Int. Journal of Business Science and Applied Management, Volume 18, Issue 1, 2023

The Role of Innovation Resistance and Technology

Readiness in the Adoption of QR Code Payments Among

Digital Natives: A Serial Moderated Mediation Model

Dewan Mehrab Ashrafi

Department of Business Administration, University of Liberal Arts Bangladesh (ULAB)

688 Beribadh Road, Dhaka, Dhaka 1207, Bangladesh.

Tel: +8801778528446

Email: mehrab.ashrafi35@gmail.com

Rubina Easmin

School of Business Administration, East Delta University

Abdullah Al Noman Road, Chittagong, Chittagong 4209, Bangladesh.

Tel: +8801814943190

Email: rubina.e@eastdelta.edu.bd

Abstract

Recent literature on the QR code payment system has called for further research on the adoption of QR

codes as a payment tool among digital natives. In response to this call, this study investigates the

influence of perceived value on digital natives’ attitudes and trust in fostering their intention to adopt

QR code payments through the integration of prospect theory and perceived value theory. Following a

purposive sampling technique, a quantitative approach was employed and PLS-SEM was performed to

evaluate the study hypotheses. A structured questionnaire was used to collect survey data from 387

digital natives. Findings showed that digital natives’ behavioural intention to adopt QR code payments

was positively influenced by perceived value and trust but not by attitude. Furthermore, the findings

demonstrated that attitude and trust serially mediated the relationship between digital natives'

perception of value and their propensity to accept QR code payments. Nevertheless, this study also

highlighted the moderating effects of technology readiness and innovation resistance and showed how

they strengthen and weaken the relationships amongst perceived value, attitude, trust, and behavioural

intention. The study offers valuable insights for marketing managers and policy makers in

understanding digital natives’ perceptions towards adopting QR codes with regard to making payments

and advances the theoretical depth by contributing to the literature related to the adoption of QR codes

while making payments.

Keywords: QR code payment, innovation resistance, technology readiness, digital natives

Dewan Mehrab Ashrafi and Rubina Easmin

1. INTRODUCTION

Technological innovations and smart devices have transformed our lives. The QR code payment

method embodies the seamless integration of novel technologies into our daily lives and provides two-

dimensional digital images recognized by smartphones, providing faster access to mobile services

(Canadi et al., 2010; Lou et al., 2017). The QR code payment system has driven consumers to use

mobile banking (m-banking) applications to buy and pay for goods and services conveniently

(Suebtimrat and Vonguai, 2021). The QR code payment service is an embodiment of technological

innovation and is perceived as a novel technology by individuals and organizations (Yan et al., 2021).

As a result, QR code payments have long been a matter of great interest in mobile payments (Chang et

al., 2021; Tu et al., 2021; Hossain et al., 2018). The increasing growth in m-banking services has

prompted the development of QR codes that are compatible with mobile payment (m-payment)

applications. Such a novel payment method has already gained popularity due to its ease of use,

flexibility, creative design, and efficiency (Tu et al., 2021). What is more, the rapid adoption of

camera-enabled smartphones is a precursor to the growth of QR code payment usage, resulting in

increased financial transactions. The growing acceptance of QR code payments in brick-and-mortar

establishments signifies a cashless future (Tu et al., 2021). Therefore, service providers use these

payment methods to attract customers, reduce the expenses of POS terminals, speed up transactions,

and make it easier for customers to pay (Hossain et al., 2018). Although the usage of mobile payments

has been extensively investigated, limited attention has been given to QR code payments as an m-

payment method (Chang et al., 2021; Hossain et al., 2018; Yan et al., 2021).

Users’ m-banking behaviour can be influenced by a wide range of characteristics, including

socioeconomic, cultural, and behavioural aspects, which have been studied in digitally progressed

countries like the USA, Singapore, India, China, and Taiwan (Koh et al., 2018; Sampaio et al., 2017;

World Bank, 2019). In this new era of transaction services, contemporary mobile communication

technologies like biometric technology, facial recognition, and contactless payment and information

processing technologies like QR codes have rapidly increased. More crucially, as COVID-19 cases

continue to rise globally, consumers are more likely to adopt digital contactless payments to avoid

human contact and lower their chance of contracting an illness (Zhong and Moon, 2022). The

pandemic has altered people's consumption patterns, and these contactless QR-code payment options

are growing in popularity compared to other payment options (Suo et al., 2022; Tu et al., 2021). Thus,

it is critical for marketers, policymakers, and service providers to recognize the drivers that affect users'

intention to adopt the QR code as a payment tool.

Prior and existing literature in the field of mobile-payment places a strong emphasis on the

characteristics of NFC based m-payment systems, such as convenience, usefulness, complexity, and

mobility (Hossain et al., 2018; Lou et al., 2017; Suebtimrat and Vonguai, 2021). Despite the

importance of the characteristics of NFC based m-payment systems in generating stronger behavioural

intentions, there remains a paucity of evidence on how these components affect users' value and risk

perception, affecting their behavioural intention to adopt QR code payments (Chang et al., 2021;

Prodanova et al., 2019). Moreover, while the existing body of research on innovation adoption has

focused on attitude and trust as exogenous variables for determining users' behavioural intentions

(Chang et al., 2021; Zhao et al., 2021), there has been little discussion about the effects of attitude and

trust as mediating variables. As a result, recent studies in the context of fintech have highlighted the

mediating impact of attitude and trust (Cham et al., 2022; Roh et al., 2022) but those studies have

focused on examining the impact of attitude and trust on users' behavioural intentions, ignoring the

mediating effect for both of the factors in the QR code payment context. Therefore, it is still not known

whether users' attitudes and trust sequentially mediate the association among users' perceived value and

behavioural intent, making it necessary to better understand how to augment the growth of QR code

payment methods and the determinants of users' behavioural intentions.

Furthermore, Turner (2015) suggested that these factors are connected to the characteristics of

distinct generations. Different generations have different perspectives on the use of digital technology

and payment methods (Agárdi and Alt, 2022). According to eMarketer (2019), there will be 1.31

billion mobile payment users by 2033. Digital natives have lower barriers to adopting new technology

than earlier generations and considerable purchasing ability, making them an attractive target for

business organizations (Kimberly et al., 2022). They are more open to using non-traditional payment

methods because they are familiar with digital technology and recognize the advantages of digital

financial services, such as reduced costs and convenience (Agárdi and Alt, 2022). Furthermore, by

2025, digital natives are projected to make up as much as 75% of the workforce, constituting the largest

demographic group in history (Jimenez and Ford-Wilcox, 2022). Previous published studies that

investigated how someone's generation affects people's willingness to use QR code based mobile

Int. Journal of Business Science and Applied Management / Business-and-Management.org

payments are limited (Agárdi and Alt, 2022). For instance, Mun et al. (2017) investigated Millennials'

attitudes toward using NFC based mobile payments. A similar empirical study on Generation Z's

acceptance of digital wallets was undertaken by Dalimunte et al. (2019), showing that the majority of

the existing literature has examined the acceptance of NFC payment systems among Millennials and

Generation Z rather than QR code payments. Additionally, Yan et al. (2022) argued that researchers

have not treated QR code payment in much detail and, according to Payne et al. (2018), there is a

dearth of research in the field of QR code payment acceptance that specifically addresses how digital

natives' perception of value impacts their behavioural intention to make QR code payments. Therefore,

there is a gap in research examining digital natives’ QR code payment acceptance behaviour.

Therefore, considering the research gap, the objectives of this study are to investigate the serial

mediation effects of attitude and trust in fostering QR code acceptance behaviour among digital natives

and to explore whether there are moderating effects of innovation resistance and technology readiness

that weaken and strengthen the relationships between perceived value and intention to use QR code

payments. By addressing the above objectives, the study makes several noteworthy contributions.

Firstly, this study enhances the theoretical depth by proposing prospect theory and perceived value

theory as underpinning theories. It is important to examine this because, the perceived value and

prospect theory's contextual relevance to understanding preference in the adoption of digital QR code

based mobile-payments among digital natives has not been adequately explored, despite its widespread

use in other fields to explain decision making, such as economics, law, politics, and clinical practice at

the individual level (Puiu et al., 2022; Khan et al., 2022). As individuals make decisions in the presence

of risk and uncertainty, prospect theory provides a framework for understanding these processes.

