Digitalization of Micro-Sized Enterprises: Determinants of Quick Response Code Indonesian Standard (QRIS), Fintech Usage Behavior, and Implications for Business Sustainability
Main Article Content
Abstract
There is an urgency for research on measuring the perceptions of micro-sized enterprises regarding the creation of a healthy FinTech ecosystem to support future business sustainability. The measurement analyzes social influence, trust, facilitating conditions, habits, financial literacy, intentions to continue Quick Response Code Indonesian Standard (QRIS) FinTech usage, and its impact on the sustainability of micro-sized enterprises sustainability. This research is expected to contribute by (a) providing an overview of the determinants that influence the actual usage behavior of the Quick Response Code Indonesian Standard (QRIS); (b) providing an overview of the impact of QRIS usage behavior on the sustainability of micro-sized enterprises; and (c) determining the most effective strategy to provide sustainable business solutions. The sampling technique utilized for this research included purposive random sampling with data collected from 240 micro-entrepreneurs spread across Java and Sumatra. These two islands have the largest number of QRIS users. Primary data were collected through surveys in several micro-entrepreneur communities. The research results show that facilitating conditions, habits, trust, and intentions to continue using QRIS, have a positive and significant effect on usage behavior. These determining factors of usage behavior will impact the sustainability of the business in the future. Social influence and digital financial literacy were not found to influence usage behavior.
Article Details
References
Almaiah, M. A., Al-Rahmi, A. M., Alturise, F., Alrawad, M., Alkhalaf, S., Lutfi, A., Al-Rahmi, W. M., & Awad, A. B. (2022). Factors influencing the adoption of internet banking: An integration of ISSM and UTAUT with price value and perceived risk. Frontiers in Psychology, 13, 919198. https://doi.org/10.3389/fpsyg.2022.919198.
Alomari, A. S., & Abdullah, N. L. (2023). Factors influencing the behavioral intention to use cryptocurrency among Saudi Arabian public university students: Moderating role of financial literacy. Cogent Business & Management, 10(1), 2178092. https://doi.org/10.1080/23311975.2023.2178092.
Amnas, M. B., Selvam, M., Raja, M., Santhoshkumar, S., & Parayitam, S. (2023). Understanding the determinants of FinTech adoption: Integrating UTAUT2 with trust theoretic model. Journal of Risk and Financial Management, 16(12), 505. https://doi.org/10.3390/jrfm16120505.
Basar, S. A., Ibrahim, A., Tamsir, F., Rahman, A. R. A., Azmi, N. N. M., Rosman, H., & Musa, R. T. (2024). I-FinTech Adoption Mediation on the Financial Literacy Elements and Sustainable Entrepreneurship among Bumiputera MSMEs in Malaysia. International Journal of Economics and Financial Issues, 14(4), 138–147. https://doi.org/10.32479/ijefi.16546.
Bajunaied, K., Hussin, N., & Kamarudin, S. (2023). Behavioral intention to adopt FinTech services: An extension of unified theory of acceptance and use of technology. Journal of Open Innovation: Technology, Market, and Complexity, 9(1), 100010. https://doi.org/10.1016/j.joitmc.2023.100010.
Chaveesuk, S., Khalid, B., & Chaiyasoonthorn, W. (2021). Digital payment system innovations: A marketing perspective on intention and actual use in the retail sector. Innovative Marketing, 17(3), 109–123. https://doi.org/10.21511/im.17(3).2021.09.
Chaveesuk, S., & Piyawat, N. (2021). Use of QR code technology in eastern Thailand: Entrepreneur perspective. Utopía y Praxis Latinoamericana, 26(Esp.2), 76–88. Universidad del Zulia.
https://www.redalyc.org/journal/279/27966514007/html/.
Chinh, N. T., Anh, K. T., Duong, N. D., Cuong, P. K. Q., & Linh, L. D. (2024). Impact of self-efficacy and mediating factors on FinTech adoption in the VUCA era. Journal of Eastern European and Central Asian Research, 11(4), 796–808. https://doi.org/10.15549/jeecar.v11i4.1740.
