The Future of QR Code Mobile Payments: Key Factors for Continued Use

In recent years, contactless payment methods have surged in popularity, with QR code mobile payment platforms leading the charge. This shift is particularly evident in emerging economies, where such technologies have been shown to significantly contribute to financial growth. Despite their potential, the ongoing use of QR payments hasn't reached desired levels. This article delves into the factors influencing the continued use of mobile financial services (MFS) through a comprehensive study conducted in Bangladesh.

Understanding the Study Framework

The research utilized a modified version of the Unified Theory of Acceptance and Use of Technology 2 (UTAUT2) model, enhancing it with four additional constructs: amotivation, alternative attractiveness, QR transaction anxiety, and transaction convenience. To gather insights, data was collected from 247 MFS users in Bangladesh via an online survey. The analysis employed Structural Equation Modeling (SEM) and Partial Least Squares (PLS), complemented by a nonlinear analysis known as Importance-Performance Map Analysis (IPMA).

Key Findings and Influential Factors

The study revealed several interesting findings. Effort expectancy emerged as the most influential factor affecting the continued use of QR code mobile payments. Users are more likely to maintain their usage if the system is easy to use and requires minimal effort. Additionally, the study identified QR transaction anxiety (QTA) and transaction convenience (TC) as significant moderating factors, influencing users' decisions to continue using these payment methods.

Interestingly, social influence and hedonic motivation were found to be insignificant in this context. This suggests that while social pressures or the fun aspect of using the technology might not be key drivers, practicality and ease of use hold more weight in user decision-making processes.

Practical Insights and Implications

The IPMA findings offered a deeper understanding of which variables perform best, providing practical insights for stakeholders. The extended research model explained 76.5% of the variance in users' continuance intention (CINT), even without the moderation effect. This underscores the importance of designing user-friendly and efficient QR code payment systems to enhance user satisfaction and retention.

From a theoretical standpoint, this study enriches the existing literature on information technology adoption and continued use, especially within the realm of mobile financial services. For practitioners, particularly MFS providers in developing countries, the implications are clear: focus on enhancing user experience and minimizing barriers to usage.

Future Directions and Conclusion

As contactless payment systems evolve, it's crucial for providers to continuously adapt and refine their offerings. Enhancing user experience by reducing transaction anxiety and improving convenience could be the key to retaining users. Additionally, exploring other motivational factors and integrating them into the service design may offer further advancements.

In conclusion, understanding the dynamics of QR code mobile payment continuance is essential for tapping into the full potential of this technology. By prioritizing user-centric enhancements and addressing the deterrents identified in this study, MFS providers can foster greater user engagement and drive economic growth in emerging markets.

For those looking to delve further into the world of QR codes, using a reliable QR code generator can help businesses and individuals leverage this technology effectively.