Particularly, this can shed light on the factors that influence consumers' decisions to adopt or reject

digital m-payment services, such as QR code-based payments, in the midst of risk and uncertainty. This

study has also integrated perceived novelty, psychological risk, security risk, complexity, usefulness,

and convenience as determinants of users' value perception, which in turn impacts users' behavioural

adoption of QR code payments. We argue that investigating users’ intention through the lens of

perceived value theory is important since consumers are more likely to make purchases of goods and

services that they view as providing value to them and this concept can be used by marketing

professionals to anticipate how customers will perceive their products (Ashrafi et al., 2022; de Souza

and Baldanza, 2018; Ashrafi and Easmin, 2022). Secondly, this study contributes to the current body of

knowledge by investigating the role of trust in determining the relationship among users' willingness to

accept QR codes and their sense of value. Additionally, this research contributes by adding to the

existing body of knowledge by investigating the sequential mediating impact of attitude and trust in

predicting the effects of perceived value and behavioural intention among digital natives. Finally, this

study adds to the theoretical depth by showing how innovation resistance acts as a moderator to weaken

the impact of perceived value on the willingness to pay with a QR code and how technology readiness

strengthens trust’s positive impact on digital natives’ adoption of QR code payments.

The study's practical significance lies in its potential to help service providers and policymakers

highlight the aspects that work as an antecedent to boosting users' value perception and minimizing

associated risks, so encouraging consumers to increase their willingness to accept the QR code

payment method. Another practical significance of the study is for the service providers, app designers,

and managers, who will benefit from a better understanding of the intricate mechanisms of the factors

(perceived value, attitude, innovation resistance, and trust) involved in fostering users' behavioural

adoption due to the study's critical identification of a serial mediation and moderating effect.

2. LITERATURE REVIEW AND THEORETICAL FOUNDATION

2.1. The concept of Digital Natives

The term "Digital Natives" refers to those born between 1980 and 2010 (Parry and McCarthy,

2017). The digital natives are the first generation to have grown up with an "always-on" lifestyle as

most of their social interactions occur "online." This includes information gathering and consumption,

purchasing, and entertainment (Khalaf, 2015). Digital natives are a well-educated and tech-savvy

generation that excel when they are constantly connected to the internet (Prensky, 2001). To put it

differently, this generation became the first "digital natives" due to their access to the internet and a

variety of communication devices at varying price points (Hershatter and Epstein, 2010). When it

comes to accessing information, digital natives have hypertext minds and do not follow a

predetermined path. Instead, digital natives consume and analyze information simultaneously. On

average, digital natives will have used information technology for 20,000 hours by the time they are

aged 20 (Vodanovich et al., 2010). The digital world has become an integral part of the daily lives of

digital natives, who are constantly connected and intertwined with information technology. According

Dewan Mehrab Ashrafi and Rubina Easmin

to Vodanovich et al. (2010), technology allows digital natives to seamlessly shift between their

personal and professional lives. In the modern digital era, it is crucial to understand how digital natives

influence the usage, consumption, and market patterns related to new technologies. While it comes

easy for digital natives to adopt new forms of media, technologies, products, and services, they also

excel in persuading others to share their preferences and understand their reasoning (Filho et al., 2021;

Ilhan et al., 2018). Thus, digital natives' inclination to be "always-on" will flow over into the

organization, which has enormous implications for businesses and IT managers (Ng et al., 2010;

Weeger et al., 2020).

2.2. Prior knowledge on QR code payment adoption amongst digital natives

QR codes, which were created in the 1990s by a Japanese company, have since expanded across

the world and are now used for accessing information and making payments (Zhong and Moon, 2022).

Existing literature shows that the QR-code is more prevalent among individuals during their payments

in shopping, restaurants, cafes, etc., due to its contactless payment feature and digital natives find it

more convenient to make payment via mobile phone compared to other generations like generation X

and Y (Alamoudi, 2022; Agárdi and Alt, 2022).

Consequently, retailers in underdeveloped and developing countries also adopt the latest

technologies like QR code-based payments for their business, considering customers' convenience

(Jiang et al., 2021). QR code-based payment makes it a convenient payment method for digital natives

since it allows them to pay via scanning a code from the merchant’s device, or even the merchants can

scan a code from the customer’s mobile phone (Tu et al., 2021). There is existing literature that has

explored users’ intention towards the acceptance of m-payment but studies that have focused explicitly

on digital natives are scant. For instance, Zhong and Moon (2022) investigated customers' behavioural

intention towards contactless payment through perceived usefulness, perceived ease of use and

security. However, how those constituents affect their perceived value leading to their intention to use

QR code payment was ignored. On the other hand, although studies conducted by Bailey et al. (2017)

and Leong et al. (2013) have examined the antecedents that affect users' intentions to use m-payment,

they have not investigated the mediating impact of trust on users’ behavioural intention. Chang et al.

(2021) conducted a study on the acceptance of QR code payments and showed the mediating impact of

attitude, but this study ignored the mediating impact of trust and did not focus on digital natives.

Therefore, to fully comprehend digital natives' behavioural intention toward adopting QR code-based

payment, it is important to keep researching what drives them to use QR code payments. Furthermore,

none of these prior and existing studies have unveiled any serial mediation effects of attitude and trust

nor did they take the moderating role of innovation resistance and technology readiness into account

concerning the field of QR code payment acceptance amongst digital natives. Hence, we argue that, to

the best of our understanding, this study is one of the first studies that aims to present and highlight the

serial mediation effects of attitude and trust leading to digital natives’ behavioural intention and the

moderating effects on technology readiness and innovation resistance.

2.3. Theoretical foundation

In consumer behaviour research, perceived value refers to users' assessment and evaluation of

their perceptions regarding the difference between what they give and receive (Zeithaml, 1988). Users'

decisions are based on their perception of value, which includes an assessment of the offering's total

benefits and losses, as they have difficulty estimating the objective value of goods and services

(Zeithaml, 1988). In 1985, Dodds and Monroe's (1985) study examined how perceived quality, price,

and perceived worth affect the inclination to buy. The study conducted by Wood and Scheer (1996)

then integrated an individual’s perception of risk as a component within the model, which led to the

formulation of the theory of perceived value. An investigation conducted by Kim et al. (2007)

examined customers' intention to adopt mobile network services with respect to perceived value

through the measurement of entertainment, perceived usefulness, price, and perceived ease of use.

When it comes to the use of mobile technology, Lin and Lu (2015) found that consumers' perceptions

of value are influenced by aspects such as security risk and cognitive effort, service compatibility, and

convenience. According to prior literature, perceived value has been shown to directly and significantly

influence users' willingness to accept m-payment services (Kim et al., 2007; Tankovic and Benazic,

2018). Nevertheless, value impacts a person's attitude, interests, and behaviour (Zhao et al., 2019).

Therefore, adopting the theory of perceived value was considered appropriate in examining the effect

of consumers’ perception of value on their attitudes, trust, and willingness to make QR code payments.

Literature on technology adoption has often examined the importance of individuals' initial

condition of assessment through a reference point, which may, for instance, signify the current status.

Reference dependence describes how the valuation of changes above and below the reference point,

Int. Journal of Business Science and Applied Management / Business-and-Management.org

referred to as gains and losses, varies with closeness to the reference point (Tversky and Kahneman,

1992). According to Kahneman and Tversky (1979), an individual's judgments are based on the

function of value when confronted with uncertainty. When people are presented with risky choices,

they are more concerned with the potential losses than the potential advantages. Thus, potential losses

may exert stronger influence on users’ inclinations to adopt innovative and novel services (Yang et al.,

2015a). According to Wood and Scheer (1996), a critical component in the theory of perceived value is

the assumption that users require some sort of reference point to assess their gains or losses. Several

researchers have examined how people who use mobile services make their own frames of reference

from the point of view of prospect theory (Constantiou, 2009; Yang et al., 2015a). Moreover, based on

prospect theory, there is evidence that perceived risk has an interaction effect on the association

amongst usage intention and perceived value (Ashrafi et al., 2021; Chiu et al., 2014). Existing literature

concentrating on using QR code payments based on prospect theory is scant. Therefore, prospect theory

has been incorporated as one of the theoretical foundations for examining the association between

users' perception of value and risk.