Dewi, M. K., Oktaviani, R., & Suryandani, D. (2021). The influence of financial literacy, experienced regret, framing effect, and mental accounting on millennial generation investment decisions in DKI Jakarta with risk tolerance as intervening variables. International Journal on Advanced Science, Education, and Religion, 4(3), 119–131. https://doi.org/10.33648/ijoaser.v4i3.155
Duarte, P., & Pinho, J. C. (2019). A mixed methods UTAUT2-based approach to assess mobile health adoption. Journal of Business Research, 102, 140–150.
https://doi.org/10.1016/j.jbusres.2019.05.022.
Gupta, K., & Arora, N. (2023). Investigating consumer acceptance of NFC mobile payment apps in India: A UTAUT2 approach. International Journal of Business Innovation and Research, 31(3), 378–406. https://www.inderscience.com/offers.php?id=132902.
Gupta, M., Taneja, S., Sharma, V., Singh, A., Rupeika-Apoga, R., & Jangir, K. (2023). Does previous experience with the Unified Payments Interface (UPI) affect the usage of Central Bank Digital Currency (CBDC)? Journal of Risk and Financial Management, 16(6), 286. https://doi.org/10.3390/jrfm16060286.
Ha, D. T. T., Şensoy, A., & Phung, A. (2023). Empowering mobile money users: The role of financial literacy and trust in Vietnam. Borsa Istanbul Review, 23(6), 1367–1379. https://doi.org/10.1016/j.bir.2023.10.009.
Handoko, B. L., Moses, L. A. A., Tjandran, R. L., & Giovi, G. (2021). Model for Predicting Auditor Intention to Adopt Blockchain Technology: UTAUT 2 Model. Proceedings of the 2020 11th International Conference on E-business, Management and Economics (EBME 2020), 76–80. https://dl.acm.org/doi/10.1145/3481127.3481168.
Ingale, K., & Paluri, R. A. (2022). Financial literacy and financial behaviour: A bibliometric analysis. Review of Behavioral Finance, 14(1), 1–20. http://dx.doi.org/10.1108/RBF-06-2020-0141.
Kasri, R. A., & Yuniar, A. M. (2021). Determinants of digital zakat payments: lessons from Indonesian experience. Journal of Islamic Accounting and Business Research, 12(3), 362–379. https://doi.org/10.1108/JIABR-08-2020-0258.
Khan, M., Li, X., & Zhao, W. (2022). Exploring the role of digital financial literacy in SME adoption of QR code payment systems: A mixed-methods approach. Journal of Financial Technology and Entrepreneurship, 13(2), 145-162.
Kilani, A. H. Z., Kakeesh, D. F., Al-Weshah, G. A., & Al-Debei, M. M. (2023). Consumer post-adoption of e-wallet: An extended UTAUT2 perspective with trust. Journal of Open Innovation: Technology, Market, and Complexity, 9(3), 100113. https://doi.org/10.1016/j.joitmc.2023.100113.
Laksamana, P., Suharyanto, S., & Cahaya, Y. F. (2022). Determining factors of continuance intention in mobile payment: FinTech industry perspective. Asia Pacific Journal of Marketing and Logistics, 35(6), 1699–1718. https://dosen.perbanas.id/docs/wp-content/uploads/2020/08/Bidang-B-Artikel.pdf.
Larnyo, E., Dai, B., Larnyo, A., Nutakor, J. A., Ampon-Wireko, S., Nkrumah, E. N. K., & Appiah, R. (2022). Impact of actual use behavior of healthcare wearable devices on quality of life: A cross-sectional survey of people with dementia and their caregivers in Ghana. Healthcare, 10(2), 275. https://doi.org/10.3390/healthcare10020275.
Lee, G., Chiu, C., & Ng, W. (2022). Reassessing the Role of Social Influence in SME Adoption of Digital Payment Systems: A Pragmatic View. Journal of Small Business Management, 60(4), 765-783.
