Theorising the Benefits and Challenges of QR Payment Systems: A Conceptual Analysis

Theorising the Benefits and Challenges of QR Payment Systems: A Conceptual Analysis

Nurshamimi Sabli*., Nurhaiyyu Abdull Hamid., Noor Hasniza Haron., Siti Nurlisa Izwani

Faculty of Accountancy, Universiti Teknologi MARA, Cawangan Selangor, Kampus Puncak Alam, Malaysia

^*Corresponding Author

DOI: https://dx.doi.org/10.47772/IJRISS.2025.908000543

Received: 15 August 2025; Accepted: 24 August 2025; Published: 19 September 2025

ABSTRACT

QR payment systems are becoming increasingly important to the global shift towards a cashless economy, especially in emerging markets such as Malaysia.  The rapid adoption of platforms like DuitNow QR reflects broader digital transformation trends in financial services and retail transactions. These systems offer numerous operational and accounting benefits, including greater efficiency, improved transaction traceability, and enhanced user experience. However, their growing prevalence also introduces significant risks, particularly around data security, financial reporting integrity, and governance. This study offers a conceptual analysis of the benefits and challenges related to QR payments, utilising the Technology Acceptance Model (TAM) and Agency Theory as complementary theoretical frameworks. TAM examines user adoption behaviour via the lens of perceived usefulness and perceived ease of use, whereas Agency Theory investigates the principal-agent relationship in post-adoption, emphasising trust, knowledge asymmetry, and control concerns. Together, these frameworks offer a comprehensive understanding of how QR payment systems are accepted, used, and managed. The analysis reveals that while QR systems can drive financial inclusion and transparency, they may also create accountability gaps, especially in small and medium-sized enterprises (SMEs) where internal controls may be limited. Furthermore, the integration of such systems into financial reporting processes raises concerns over audit trails and regulatory compliance. This study emphasises the necessity of balancing innovation and monitoring in digital financial ecosystems through a rigorous examination of both theoretical perspectives.  By critically discussing both theoretical viewpoints, this study emphasises the significance of balancing innovation and monitoring in digital financial ecosystems. The study contributes to ongoing discussions in digital finance, accounting, and governance, as well as provides recommendations for future research and policy development to ensure the safe and effective use of QR payment technology.

Keywords: QR Payment, Technology Acceptance Model, Agency Theory, Digital Finance, Financial Reporting Integrity

INTRODUCTION

The global payment landscape is undergoing a significant digital transformation, largely driven by advances in financial technology (FinTech), shifting consumer behaviours, and supportive regulatory efforts aimed at promoting financial inclusion (Gomber et al., 2018; Ozili, 2018). One of the most notable innovations in this space is Quick Response (QR) code-based payment systems, which enable secure, contactless transactions via smartphones with minimal infrastructure demands (Dahlberg et al., 2015; Gao & Bai, 2014). QR payments are particularly well-suited for emerging economies where smartphone use is widespread, but access to traditional banking remains limited (Kim et al., 2010; Yan et al., 2021).

The roots of QR payment systems can be traced back to East Asia, where platforms such as Alipay and WeChat Pay revolutionised mobile payments by leveraging QR codes for rapid and convenient cashless transactions (CGAP, 2019). These platforms demonstrated how QR payments could overcome infrastructural barriers and expand digital financial services to previously underserved populations (Adrian & Mancini-Griffoli, 2019). Inspired by this success, many other countries, including Malaysia, have adopted similar technologies to support their own digital payment ecosystems.

Malaysia’s digital payment landscape took a significant leap forward with the introduction of DuitNow QR in 2018, part of Bank Negara Malaysia’s broader efforts to build an interoperable payments infrastructure (Bank Negara Malaysia, 2019). DuitNow QR enables interoperability across banks and e‑wallet providers, whereby merchants need to display just one QR code, while users can pay using any participating mobile app, greatly simplifying acceptance and boosting user convenience (Fong, 2019; Gutierrez et al., 2013; Yamin & Abdalatif, 2024). The COVID-19 pandemic further accelerated the adoption of QR payments as contactless transactions became essential for hygiene and safety reasons (Donthu & Gustafsson, 2020). Government stimulus programs such as ePenjana also promoted e-wallet adoption, incentivising digital transactions across various population segments (Bernama, 2020). In recent years, Malaysia has emerged as one of the leading adopters of QR payment technology, with studies showing that a significant proportion of Malaysians now regularly use QR-based payment methods (Abdullah, 2025). This rapid uptake reflects both consumer demand for convenient digital payment options and the effectiveness of national policies promoting financial digitisation (Bank Negara Malaysia, 2022).