Considering the above, this study seeks to investigate the behavioural intention of digital natives

to adopt QR code payments using perceived value theory and prospect theory. The conceptual model

aims to predict perceived value’s effect on digital natives’ adoption intention of QR code payments

through the integration of antecedents such as convenience, perceived usefulness, perceived novelty,

perceived security, psychological risk and complexity. Furthermore, we included attitude and trust as

mediators and technology readiness and innovation resistance as moderators in the model. Figure 1

depicts the associations between the influencing factors and digital natives' inclination towards

adopting QR code-based mobile payments.

3. RESEARCH MODEL AND HYPOTHESIS DEVELOPMENT

3.1. Convenience

Convenience refers to the extent to which buyers think it is essential to get the job done promptly

and effectively (Chang and Tseng, 2013). Convenience decreases the amount of time and energy

necessary for users to purchase and own a product (Ojiagu et al., 2022; Yale, and Venkatesh, 1986). In

many technology-related studies, convenience and its relevance to users' attitudes have been

empirically examined. The notion of "service convenience" refers to users’ evaluation of how much

effort and time it requires to make a service acquisition (Berry et al., 2018; Seiders et al., 2007).

Scholars have examined various convenience dimensions, including access, transaction, search,

possession, evaluation, and decision-based convenience (Mpinganjira, 2015; Pham et al., 2018; Roy et

al., 2016). Perceived value is customers' overall impressions of the value they obtain and receive in

return for goods and services (Zeithaml, 1988). Prior studies have pointed out that many people are

willing to pay a greater price for a greater level of convenience (Thuy, 2011). Similar studies conducted

in various sectors, including hotels, restaurants, educational trips, health and fitness, suggest that

perceived convenience impacts users' value perception (García-Fernández et al., 2018; Liébana-

Cabanillas et al., 2020; Martín-Ruiz et al., 2012; Pham et al., 2018). In this study, we particularly focus

on the concept of convenience in terms of how quickly and easily a transaction can be accomplished.

As a result, we argue that more convenient services for the customer will raise their perceived value.

By putting the findings of past research into the context of paying with QR codes, the following

hypothesis is postulated:

H1: Users’ perception of convenience (CNV) positively influences their perception of value (PVL)

3.2 Perceived usefulness

Weight Perceived usefulness is how much an individual believes adopting a new technology

would improve their performance (Davis, 1989). If a digital solution provides additional value, such as

efficiency, less work, and time savings, users are more likely to consider or utilize it. Perceived

usefulness in the context of QR payment refers to the extent to which a payment mechanism enables

customers to utilize mobile applications more quickly. Features like flexibility and speed can also

enhance the user's perception of usefulness. Several studies have found a positive association between

perceived usefulness and consumers' attitude and willingness to use novel technologies (Ashrafi et al.,

2020; Ashrafi and Easmin, 2022; Lara-Rubio et al., 2020; Singh et al., 2020). In this study, the QR

code mobile-payment is represented by a mobile technology or service, and before making the switch

to QR code m-payment, customers will assess the advantages and disadvantages (Shankar and Datta,

2018). Consequently, the perceived usefulness of a product is considered to be a component in

determining its value to users (Zhao and Bacao, 2021). Hence, we argue that if users find QR payment

useful, it will augment their perception of the value with regard to using the novel payment mode: QR

Dewan Mehrab Ashrafi and Rubina Easmin

code payment. In other words, perceived usefulness will enhance users' perceptions of value.

Therefore, we hypothesize the following:

H2: Perceived usefulness (PUN) positively influences users’ perception of value (PVL)

3.3. Perceived security

The term "perceived security" refers to the risks that may cause economic harm to data as a result

of issues like data loss, theft, unauthorized access, or other types of fraud, waste, or misuse (Kalakota

and Whinston, 1997). Customers have considerable grounds to be concerned about QR code payment

security, given the non-physical nature of the transactions (Chang et al., 2021). Recent news stories and

allegations of QR code payment fraud and hacking difficulties may catalyze a lack of trust in m-

payment. Moreover, such fear of using a product could also lead to reluctance, which may negatively

impact users' intentions. Given that mobile payment is a financial service, it is crucial to address

security concerns affecting adoption decisions (Chang et al., 2021). However, it is essential to note that

for QR code payment to function, users’ information and bank accounts must be made available to

third parties. Nevertheless, earlier studies conducted by Yang et al. (2015) and Kim et al. (2010) have

indicated that the perception of security influences a user's attitude toward mobile payments. While

prior studies showed that users' confidence in mobile payments is heavily influenced by their

perception of the system's security, many scholars also pointed out that users' perception of security

leads to increased trust levels through the reduction of risks and uncertainties (Khalilzadeh et al., 2017;

Liébana-Cabanillas et al., 2020), arguably raising users' value perception. Therefore, considering QR

codes as a mobile payment mechanism, this study considers perceived security as an essential

component of perceived value. In other words, a higher perception of security will strengthen users'

perception of value while using QR code payment. Thus, we postulate the following hypothesis:

H3: Perceived security (PSR) positively impacts users’ perception of value (PVL)

3.4. Perceived novelty

Perceived novelty is defined as a customer's predisposition to seek out new technologies based on

their desire for novelty and the intrinsic innovativeness (Lin and Filieri, 2015). According to

Andreassen and Streukens (2013), new technology acceptance and readiness to attempt new things are

both reflected in novelty seeking, and it is considered a major driver in the usage of new technologies

and services. Scholars suggest that perceived novelty may be linked to a desire for change and a drive

to learn something new (Hirschman and Holbrook, 2018; Sheth et al., 1991). Trying new technologies

and services, or exploring variety, is an important part of consumers' novelty seeking, which is

considered an individual's preferences for a technology. According to Bettiga and Lamberti (2017),

novelty is one of the vital pillars of the users’ value perception. Moreover, prior literature on consumer

behavior found that user’s perceived novelty impacts users’ hedonic and utilitarian values (Bettiga and

Lamberti, 2017; Hartman et al., 2006). Perceived novelty, based on the context of the study, is how

customers view and judge the innovativeness while making payments through QR codes owing to

technological advancements. Users’ perception of novelty may influence their perception of a greater

utilitarian value in the service usage since it catalyzes users’ initial attempts at using technology-based

services. Prior literature suggests that the perceived value of a new technology or service increases

when users acknowledge its novelty, utility, or applicability to their needs (Im et al., 2015; Karjaluoto

et al., 2019). Thus, we conjecture that users’ appreciation of the value of a service is influenced by the

perceived uniqueness and usefulness of a new technology (Lowe and Alpert, 2015). In other words, we

anticipate that an increased level of perceived novelty in the usage of QR code payment will improve

users' perceptions of value.

H4: Perceived novelty (PN) positively influence users’ value perception (PVL)

3.5 Psychological risk

Innovative products and services are often associated with a high level of risk (Ashrafi et al.,

2021). Psychological risk is a critical determinant of perceived risk, which is considered as a common

approach for evaluation of the consumers’ perception of value and acceptance of m-payment systems.

Psychological risk refers to the negative influence on an individual’s state of mind, for instance,

unpleasant emotions and perplexity (Martins et al., 2014). In the context of QR code payments,

perceived psychological risk refers to the possibility that customers will experience anxiety or tension

as a result of using QR codes to make purchases. When compared to more established payment

methods like online or credit card, QR code-based m-payment is a more recent and more complex

innovation and, hence, inability to use the technology properly may lead to psychological stress for

Int. Journal of Business Science and Applied Management / Business-and-Management.org

users. What is more, anxiety among regular consumers over unsuccessful transactions may be

exacerbated by the difficulty of storing payment evidence in users’ mobile phones. According to the

literature on consumer behaviour, psychological risk is a significant component influencing the

consumer's decision-making. Previous literature found that psychological risk as a constituent of

perceived risk negatively impacts consumers’ perception of value and adoption intention (Sobti, 2019;

Tzavlopoulos et al., 2019; Wei et al., 2009). In light of the findings of the previous literature, we argue

that users’ psychological anxiety, worry and distress will reduce their perception of value. In other

words, psychological risk will have a negative impact of users’ perceived value. Therefore, we

hypothesize the following relationship:

H5: Psychological risk (PSR) negatively influences perceived value (PVL)

3.6 Complexity

Complexity is a term that refers to the difficulty associated with using new technologies (Beer and

Mulder, 2020; Vaesen and Houkes, 2017). Complexity in this study relates to an individual's difficulty

in utilizing QR code-based payment systems (Venkatesh et al., 2003, Venkatesh et al., 2012).

