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
Rubina Easmin
School of Business Administration, East Delta University
Abdullah Al Noman Road, Chittagong, Chittagong 4209, Bangladesh.
Tel: +8801814943190
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
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 /
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.
2.1. 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 /
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.
3.1. 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 /
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
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 consumertechnology 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
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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).
4.1 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
Int. Journal of Business Science and Applied Management /
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,
Table 1: Validity and reliability of the constructs
Cronbach alpha
Composite reliability
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
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)
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)
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,
= 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
= 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
Path from
Path to
t value
p value
f square
Not Supported
Not supported
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
Predictive relevance ( )
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.
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Table 6: Results of Specific Indirect Effects
t value
p value
Type of
No mediation
Partial mediation
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
t value
p value
Not supported
Note. PVL, Perceived value; BI, Behavioural intention, INVRT, Innovation resistance; TGRN, Technology
Figure 3: Moderating impact of innovation resistance and technology readiness
Dewan Mehrab Ashrafi and Rubina Easmin
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. Ho