The benefits of QR payment systems are multifaceted. Operationally, they reduce costs and risks associated with cash handling, speed up transaction times, and improve traceability through automated digital records (Liébana-Cabanillas et al., 2021). For small and medium-sized enterprises (SMEs), QR payments can enhance financial transparency and ease reconciliation by providing real-time transaction data, thereby improving accounting accuracy and enabling better cash flow management (Ledi et al., 2023). However, alongside these benefits, there are notable challenges and risks associated with QR payment adoption. SMEs often face difficulties related to transaction reconciliation, internal control weaknesses, and vulnerabilities to fraud due to the digital nature of payments (Honorine, 2025; Musyaffi et al., 2022). Information asymmetry and limited monitoring capabilities can exacerbate these risks, leading to potential losses and governance concerns (Haoran et al., 2024). These challenges underscore the importance of robust risk management and internal controls as part of the digital payment ecosystem.

To deepen understanding of these dynamics, this paper adopts a conceptual approach using two theoretical frameworks: the Technology Acceptance Model (TAM) and Agency Theory. TAM has been extensively used to explain users’ adoption of technology, emphasising factors such as perceived ease of use, perceived usefulness, compatibility, and trust, all of which are critical in influencing QR payment acceptance (Davis, 1989; Venkatesh & Bala, 2008). Understanding these behavioural drivers helps explain why consumers and businesses are motivated to embrace QR payment technology. While extensions of TAM, such as TAM2, TAM3, and the Unified Theory of Acceptance and Use of Technology (UTAUT), provide expanded explanatory power, this study focuses on the original TAM framework to maintain conceptual clarity. Its core constructs remain highly applicable in examining user acceptance within emerging digital payment ecosystems. Agency Theory, on the other hand, provides insights into organisational governance challenges related to digital payments. It highlights the principal-agent relationship and how information asymmetry and monitoring difficulties can lead to opportunistic behaviour or mismanagement in financial transactions (Eisenhardt, 1989; Jensen & Meckling, 1976). Applying Agency Theory enables an exploration of risks such as fraud, reconciliation mismatches, and accountability gaps that may arise without effective controls.

Drawing on a synthesis of academic literature, industry reports, and secondary data sources, this paper offers a holistic analysis of QR payment systems in Malaysia and other countries globally, focusing on the interplay between adoption benefits and operational challenges. The combined theoretical lenses of TAM and Agency Theory provide a comprehensive framework for understanding how businesses can optimise QR payment adoption while mitigating risks associated with digital financial transactions.

The structure of the paper is as follows: Section 2 reviews relevant literature on QR payment systems and the theoretical underpinnings of TAM and Agency Theory. Section 3 details the methodology employed for this conceptual analysis. Section 4 discusses the benefits and challenges of QR payments, drawing from the two theories. Section 5 concludes with key insights, theoretical and practical implications, and suggestions for future research.

LITERATURE REVIEW

QR Payment and Digital Transaction Ecosystems

QR payment systems have increasingly become a key component of digital transaction infrastructures due to their affordability, ease of deployment, and flexibility for businesses of all sizes. In many emerging economies, especially in Asia, governments and FinTech providers have promoted QR-based payments to boost financial inclusion and support the digital integration of small and medium-sized enterprises (SMEs). Empirical evidence underscores several operational benefits of QR systems. For example, QR payments can enhance traceability, improving transparency and sales data analytics, particularly relevant in e-business logistics and order tracking (Udvaros et al., 2024).  In retail contexts, QR codes facilitate omnichannel strategies by enabling seamless integration across online and offline touchpoints. This creates a cohesive customer experience and supports enhanced inventory management through real-time sales insights (Kjeldsen et al., 2023).

However, these advantages are tempered by significant challenges. Technical infrastructure limitations, such as unreliable internet connectivity and insufficient smartphone penetration, have emerged as persistent barriers in rural and underserved areas (Ali & Mohan, 2025; Jusman & Fauziah, 2024). Additionally, concerns surrounding standardisation, interoperability, and fraud risks continue to impede QR adoption. For instance, the lack of unified QR standards complicates cross-platform use, while threats such as QR code tampering remain unresolved (Ashrafi & Easmin, 2023).