Lin, W.-R., Lin, C.-Y., & Ding, Y.-H. (2020). Factors affecting the behavioral intention to adopt mobile payment: An empirical study in Taiwan. Mathematics, 8(10), 1851. https://doi.org/10.3390/math8101851.
Malarvizhi, C. A., AlMamun, A., Yusoff, S., Naim, F., & Abir, T. (2022). Predicting the intention and adoption of Near Field Communication mobile payment. Frontiers in Psychology, 13, 870793. https://doi.org/10.3389/fpsyg.2022.870793.
Mansyur, A., Suryadi, K., & Umam, K. (2023). Research trend on financial technology adoption over the years: A bibliometric analysis. Laa Maisyir: Jurnal Ekonomi Islam, 10(2), 113–124.
https://journal.uin-alauddin.ac.id/index.php/lamaisyir/article/view/39201.
Martinez, B. M., & McAndrews, L. E. (2022). Do you take…? The effect of mobile payment solutions on use intention: An application of UTAUT2. Journal of Marketing Analytics, 11(3), 458–469. https://doi.org/10.1057/s41270-022-00175-6.
Martinez, B. M., & McAndrews, L. E. (2023). Investigating U.S. consumers’ mobile pay through UTAUT2 and generational cohort theory: An analysis of mobile pay in pandemic times. Telematics and Informatics Reports, 11, 100076. https://doi.org/10.1016/j.teler.2023.100076.
Munn, Z., Stern, C., Aromataris, E., Lockwood, C., & Jordan, Z. (2018). What kind of systematic review should I conduct? A proposed typology and guidance for systematic reviewers in the medical and health sciences. BMC Medical Research Methodology, 18(5). https://doi.org/10.1186/s12874-017-0468-4.
Najib, M., Ermawati, W. J., Fahma, F., Endri, E., & Suhartanto, D. (2021). FinTech in the small food business and its relation with open innovation. Journal of Open Innovation: Technology, Market, and Complexity, 7(1), 88. https://doi.org/10.3390/joitmc7010088.
Page, M. J., McKenzie, J. E., Bossuyt, P. M., Boutron, I., Hoffmann, T. C., Mulrow, C. D., & Moher, D. (2021). The PRISMA 2020 statement: An updated guideline for reporting systematic reviews. BMJ, 372, n71. https://doi.org/10.1136/bmj.n71.
Penney, E. K., Agyei, J., Boadi, E. K., Abrokwah, E., & Ofori-Boafo, R. (2021). Understanding factors that influence consumer intention to use mobile money services: An application of UTAUT2 with perceived risk and trust. SAGE Open, 11(3), 1–15. https://doi.org/10.1177/21582440211023188.
Puspitaningsih, R. (2023). Factors influencing of FinTech payment user using Unified Theory of Acceptance and Use of Technology 2 model (UTAUT 2) in Bandung. AIP Conference Proceedings, 2772(1), 040001. http://dx.doi.org/10.1063/5.0116062.
Ponsree, K., Phongpaew, T., & Naritratadakorn, P. (2021). A comparative evidence of income levels reflecting Gen Z’s digital payments intention and usage. Frontiers in Artificial Intelligence and Applications, 340, 311–325. https://ebooks.iospress.nl/doi/10.3233/FAIA210249.
Pratama, Y. A., & Retnowardhani, A. (2023). The behavior of the millennial generation in Jakarta (Indonesia) in the use of mobile wallets. AIP Conference Proceedings, 2746(1), 040002. https://doi.org/10.1063/5.0152803.
Rabaa’i, A. A. (2021). An investigation into the acceptance of mobile wallets in the FinTech era: An empirical study from Kuwait. International Journal of Business Information Systems, 36(4), 524–541. http://dx.doi.org/10.1504/IJBIS.2021.10038422.