Complexity is a measure of how complicated it is for users to operate a particular technology, and it

focuses on the "given" component of an individual's value perception (Xie et al., 2021). The "given"

component refers to the price individuals incur while using a QR code to make a transaction. Xie et al.

(2021) argued that as users require mobile phones to make QR code payments, factors including screen

size, operational restrictions, and an unfriendly user interface may make it challenging to use QR code

payments. Therefore, there is a risk that users may show reluctance to engage in QR code payments if

they perceive the payment mechanism as complex and convoluted (Adapa et al., 2020). Hence, the

user's complexity in making the QR code payment is relevant in this context. Existing research in m-

payment, smart retail technology, and sharing economy indicates that users' perceived value is

connected to their perceived complexity while using a particular technology (Adapa et al., 2020; Xie et

al., 2021; Yuen et al., 2020). Therefore, we argue that the complexity of using such technology will

negatively impact users' perception of value. Thus, the following hypothesis is developed:

H6: The complexity (CX) of using QR code-based payment negatively influences users’ perceived

value (PVL)

3.7 Perceived value

Perceived value is a well-established concept in determining users' intentions in consumer

behaviour research, and behavioural decision theories explain that consumers' decision-making is based

on their understanding of the trade-off between utility and effort (Ashrafi et al., 2021; Payne, 1982).

The widely accepted definition of perceived value is a person's overall assessment of the utility of

goods and services based on their views of the given and received components (Zeithaml, 1988). To

put it differently, perceived value is the outcome of a user's comparison of the perceived advantages

with the perceived disadvantages (Zeithaml, 1988). Users' perceptions of the worth of commercial

transactions are highly subjective since they require making evaluative judgments (Ruiz-Molina, 2009).

Prior studies have shown that individuals use a variety of factors while determining the value of a

product or service (Ashrafi et al., 2021; Kwak et al., 2021; Roh et al., 2022). Prior literature has

revealed that consumers’ perceptions of value influence their attitudes and intentions (Gordon et al.,

2018; Shaw and Sergueeva, 2019). Furthermore, studies conducted on internet-based environmental

contexts have found that users' perceptions of value positively influence usage intentions (Hewei and

Youngsook, 2022; Yen, 2022). Hence, based on the context of QR code-based mobile payments, we

argue that users' perceived value will positively affect their attitude and behavioural intention to use

QR code-based payments. Therefore, the following hypotheses are proposed:

H7: Perceived value (PVL) positively impacts users’ attitude (ATT) towards using QR code based

mobile payments

H8: Perceived value (PVL) positively affects users’ behavioural intention (BI) to make payments

through QR codes

Prior literature has shown that users' perception of value is a predictor of trust (Roh et al., 2022;

Sharma and Klein, 2020; Uzir et al., 2021). Chen (2013) conducted a study in the organic food

consumption context and found a positive association between perceived value and trust, which was

further verified by Konuk (2018) based on empirical data. According to Curvelo et al. (2019),

consumers' trust and purchase intention are influenced positively by their perceptions of value.

Furthermore, Abror et al. (2022) showed that trust in the product or service increases its perceived

Dewan Mehrab Ashrafi and Rubina Easmin

value. By contextualizing the findings of prior literature, we argue that users' perceived value will

strengthen their trust in QR payments. Thus, we hypothesize the following:

H9: Users’ perceived value (PVL) positively influences their trust (TRST) in making QR code

payments.

3.8 Attitude, trust and behavioural intention

Attitudes are widely characterized as users' predispositions to react positively or negatively to

goods or services (Ajzen and Fishbein, 1980). In consumer behaviour research, consumers' attitudes are

generally perceived as a precursor to users' behavioural intentions (Ajzen, 1985; Fishbein and Ajzen,

1977). As with consumer–technology interactions, users' attitudes toward adopting a particular

technology influence their actual use of it (Davis, 1989; McLean et al., 2020). Users' purchase

intentions are defined as the likelihood of a person's views and attitudes influencing their behaviours

toward a specific product in the future (Paço and Lavrador, 2017). Previous studies have investigated

the association between users' behavioural intention and attitudes in various contexts, including online

shopping, media use, personal care, e-health and voice-assistant services, and found that users' attitudes

positively affect users' behavioural intention (Delistavrou et al., 2022; Gefen et al., 2003; Holden and

Karsh, 2010; Kim and Qu, 2014). Moreover, previous studies showed that attitude significantly impacts

users' trust in adopting novel technologies (Dai et al., 2019; Li et al., 2006). Users are more likely to

accept QR code payments if they have a positive attitude towards the adoption of new technology,

which can result in enhanced trust. In other words, users' intention towards using QR code payment

will be reduced if they develop a negative attitude towards using the technology. In light of the above

discussion, the following hypotheses are postulated:

H10: Users’ attitude (ATT) positively influences their trust (TRST) in using QR code payments

H11: Users’ attitude (ATT) positively influences their willingness (BI) to use QR code payments

The importance of trust in human-machine interactions has long been recognized in consumer

behaviour research (McLean et al., 2020; Pitardi and Marriott, 2021). There is a consensus among

scholars that a user's trust is formed based on dependability, which is strengthened by having faith in

the interactions between the technology and the user (Pitardi and Marriott, 2021). Mayer et al. (1995)

argued that an entity's perceived competency, honesty, and goodness are reflected in the concept of

trust. Prior literature has examined the role of trust not only online but also in an offline setting and

found that users' trust is one of the key drivers that affect their behavioural intention to use any

particular good or service (Pitardi and Marriott, 2021; Ye et al., 2019). Furthermore, Tandon et al.

(2020) and Roh et al. (2022) showed that users who have a higher degree of trust are more likely to

demonstrate a stronger behavioural intention to use those goods and services. Therefore, by

contextualizing the findings of the previous literature into the context of QR code payments, we argue

that users' who have higher levels of trust in QR payments will demonstrate stronger behavioural

intention to make QR code payments. Thus, the following hypothesis is proposed:

H12: Trust (TRST) positively impacts users’ behavioural intention (BI) to pay via QR codes

3.9 Mediating impact of Attitude and trust

In this study, we argue that attitude and trust are two vital and sequential mediators, which may

illustrate the association amongst perceived value and users' behavioural intention to make QR code

payments. Prior literature has investigated the influence of attitude as a mediator in determining the

relationship between perceived value and behavioural intention in various contexts, including mobile

banking, organic foods, and mobile commerce (Khoi et al., 2018; Sun et al., 2020). However, in the

context of QR code-based payments, Chang et al. (2021) argued that users' attitude significantly

impacts their behavioral intention. However, it still remains unclear whether attitude mediates the

relationship between perceived value and users' behavioural intention. Moreover, existing studies have

pointed out that attitudes result in increased trust amongst the users, which in turn positively affects

their behavioural intentions. Although there is existing literature which reveals the mediating impact of

trust in predicting the relationship between perceived value and behavioural intention (Watanabe et al.,

2020; Yuen et al., 2018), it still remains unclear whether trust mediates the association between

perceived value and users' behavioural intention in the context of QR code payment. In other words,

while several studies in the context of mobile banking and payments have shown the impact of trust on

users' behavioural intentions (Karjaluoto et al., 2021; Liébana-Cabanillas et al., 2022), trust's role as a

mediator in QR code payment is limited. Furthermore, in the QR code payment literature, it remains

unanswered whether the impact of perceived value on users' behavioural intention can be explained

through the amalgamation of two mediating variables: attitude and trust. We propose that the greater

the perceived value associated with QR code-based payments, the more likely consumers will develop

Int. Journal of Business Science and Applied Management / Business-and-Management.org

a favourable attitude toward the novel technology, which leads to a higher level of trust, which

increases their inclination towards making QR code payments. Thus, based on the above discussion,

the following hypotheses are proposed:

H13a: Attitude (ATT) mediates the association between users’ perceived value (PVL) and

behavioural intention (BI) towards making QR code payments.