Theoretical Foundations of Technology Adoption

The Technology Acceptance Model (TAM), developed by Davis (1989), remains one of the most widely used frameworks for explaining user acceptance of new technology. It posits that two primary beliefs, namely perceived usefulness (PU) and perceived ease of use (PEOU), directly influence an individual’s intention to adopt a technological innovation. In the context of QR payments, these constructs help explain why consumers and merchants embrace digital payment platforms, often based on perceived convenience, speed, and operational efficiency. Over the years, TAM has been extended and refined through TAM2 (Venkatesh & Davis, 2000), TAM3 (Venkatesh & Bala, 2008), and the Unified Theory of Acceptance and Use of Technology (UTAUT) (Venkatesh et al., 2003), which introduce variables such as social influence, facilitating conditions, and user experience. Despite these advancements, the original TAM remains widely adopted due to its simplicity and generalisability. Empirical studies on mobile and QR payment systems have highlighted that variables such as perceived trust, transaction security, and compatibility are important extensions of the TAM framework, often acting as mediating or moderating factors in technology adoption (Chandra et al., 2010; Kim et al., 2010; Lai & Liew, 2021).

In the Malaysian context, incentives such as e-wallet credits and government-led digital literacy initiatives have significantly enhanced perceived ease of use, particularly among younger, tech-savvy consumers (Che Nawi et al., 2022). The COVID-19 pandemic further accelerated this trend, normalising QR transactions across age and income groups. However, a critical gap remains in current TAM-based research: while the model effectively captures behavioural drivers of adoption, it often overlooks the post-adoption implications, particularly among SMEs. These include challenges related to transaction reconciliation, internal control, fraud risk, and auditability, issues that fall outside the model’s traditional scope.

As such, while TAM provides a valuable lens for understanding ‘why’ QR payments are adopted, it does not fully address ‘how’ businesses manage the operational and governance consequences of digital transactions. This limitation underscores the need to complement TAM with a theory that focuses on accountability, control, and information asymmetry, such as Agency Theory.

Agency Theory and Post-Adoption Risks

Originally developed in economics and corporate finance, Agency Theory (Jensen & Meckling, 1976) addresses problems that arise when a principal (e.g. business owner or employer) delegates authority to an agent (e.g. employee or system user), who may not always act in the principal’s best interest. Central to this theory are issues of information asymmetry, monitoring difficulty, and the potential for opportunistic behaviour, all of which can become more pronounced in digital transaction environments.

In the context of QR payment systems, Agency Theory is particularly relevant in understanding the post-adoption risks associated with system usage and financial accountability. While much of the technology adoption literature focuses on the front-end decision-making processes of users, Agency Theory shifts the focus to what happens after technology is implemented, especially in terms of control, oversight, and reconciliation of transactions. Digital payment platforms, while efficient, often reduce visibility for business owners, especially in small enterprises where roles are not formally separated. This may result in increased opportunities for fraud, unrecorded sales, delayed reconciliation, or even manipulation of transaction data (Li, 2025; Wang et al., 2025).

Furthermore, real-time digital transactions across multiple platforms, such as e-wallet apps, banking systems, and third-party gateways, can significantly reduce managerial oversight. SMEs often lack digital capabilities and a strong organisational culture for oversight, making them vulnerable during shifts to digital systems (Restrepo-Morales et al., 2024). Fragmented payment streams complicate reconciliation and approval workflows, potentially resulting in accounting mismatches and fraud risk. The importance of digital accounting solutions that provide visibility and control is increasingly recognised, though many SMEs still struggle to implement them effectively due to cost and knowledge constraints (Badria & Hasanah, 2024). Reviews of FinTech adoption further highlight that while QR and digital payments are gaining traction, many businesses lack the governance infrastructure to manage digital transactions securely and consistently (Verma et al., 2023).

Agency Theory is particularly relevant when businesses depend on external digital payment providers, such as payment service providers (PSPs), to process transactions. These third-party intermediaries play a critical role in ensuring data integrity, managing settlement flows, and safeguarding against fraud. Yet their operational complexity poses significant risks. For instance, fintech payment providers often operate across multiple stakeholders and systems, increasing the potential for system failures, governance gaps, and service disruptions that can erode trust and impede business continuity (Una et al., 2023). In such contexts, the principal (business owner) can face heightened monitoring challenges and uncertainty regarding the agent’s reliability, core concerns highlighted in Agency Theory.