Rahadi, R. A., Utomo, S. H., Wardana, L. W., & Gunardi, A. (2022). Towards a cashless society: Use of electronic payment devices among generation Z. International Journal of Data and Network Science, 6(1), 137–146. http://dx.doi.org/10.5267/j.ijdns.2021.9.014.
Rahim, R., Putera, A. R., Setiawan, M. I., & Sudrajat, R. (2022). Benefit–risk perceptions of FinTech adoption for sustainability from bank consumers’ perspective: The moderating role of fear of COVID-19. Sustainability, 14(14), 8357. https://doi.org/10.3390/su14148357.
Raza, S. A., Qazi, W., Khan, K. A., & Salam, J. (2021). Social isolation and acceptance of the learning management system (LMS) in the time of COVID-19 pandemic: An expansion of the UTAUT model. Journal of Educational Computing Research, 59(2), 183–208. https://doi.org/10.1177/0735633120960421.
Rudhumbu, N. (2022). Applying the UTAUT2 to predict the acceptance of blended learning by university students. Asian Association of Open Universities Journal, 17(1), 15–36. https://doi.org/10.1108/AAOUJ-08-2021-0084.
Sahabuddin, M., Mulyani, S., & Masudin, I. (2023). The evolution of FinTech in scientific research: A bibliometric analysis. Sustainability, 15(9), 120. 7176. https://www.mdpi.com/2071-1050/15/9/7176#.
Schunk, D. H. (2020). Learning Theories: An Educational Perspective (8th ed.). Pearson.
Setiawan, B., Nugraha, D. A., Irawan, A., Nathan, R. J., & Huda, N. (2023). Digital Financial Literacy and Mobile Payment Adoption among SMEs: A Moderated Mediation Perspective. Journal of Retailing and Consumer Services, 73, 103088.
Sharma, S., & Vaid, S. (2022). Factors affecting m-payment adoption in millennials – Testing extended UTAUT2 model. Thailand and The World Economy, 41(2), 1–20.
Shahzad, M., Qu, Y., Rehman, S. U., & Zafar, A. U. (2022). Adoption of green innovation technology to accelerate sustainable development among manufacturing industry. Journal of Innovation & Knowledge, 7(4), 100231. https://doi.org/10.1016/j.jik.2022.100231.
Shin, S., & Lee, W.-J. (2021). Factors affecting user acceptance for NFC mobile wallets in the U.S. and Korea. Innovation & Management Review, 18(4), 417–433. https://doi.org/10.1108/INMR-02-2020-0018.
Silanoi, W., Naruetharadhol, P., & Ponsree, K. (2023). The confidence of and concern about using mobile banking among Generation Z: A case of the post COVID-19 situation in Thailand. Social Sciences, 12(4), 198. https://doi.org/10.3390/socsci12040198.
Sleiman, K. A. A., Juanli, L., Lei, H. Z., Rong, W., Yubo, W., Li, S., & Amin, F. (2023). Factors that impacted mobile-payment adoption in China during the COVID-19 pandemic. Heliyon, 9(5), e16197. https://doi.org/10.1016/j.heliyon.2023.e16197.
Sukaris, S., Renedi, W., Rizqi, M. A., & Pristyadi, B. (2021). Usage behavior on digital wallet: Perspective of the theory of unification of acceptance and use of technology models. Journal of Physics: Conference Series, 1764(1), 012071. https://doi.org/10.1088/1742-6596/1764/1/012071.
Suo, W.-J., Goi, C.-L., Goi, M.-T., & Sim, A. K. S. (2022). Factors influencing behavioural intention to adopt the QR-code payment: Extending UTAUT2 model. International Journal of Asian Business and Information Management, 13(2), 1–22. https://doi.org/10.4018/IJABIM.20220701.oa8.
Taamneh, A., Alsaad, A., Eteiwi, H., AlObi, A. M., Lutfi, A., & Sergio, R. P. (2023). University lecturers' acceptance of Moodle platform in the context of the COVID-19 pandemic. Global Knowledge, Memory and Communication, 72(6), 647–670.
https://doi.org/10.1108/GKMC-05-2021-0087.