H13b: Trust (TRST) mediates the association between users’ perceived value (PVL) and

behavioural intention (BI) towards making QR code payments.

H13c: The relationship between users’ perceived value (PVL) and behavioural intention (BI) is

serially mediated by users’ attitude (ATT) and trust (TRST) in making QR code payments

3.10 Moderating role of innovation resistance and technology readiness

Innovation resistance is the attitude of individuals against the acceptance and usage of new

technologies, resulting in a preference for the status quo (Seth et al., 2020). The evaluation of the

perceived value examines if the advantages received outweigh the costs involved in the transition from

the status quo to the new setting. According to Samuelson and Zeckhauser (1988), users will be more

resistant to the innovation if they do not see its value. On the other hand, if users' perception of value is

high, they are less likely to reject the innovation and form a more favourable attitude towards it.

Therefore, changes with a higher perceived value are less likely to be resisted because people strive to

maximize value in their decision-making (Sirdeshmukh et al., 2018). Prior studies have shown that in

the study of behavioural intentions, it is critical to consider the role of innovation resistance since it

may negatively impact the adoption of innovative technologies (Lallmahomed et al., 2017; Shahbaz et

al., 2020). Several studies in the field of technology adoption identify innovation resistance as a barrier

to technology adoption (Reginato et al., 2016; Sharma et al., 2017). Prior studies explored the

moderating impact of innovation resistance in green supply chain management and big data analytics

and found that innovation resistance negatively moderated the relationship between users' behavioural

intentions and actual behaviour (Mahmood et al., 2013; Shahbaz et al., 2020). By contextualizing the

results of the prior literature into the context of QR code-based payments, we postulate that innovation

resistance will negatively moderate the relationship between digital natives' perceived value and their

willingness to use QR code payments. Hence, the following hypothesis is proposed:

H14: The positive effect of perceived value (PVL) on behavioural intention (BI) to use QR code

payments is weakened by innovation resistance (INVRT).

Technology readiness refers to an individual's degree of willingness to adapt and use new

technology to fulfil professional and personal goals (Parasuraman, 2000). Technology readiness

reduces an individual's anxiety and discomfort, and augments optimism and innovativeness (Liljander

et al., 2006). In the internet-based environment, users' behavioural intentions are significantly

influenced by technological readiness (Lam et al., 2008). Technology readiness is a precursor to a

number of factors that contribute to technological acceptance, including perceived ease of use,

usefulness, and trust (Elliott, 2013; Lin et al., 2007). Prior studies have shown that the adoption of new

technologies is linked to a person's level of technology readiness, which significantly influences their

perceived value (Lin and Chang, 2011; Pham et al., 2019). Consumers with low technology readiness

drivers are more likely to be demotivated to accept new technologies in general (Yen, 2007). Hence,

we hypothesize that technology readiness will moderate the impact of users' trust on their behavioural

intention to adopt QR code payments. It is also argued that technology readiness will positively

moderate the relationship between users' perceived value and their inclination towards using QR code

payments. Therefore, the following hypotheses are proposed:

H15a: The positive effect of trust (TRST) on behavioural intention (BI) to use QR code payments

is strengthened by technology readiness (TGRN).

H15b: The positive effect of perceived value (PVL) on behavioural intention (BI) to use QR code

payments is strengthened by technology readiness (TGRN).

4. RESEARCH METHOD

4.1 Data collection and sampling procedure

Data were drawn from the digital natives of Bangladesh using a purposive sampling technique.

The participants were provided with the survey form only if they met two criteria: i. participants were

born between 1980 and 2010, and ii. participants must have used or heard of using QR code payments

Dewan Mehrab Ashrafi and Rubina Easmin

for transaction purposes. The age categorization has been selected as per the prior literature, where

digital natives are identified as individuals who were born between 1980 and 2010 (Parry and

McCarthy, 2017; Prensky, 2001; Jensen, 2008; Friedl and Verčič, 2011; Creighton, 2018). Since the

samples were drawn deliberately and focused on digital natives of Bangladesh, the purposive sampling

strategy was considered more acceptable and relevant (Alkassim et al., 2016). The respondents were

notified of their confidentiality and were allowed to withdraw from the survey at any time, even after

completing it. The questionnaire consisted of two parts, and the first part included items adapted from

prior validated research on digital natives and their payment intention. The second part of the

questionnaire was based on the respondents' demographic profiles, which contained information

regarding their age, gender, educational background, and monthly income. According to Kline (2015),

the minimum sample size for SEM should be 375. Therefore, in this study, a sufficient number of

questionnaires was distributed to ensure the reliability and validity of the responses. The questionnaires

were distributed to 550 target respondents using both offline and online platforms. Overall, 487

responses were collected from both online and offline platforms. However, some responses contained

missing values, which were purposefully ignored. In the end, a total of 387 complete responses were

obtained, resulting in a response rate of 70.36 percent.

Figure 1: Research framework

4.2 Development of measurement

Survey items were developed from previous studies in order to determine the components

influencing digital natives' adoption of QR code-based payments and to develop the content validity.

To verify the validity and reliability of the items and scales, quantitative analysis has been employed

through partial least squares structural equation modelling (PLS-SEM). The values of Cronbach alpha

for all of the exogenous and endogenous variables ranged between 0.706 and 0.935. For the purpose of

measuring convenience, a four-item scale has been adapted from Liébana-Cabanillas et al. (2022) and

Pal et al. (2015). While four items from Wang et al. (2015) have been adapted to measure the perceived

usefulness, three items from the studies of Karahanna et al. (1999), Lin and Huang (2012), and Moore

and Benbasat (1991) were adapted to assess complexity. The five items related to perceived security

have been adapted from the study of Chen and Barnes (2007). Psychological risk, consisting of three

items, has been adapted from Featherman and Pavlou (2003), and users' perception of novelty was

measured by using three items from Wells et al.'s (2010) study. While four items with regard to

individuals' perception of value were drawn from the work of Kim et al. (2007), the attitude was

assessed by using four items from Saleem et al.'s (2022) study. For the purpose of assessing trust, three

items were drawn from Kim et al. (2008) and Featherman and Pavlou’s (2003) study. The behavioural

intention was assessed by adapting three items drawn from Chen and Barnes's (2007) work. A five-

point Likert scale was used to assess the degree of agreement with regard to the given statements and

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included two anchors (1-strongly disagree and 5-strongly agree). The reason for using a five-point

Likert scale is that it ensures a higher response rate and is more user-friendly (Elhoushy and Jang,

2021).

Table 1: Validity and reliability of the constructs

Cronbach alpha

Composite reliability

AVE

ATT

0.854

0.91

0.772

0.917

0.942

0.82

0.85

0.855

0.691

CNV

0.83

0.894

0.75

0.801

0.817

0.712

PCR

0.706

0.723

0.543

PSR

0.789

0.841

0.699

PUN

0.729

0.778

0.5863

PVL

0.775

0.785

0.69

TRST

0.935

0.936

0.886

Note.; CX, complexity; CNV, Convenience; PUN, Perceived usefulness; PN, Perceived novelty; PCR Perceived

security; PCR, Psychological risk; TRST, Trust; PVL, Perceived value; ATT, Attitude; BI, Behavioural intention

5. DATA ANALYSIS AND RESULTS

This study employed Partial Least Squares Structural Equation Modeling (PLS-SEM) to evaluate

the study hypotheses through Smart PLS 3.33. For the purpose of achieving more precision and

robustness, the PLS-SEM technique has been used in this study (Risher and Hair, 2017). In analyzing

data, PLS-SEM has considerable benefits in certain aspects (Joe F. Hair et al., 2020). For instance,

PLS-SEM efficiently assesses data that has complex hierarchical models with a small sample size and

is also appropriate if the acquired data does not have a normal distribution (Shiau et al., 2019; Wang et

al., 2019). According to Hair et al. (2019), PLS-SEM should be used when the structural model is

complex and includes many constructs, indicators, and model relationships. When the research

objectives are to better understand increasing complexity by exploring theoretical extensions of

established theories, PLS-SEM should be used by researchers (Hair et al., 2019). In this study, we

argue that the structural model is complex and since the objective was to explore the intricate

relationships among the constructs, selecting PLS-SEM was deemed appropriate (Hair et al., 2019).

