical implications for the other participants in the QR payment ecosystem, especially for financial institutions. Future research is encouraged to focus on expanding the scope of the population and sample size and to incorporate new factors to the proposed conceptual framework to generate useful insights regarding the user acceptance of QR payment technology. They can also focus on studying other emerging payment technologies such as NFC-enabled payments.