Thaker, H. M. T., Subramaniam, N. R., Qoyum, A., & Hussain, H. I. (2023). Cashless society, e-wallets and continuous adoption. International Journal of Finance & Economics, 28(3), 3349–3369. https://doi.org/10.1002/ijfe.2596.
Thaler, R. H. (2015). Misbehaving: The Making of Behavioral Economics. New York: W.W. Norton & Company.
Uddin, M. A., Alam, M. S., Al Mamun, A., Tohid-Uz-Zaman, Khan, T., & Akter, A. (2020). A study of the adoption and implementation of enterprise resource planning (ERP): Identification of moderators and mediator. Journal of Open Innovation: Technology, Market, and Complexity, 6(1), 2. https://doi.org/10.3390/joitmc6010002.
Vărzaru, A. A., Bocean, C. G., Rotea, C. C., & Budică-Iacob, A.-F. (2021). Assessing antecedents of behavioral intention to use mobile technologies in e-commerce. Electronics, 10(18), 2231. https://doi.org/10.3390/electronics10182231.
Venkatesh, V., Thong, J. Y. L., & Xu, X. (2012). Consumer acceptance and use of information technology: Extending the unified theory of acceptance and use of technology. MIS Quarterly, 36(1), 157–178. https://doi.org/10.2307/41410412.
Vergara, C., & Agudo, L. F. (2021). FinTech and sustainability: Do they affect each other? Sustainability, 13(13), 7174. https://www.mdpi.com/2071-1050/13/13/7012.
Verma, D., & Sinha, A. (2020). Financial literacy and its impact on investment behavior for working women. Journal of Financial Planning, 33(6), 62–70.
Wijaya, T. T., Cao, Y., Bernard, M., Rahmadi, I. F., Lavicza, Z., & Surjono, H. D. (2022). Factors influencing microgame adoption among secondary school mathematics teachers supported by structural equation modelling-based research. Frontiers in Psychology, 13, 952549. https://doi.org/10.3389/fpsyg.2022.952549.
Wu, P., Zhang, R., Luan, J., & Zhu, M. (2022). Factors affecting physicians using mobile health applications: An empirical study. BMC Health Services Research, 22(1), 24. https://doi.org/10.1186/s12913-021-07339-7.
Yang, M., Mamun, A. A., Mohiuddin, M., Nawi, N. C., & Zainol, N. R. B. (2021). Cashless Transactions: A Study on Intention and Adoption of E-Wallets. Sustainability, 13(2), 831. https://doi.org/10.3390/su13020831.
Yakob, S., Yakob, R., Hafizuddin-Syah, B. A. M., & Rusli, R. Z. A. (2021). Financial literacy and financial performance of small and medium-sized enterprises. The South East Asian Journal of Management, 15(1), 72–96.
https://doi.org/10.21002/seam.v15i1.13117.
Yaseen, S. G., El Qirem, I. A., & Dajani, D. (2022). Islamic mobile banking smart services adoption and use in Jordan. ISRA International Journal of Islamic Finance, 14(3), 349–362. https://doi.org/10.1108/IJIF-04-2021-0065,
Zacharis, G., & Nikolopoulou, K. (2022). Factors predicting university students’ behavioral intention to use eLearning platforms in the post-pandemic normal: An UTAUT2 approach with ‘Learning Value’. Education and Information Technologies, 27(9), 12065–12082. https://doi.org/10.1007/s10639-022-11116-2.
Zhong, Y., & Moon, H.-C. (2022). Investigating customer behavior of using contactless payment in China: A comparative study of facial recognition payment and mobile QR-code payment. Sustainability, 14(12), 7150. https://doi.org/10.3390/su14127150.
Zhang, Y., Huang, H., & Wang, S. (2023). The limited impact of social influence on QR code payment adoption among SMEs: An empirical study. International Journal of FinTech Research, 9(2), 121-138.