Thus, this study employed PLS-SEM for the purpose of validating the hypotheses of the study. Overall,

a two-step method by (Gefen et al., 2000) has been followed. First, the evaluation of the measurement

model was carried out by analyzing the convergent and discriminant validity through the examination

of the values with regard to Cronbach alpha, composite reliability (CR), average variance extracted

(AVE), and Heterotraint-monotrait (HTMT) ratio values. Next, the structural model was assessed using

path analysis and coefficient of determination.

5.1 Descriptive statistics

The results provided a detailed description of the respondents' demographics. Males made up 55.1

percent of the valid sample, while females made up 44.9 percent. More than 80% of the participants

had previously used QR codes for their payment-related purposes. Overall, respondents were educated

(75.3 percent had a college/university degree or higher) and relatively young (81.6 percent were

between the ages of 18 and 40).

5.2 Measurement model

The measurement model was evaluated by examining the construct's internal consistency followed

by its validity and reliability (Hair et al., 2020). Internal consistency and reliability were assessed using

Cronbach's alpha and composite reliability (CR) values. While all of the values of Cronbach's alpha

were between 0.706 and 0.935, the composite reliability values were between 0.723 and 0.936. The

values were greater than the required benchmark of 0.70 (Henseler, 2018; Hair et al., 2017), indicating

that the measurement model was both reliable and internally consistent. Next, the average variance

extracted (AVE) was examined for each construct to ensure convergent validity. The AVE values for

all the constructs met the required benchmark of 0.50 Hair et al. (2019). Moreover, all items of each of

the constructs were examined to identify the outer loadings, and the results showed that the outer

loadings of the items were greater than 0.7 (Hair et al., 2012). Fornell and Larcker's (1981) criteria (see

table 2) and HTMT ratio (see table 3) were used to assess discriminant validity. Findings revealed that

all of the constructs' square root of average variance extracted (SAVE) values were greater compared to

Dewan Mehrab Ashrafi and Rubina Easmin

their other corresponding constructs’ correlations, indicating that the measurement model had no

discriminant validity concerns. Additionally, discriminant validity of the research model was examined

via the HTMT ratio values. The results indicated that the values of the HTMT ratio were below the

necessary benchmark of 0.8, indicating that the model has sufficient discriminant validity (Hair et al.,

2016; Henseler et al., 2015). Overall, the results showed that all of the values for the constructs were

above the benchmarks and in the required range. It is therefore argued that the measurement model

used to assess the research model's components was adequate.

Table 2: Assessment of discriminant validity (Fornell-Larcker criterion)

ATT

CNV

PSR

PCR

PUN

TRST

ATT

0.879

0.599

0.895

0.592

0.574

0.831

CNV

0.56

0.63

0.55

0.866

0.453

0.611

0.445

0.502

0.844

PSR

0.632

0.819

0.561

0.704

0.602

0.836

PCR

0.533

0.602

0.466

0.539

0.453

0.502

0.831

PUN

0.466

0.533

0.571

0.582

0.531

0.504

0.574

0.599

PVL

0.437

0.595

0.622

0.693

0.607

0.499

0.763

0.532

0.632

TRT

0.715

0.768

0.633

0.687

0.51

0.709

0.648

0.83

0.741

0.912

Note.; CX, complexity; CNV, Convenience; PUN, Perceived usefulness; PN, Perceived novelty; PCR Perceived

security; PCR, Psychological risk; TRST, Trust; PVL, Perceived value; ATT, Attitude; BI, Behavioural intention

Table 3: Assessment of discriminant validity (HTMT ratio)

ATT

CNV

PSR

PCR

PUN

TRST

ATT

0.661

0.677

0.648

CNV

0.639

0.706

0.63

0.533

0.711

0.544

0.595

PSR

0.72

0.756

0.676

0.809

0.736

PCR

0.512

0.412

0.566

0.632

0.601

0.701

0.744

PUN

0.622

0.674

0.744

0.754

0.69

0.674

0.614

0.723

PVL

0.516

0.694

0.761

0.849

0.752

0.609

0.535

0.706

0.801

TRT

0.711

0.723

0.704

0.699

0.598

0.808

0.683

0.601

0.622

0.825

Note.; CX, complexity; CNV, Convenience; PUN, Perceived usefulness; PN, Perceived novelty; PCR Perceived

security; PCR, Psychological risk; TRST, Trust; PVL, Perceived value; ATT, Attitude; BI, Behavioural intention

5.3 Common method bias:

For the purpose of examining the effect of common method bias in our study, Harman’s single

factor test was conducted. According to Podsakoff et al. (2003), when the total variance of a single

factor exceeds 50%, this indicates that the data and the empirical outcomes of the study are influenced

by common method bias (CMB). The total variance in our study for a single factor was 45.76%. When

all the factors remained present in our model, the percentage of the variance explained was 75.0,

suggesting that there were no issues related to the presence of CMB in our study (Molinillo et al., 2020).

Additionally, all of the inner VIF values were examined, and findings dictated that all the values were

less than the required threshold of 3.3 (Kock, 2015), which also confirms that no issues regarding

common method bias were detected.

5.4 Evaluation of the structural model:

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After the examination of the internal consistency and validity, PLS-SEM was performed to

analyze and validate the hypotheses of the structural model. The reason for choosing PLS-SEM is that

it can analyze complex hierarchical models and assess both direct and indirect relationships between

the exogenous and endogenous variables while having a small sample size when the data is not

normally distributed (Henseler, 2018). Additionally, we have used the bootstrapping method, which

indicates the results of a significant level of the coefficients, for the purpose of identifying the

significance of the path coefficients for the PLS-SEM analysis. The results showed that out of the

proposed 11 hypotheses, most of the hypotheses were supported. As shown in table 4,

convenience

= 0.462, t value=5.624, p value= 0.001), perceived usefulness = 0.203, t value

=2.212, p value= 0.017), perceived security

= 0.261, t value=2.78, p value= 0.003) and perceived

novelty

= 0.308, t value=3.730, p value= 0.001) positively and significantly influenced users'

perceived value, supporting H1, H2, H3 and H4. The effects of complexity

= -0.261, t value=2.493,

p value= 0.006) and psychological risk

= -0.218, t value=3. 12, p value= 0.001) on users’ perceived

value were both negative and significant. Hence, H5 and H6 were supported. As per our expectation,

the influence of perceived value on users’ attitude

= 0.437, t value=7.086, p value= 0.001) and

behavioural intention was significant

= 0.251, t value=3.434, p value= 0.000), confirming H7 and

H8. The impact of perceived value

= 0.280, t value=3.893, p value= 0.001) on users' trust was

significant. Therefore, H9 was supported. However, to our surprise, the results showed that attitude

= 0.077, t value=0.073, p value= 0.223) did not influence users' behavioural intention to adopt QR

code payment but significantly influenced users’ trust

= 0.251, t value=3.434, p value= 0.000).

Hence, H10 was supported while H11 was not supported. Nevertheless, trust

= 0.577, t

value=5.067, p value= 0.001) revealed a positive and significant impact on behavioural intention of

users in adopting QR code payments, supporting H12.

Table 4: Hypothesized relationships

Hypothesis

Path from

Path to

Coefficient

t value

p value

Remarks

f square

CNV

PVL

0.462

5.624

0.001

Supported

0.213

PUN

PVL

0.203

2.126

0.017

Supported

0.241

PSR

PVL

0.308

3.78

0.003

Supported

0.187

PVL

0.261

2.63

0.001

Supported

0.182

PCR

PVL

-0.218

1.12

0.313

Not Supported

0.223

PVL

-0.261

2.493

0.006

Supported

0.153

PVL

ATT

0.437

7.086

0.001

Supported

2.45

PVL

0.251

3.434

0.001

Supported

0.323

PVL

TRST

0.28

3.893

0.001

Supported

0.267

H10

ATT

TRST

0.592

5.2

0.001

Supported

0.312

H11

ATT

0.077

0.073

0.223

Not supported

0.183

H12

TRST

0.577

5.067

0.001

Supported

0.246

Note.; CX, complexity; CNV, Convenience; PUN, Perceived usefulness; PN, Perceived novelty; PSR Perceived

security; PCR, Psychological risk; TRST, Trust; PVL, Perceived value; ATT, Attitude; BI, Behavioural intention

Dewan Mehrab Ashrafi and Rubina Easmin

Figure 2: Path analysis results

According to the results of PLS-SEM, the coefficient path model was found to be compatible with

the data (Shiau et al., 2019). The results showed that 68% of the variance in perceived value was

explained by convenience, perceived usefulness, complexity, psychological risk, perceived novelty,

and perceived security. Additionally, digital natives’ intention to use QR code payments was explained

by the perceived value at 64.85%. The results also showed that 38.5% of the variance in digital natives’

attitude was predicted by their value perception, while 33.9% of the variance in trust was explained by

the attitudes of digital natives towards adopting QR code payments. This study also examined the

predictive relevance and size of the effects for the endogenous variables. Using Stone–Geisser’s

value, the research model was found to be predictively relevant since the

values of the endogenous

variables exceeded 0 (Hair et al., 2017). In a similar vein, exogenous variables showed medium, large,

and small influences on the endogenous variables, in accordance with Cohen's (1988) suggestion.

Table 5: Values of R Square and predictive relevance

Variable

Adjusted

Predictive relevance ( )

ATT

0.392

0.385

0.306

0.652

0.6485

0.460

PVL

0.71

0.68

0.397

TRST

0.351

0.339

Note. ATT, Attitude; BI, Behavioural intention; PVL, Perceived value; TRST, Trust.

Next, the mediation effects were tested. Table 6 shows the indirect relationships of the coefficient

paths. Based on the results of PLS-SEM, it was observed that attitude

= 0.034, t value=0.669, p

value= 0.242) did not mediate the relationships between perceived value and behavioural intention to

adopt QR code payments. Therefore, H13a was not supported. However, the results revealed that trust

= 0.161, t value=3.03, p value= 0.001) both positively and significantly mediated the association

between users’ perception of value and inclination to use QR payments. Hence, H13b was supported.

Moreover, interestingly, as per table 6, the results showed that users’ attitude and trust serially

mediated (Perceived value->Attitude->Trust->Behavioural intention) the association among digital

natives’ intention to adopt QR code payments and their perception of value

= 0.149, t value=3.03,

p value= 0.001), confirming H13c.

Int. Journal of Business Science and Applied Management / Business-and-Management.org

Table 6: Results of Specific Indirect Effects

Hypothesis

Parameters

Coefficient

t value

p value

Remarks

Type of

mediation

H13a

PVL->ATT->BI

0.034

0.699

0.242

No mediation

H13b

PVL->TRST->BI

0.161

3.03

0.001

Yes

Partial mediation

H13c

PVL->ATT->TRST->BI

0.149

3.04

0.001

Yes

Serial mediation

Note. ATT, Attitude; BI, Behavioural intention; PVL, Perceived value; TRST, Trust.

The moderating effects of innovation resistance and technology readiness were also tested. The

product indicator approach has been used to test the interrelations and interaction effects within

constructs and therefore was used to verify the moderating hypotheses (Chin et al., 2003). The results

of the moderating relationship effects showed that innovation resistance weakened the positive effect of

perceived value on consumers’ intention to adopt QR code payments

= 0.117, t=3.276, p= 0.001).

Therefore, H14 was supported. Moreover, Table 7 also showed that technology readiness

0.114, t=3.126, p= 0.001) strengthened the positive effect of trust on behavioural intention, confirming

H15a. On the other hand, according to the findings, technology readiness did not moderate

0.012, t=1.276, p= 0.105) the relationship of perceived value and adoption intention. Hence, H15b was

not supported. The findings suggest that the association between perceived value and intention to pay

through QR codes will be weaker for individuals who have a higher level of innovation resistance.

Therefore, an individual’s perception of value in QR code payments will have less impact on their

adoption if their innovation resistance is high compared to users whose innovation resistance is low.

The results also suggested that for people with a higher level of technology readiness, the relationship

between trust and behavioural intention will be strengthened. In other words, a person's trust in QR

code payments will have a stronger effect on their intention to use them if they are more ready to use

technology than if they are not prepared to use such technology.

Table 7: Moderating impact of innovation resistance and technology readiness

Hypothesis

Relationship

Beta

t value

p value

Remarks

H14

PVL*INVRT-> BI

0.117

3.276

0.001

Supported

H15a

TRST*TGRN->BI

0.114

3.126

0.001

Supported

H15b

PVL*TGRN->BI

0.012

1.276

0.105

Not supported

Note. PVL, Perceived value; BI, Behavioural intention, INVRT, Innovation resistance; TGRN, Technology

readiness.

Figure 3: Moderating impact of innovation resistance and technology readiness

Dewan Mehrab Ashrafi and Rubina Easmin

6. DISCUSSION

The results of the study showed that convenience and perceived usefulness significantly impacted

users’ perceived value. The results are in line with the studies of Ashrafi et al. (2021) and

Jebarajakirthy and Shankar (2021), suggesting that digital natives' perception of value towards QR code

payment may be enhanced if they find the QR code payment mechanism to be convenient for the

purpose of making transactions and useful in their daily lives. Additionally, perceived novelty and

perceived security influence users' perceived value and imply that when users consider the QR code

payment method as a new or novel technology, it enhances their perception of value. On the other

hand, an individual's perceived security was revealed to strengthen users' value perception. These

findings are in line with the findings of Chang et al. (2021) and Prodanova et al. (2019) and imply that

digital natives' perceptions of novelty and security are vital determinants of their perceived value.

Moreover, complexity negatively impacted users' perception of value and is consistent with the

findings of Barbu et al. (2021), implying that if users find the payment method complex, it will reduce

their perception of value. However, the psychological risk did not impact users' perceived value, which

contrasts with the findings of Yang et al. (2015). One of the reasons might be that digital natives may

find QR code payments easy to use and do not think that making payments through QR codes will

result in any psychological discomfort. The results on the antecedents of users’ perception of value

demonstrated that convenience exhibits the strongest influence on perceived value, followed by

perceived security, suggesting that convenience and perceived security are the most important sources

of perceived value. Moreover, the results revealed the positive impact of perceived value on attitude,

indicating that when digital natives form evaluative judgments towards QR code payments, their

perception of value can make a difference. However, perceived value also positively influenced trust,

which indicates that the user's perception of value is a crucial determinant for the purpose of generating

trust. The findings are in accordance with recent studies where perceived value catalyzes users'

attitudes and trust (Abror et al., 2022; Chang et al., 2021). Notably, perceived value was shown to have

a salient impact on behavioural intention to adopt QR code payments. This suggests that apart from

having an influence on users' attitude and trust, their perception of value is a salient determinant that

exerts influence on the inclination of users towards making QR code payments, which is in line with

the previous studies conducted in the field of mobile banking (Prodanova et al., 2021; Yang et al.,

2015). The results highlighted how users make their decision on the adoption of QR code payments

based on their perceived value through estimating and assessing the benefits and potential losses of

using such novel technology. This study also highlights how digital natives make their decisions based

on the value function of QR code payments despite facing uncertainty (i.e., security concerns and

psychological risk). Therefore, these results demonstrate how prospect theory, along with perceived

value theory, can be combined to enhance and advance the theoretical depth of the adoption of QR

code payments (Zeithaml, 1988; Kahneman and Tversky, 1979). However, to our surprise, attitudes did

not exert any influence on behavioural intention to adopt QR code payments. This suggests that, in our

case, attitude was not an antecedent and motivator in fostering the digital natives' adoption intention,

which contrasts with the findings of Chang et al. (2021), undertaken in the field of QR code payment

acceptance, and indicates how an individual does not always rely heavily on their evaluative judgments

with regard to the acceptance and adoption of QR code payments. Furthermore, attitude was revealed

to positively impact the trust of digital natives in adopting QR code payments, indicating that holding a

more positive attitude will foster and augment digital natives' trust in making QR code payments and

this makes a notable contribution to the existing body of literature in the field of QR code payment

acceptance behaviour of digital natives. In addition to that, digital natives’ trust levels influence their

inclination towards adopting the QR code payment method, which is in line with the findings of

Suebtimrat and Vonguai (2021). Findings also demonstrated that trust was comparatively a stronger

predictor than perceived value in determining digital natives' intention to adopt the QR code payment

mechanism. This suggests that in order to pay with QR codes, customers need to have faith in the

technology. One of the possible explanations for this outcome is that users have been assured by

multiple channels that QR code payments are safe, trustworthy, and reliable since they are tech-savvy

and stay connected to an internet-based environment (Pitardi and Marriott, 2021; Prensky, 2001).

Additionally, individuals’ who have a higher degree of trust in QR codes may also perceive them as

both hedonistic and useful, strengthening their trust in the payment system (Pitardi and Marriott, 2021).

The results of the study indicated that while attitude did not mediate the relationship between perceived

value and adoption intention, trust positively and significantly mediated the relationship between

perceived value and adoption intention of QR code payments. Hence, these findings explore and

highlight the vital role of trust in predicting digital natives' intention to adopt QR code payments,

Int. Journal of Business Science and Applied Management / Business-and-Management.org

exhibiting how perceived value may develop a sense of trust within individuals, eventually fostering

their adoption intention. A possible explanation for these results may be that trust in a payment system

is more important than one's evaluative judgments toward it (Singh et al., 2015).

To the best of our knowledge and understanding, this is one of the first studies that has highlighted

trust as a mediating variable in predicting the relationship between perceived value and QR code

payment adoption intention, and, hence, arguably, this study extends and adds to the theoretical depth

of the mobile-payment literature. Next, the study showed the serial mediation effect of attitude and

trust in predicting digital natives' intention to adopt QR code payments. This implies that although

attitude did not mediate the relationship between perceived value and behavioural intention, it had a

distinct role in forming trust, which ultimately fosters digital natives' intention to adopt QR code

payment. Therefore, the possible interference of attitude cannot be ruled out, and both attitude and trust

are shown to serially mediate the relationships between perceived value and behavioural intention to

adopt QR code payments. Furthermore, this study showed the moderation effects of innovation

resistance and technology readiness. The findings demonstrated that innovation resistance weakened

the positive impact of perceived value on behavioural intention. In other words, individuals with a

lower level of innovation resistance will have a stronger association between perceived value and

intention. On the other hand, technology readiness was revealed to moderate the association among

digital natives’ intention and trust towards using QR code payment systems, indicating that for people

with high technology readiness, the association between perceived value and behavioural intention will

be stronger. To put it differently, technology resistance increased the positive impact of trust on digital

natives' intentions to pay via the QR code system.

7. IMPLICATIONS

7.1 Theoretical implications

The study enhances our understanding of users' value perception, attitude, trust, and behavioural

intention to adopt QR code payments and adds to the existing body of literature in various ways.

Firstly, this study explores the multidimensional role of perceived value in predicting users' attitudes,

trust, and willingness to adopt QR code payment methods. In the field of mobile-based QR code

payment, prior studies have explored the influence of perceived value on users' trust, attitude, and

behavioural intention as a uni-dimensional construct. The findings explored the role of users' value

perception in impacting users' trust, attitude, and behavioural intention to use QR code payment.

Hence, this study adds to the existing body of literature by highlighting perceived value as a

multidimensional construct in the field of QR code-based payments. Secondly, this study has

investigated the role of perceived value, attitude and trust in digital natives' willingness to pay via QR

codes. To the best of our knowledge, no studies have highlighted the digital natives' behavioural

intention to use QR code payments in earlier studies. Therefore, the findings of our study enhance the

theoretical depth and extend the current body of the literature by developing a comprehensive

understanding of the behavioural intention of digital natives in adopting QR code payments. Thirdly,

prior studies that have highlighted the role of attitude as a mediating variable in the field of QR code

payment adoption and mobile banking are limited (Djayapranata and Setyawan, 2021; Chang et al.,

2021). However, very little is known regarding the mediating impact of attitude (Chang et al., 2021)

and trust in the field of QR code payments. Therefore, the findings enhance the theoretical depth and

add to the existing body of the literature by investigating the mediating impact of attitudes and trust on

digital natives' intention to use QR code payments. Earlier studies in the field of QR code payments

have not yet explored the serial mediation effect of attitude and trust in predicting digital natives'

intention to use QR code payments. Therefore, this study deepens our understanding and enhances the

current literature by showing how attitude and trust serially mediate the relationship between perceived

value and users' intention to make payments via QR codes. Another contribution of the study is the

identification of the components of perceived value in the QR code payment adoption literature. The

findings of the study enrich the theoretical depth by exploring how convenience, perceived usefulness,

novelty, and security increase users' value perception. In addition to that, the results deepen our

understanding of the way in which technological complexity and psychological risk reduce users'

perception of value, which in turn affects users' attitude and trust, therefore influencing their

behavioural intention to adopt QR code payments. This study makes a notable contribution to the

existing literature by showing how innovation resistance and technology readiness act as moderating

variables in strengthening and weakening the relationships between intention and perceived value as

well as intention and trust.

Dewan Mehrab Ashrafi and Rubina Easmin

7.2 Practical implications

The empirical findings of this study provide many practical and managerial implications. Firstly,

this study investigated the factors associated with users' perceived value. Service providers and

policymakers can emphasize the factors that act as a precursor to enhancing users' value perception and

minimize the associated risks to motivate them to foster their willingness to adopt the QR code

payment method. The service providers may also develop attractive promotional strategies such as

discounts and cashback and develop innovative, useful, and effective functions of QR code payment to

motivate digital natives to use the QR code payment method (Chang et al., 2021). Secondly, the results

imply that psychological risk and technological complexity reduce users' perception of value and

provide useful and meaningful insights for service providers and policymakers. Hence, service

providers should take extensive measures to minimize users' doubts and mitigate psychological risks

through the promotion of features concerning privacy protection, account security, and charging

policies for QR code payments. Service providers and designers of the applications need to emphasize

the visual attractiveness, ease of use, functional attributes, and strong verification steps in order to

mitigate the psychological risks and enhance users' acceptance of the usage of QR code technology for

making payments. Moreover, the study's findings imply that attitude was the most vital factor in users'

acceptance of QR code technology. Although service providers are confident in their technology, not

all users are familiar with using such advanced technology for payment-related purposes. Hence, app

designers and service providers may add a "how to use" section and may add a step-by-step visual

representation or a video on "how to use" so that users develop positive attitudes toward the adoption of

QR code payment methods, as adopting such measures would reduce users' security, privacy, and

financial concerns. Additionally, developers may also educate users on the understanding and operation

skills of QR codes and communicate a positive perception and image of QR code payments, which

ultimately would enhance consumers' knowledge of QR code payments by increasing their perception

of value and trust (Yang et al., 2014). The intricate relationships amongst the variables and the serial

mediation effect identified in the study will assist the designers, service providers, and managers in

understanding the underlying mechanisms that exist amongst value, attitude, and trust in fostering

users' behavioural adoption. Henceforth, service providers need to realize how important perceived

value and attitude are in building users' trust, which encourages users to use QR code-based payments.

The results of the moderation effect highlighted the intricate relationships between innovation

resistance and technology resistance with digital natives’ perception of value, trust, and behavioural

intention. Therefore, marketers, service providers, and policymakers should take effective measures to

reduce users’ resistance to innovation with regard to the adoption of QR payments by making effortful

attempts to enhance their technology readiness.

8. LIMITATIONS AND DIRECTIONS FOR FUTURE RESEARCH

Although this study offers some novel insights into the adoption behaviour of digital natives with

regard to the usage of QR code payments, it has several limitations. Firstly, the samples are drawn from

the digital natives of Bangladesh, and this might not represent the opinions of all the digital natives of

other developed countries. Therefore, further studies can be conducted in other developed countries to

discover whether there are regional differences in the digital natives' adoption behaviour in adopting

QR code payments. Secondly, this study has taken only digital natives' perceptions into consideration

in adopting QR code payments, and hence, it would be interesting to see whether there are any

differences in adoption intentions between digital natives and people from other generations, such as

millennials and generation X, through a multi-group analysis. Thirdly, there is a considerable debate

over the relevance of different components in different cultures. As a result, it would be interesting to

look at how digital natives acquire trust and form attitudes in various geographical locations. This study

employed the PLS-SEM technique to evaluate the hypotheses of the study; future studies may adopt a

mixed-method approach (quantitative and qualitative) to enhance the robustness of the findings.

Int. Journal of Business Science and Applied Management / Business-and-Management.org

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