By applying Agency Theory, this study identifies a critical gap in QR payment research: the post-adoption phase, where financial control, monitoring, and governance mechanisms must catch up with rapid technological uptake. This focus complements behavioural adoption models like TAM, which primarily address pre-adoption decision-making.

Integrating TAM and Agency Theory: A Dual Lens

Integrating the Technology Acceptance Model (TAM) with Agency Theory provides a comprehensive perspective on QR payment systems by linking user adoption with organisational control. TAM explains how perceptions of usefulness, ease of use, and trust influence adoption, while Agency Theory highlights post-adoption risks such as information asymmetry, poor oversight, and accountability gaps. This dual-theoretical lens is especially useful in fast-growing digital economies, where high adoption may outpace internal governance. Many existing studies focus on behavioural aspects but overlook the risks that follow implementation. By combining both frameworks, this paper emphasises that adoption and risk management are interdependent; strong uptake without adequate controls can expose firms to operational and financial vulnerabilities. Bridging these perspectives helps capture both the human and institutional dimensions necessary for the sustainable use of QR payment technologies.

RESEARCH METHODOLOGY 

Research Design, Data Sources, and Analytical Approach

This study employs a conceptual qualitative research design to investigate QR payment adoption and associated operational challenges through behavioural (TAM) and governance (Agency Theory) perspectives. Rather than generating new empirical data, this approach synthesises existing knowledge via theoretical interpretation and integration. According to Meredith (1993), conceptual research is valuable for building theory in evolving fields by organising fragmented insights into coherent frameworks. This methodological strategy enables the reinterpretation of scholarly literature, institutional reports, and documented practices into a structured analytical lens.

To support this conceptual exploration, the study integrates two complementary theoretical frameworks: the Technology Acceptance Model (TAM) and Agency Theory. TAM, introduced by Davis (1989), is widely used to explain user behaviour in adopting new technologies, focusing on two core constructs: perceived usefulness and perceived ease of use. These dimensions are particularly relevant in understanding why individuals and businesses adopt QR payment systems, especially in terms of expectations for operational efficiency and convenience. TAM provides a behavioural foundation for examining the motivations behind user adoption, which is then further analysed through a governance lens using Agency Theory. Agency Theory, developed by Jensen and Meckling (1976), provides a contrasting yet complementary lens to understand organisational and control risks arising from QR payment usage. The theory focuses on principal-agent relationships, information asymmetry, and monitoring inefficiencies that can give rise to opportunistic behaviours, moral hazard, and governance failures (Eisenhardt, 1989). In digital financial ecosystems, where transactions are increasingly intermediated by third-party platforms, these issues become increasingly relevant, especially in settings where internal control systems are underdeveloped or informal.

The study relies on a diverse range of secondary data obtained from publicly accessible sources. These include peer-reviewed academic literature on technology adoption, financial technology, digital payments, and accounting control frameworks; policy documents and regulatory guidelines from national authorities such as Bank Negara Malaysia and PayNet; industry reports; and verified media coverage and practitioner commentaries that discuss issues such as fraud, operational inefficiencies, and reconciliation challenges in QR payment systems. Additionally, the study incorporates case-based examples, particularly involving small and medium-sized enterprises (SMEs), to illustrate how these systems are applied and managed in practice. This multi-source strategy enables triangulation of perspectives, combining academic analysis with on-the-ground insights to enrich conceptual understanding (Bowen, 2009). It also allows for a flexible, iterative analysis that adapts to both theoretical and empirical complexity.

The analytical approach used is thematic analysis, which involves identifying, organising, and interpreting patterns across the literature and documented examples. Based on the synthesis of data and the two guiding theories, the analysis is structured around the following key themes:

1. Drivers of Adoption: Factors influencing user acceptance of QR payments, including perceived convenience, ease of use, trust, and social influence (TAM-related).
2. Operational Benefits: Efficiency gains, transaction speed, and data traceability enabled by QR systems, particularly in retail and SME contexts.
3. Governance and Control Challenges: Risks of information asymmetry, fraud, reconciliation mismatches, and limited monitoring (Agency Theory-related).
4. Balancing Adoption with Oversight: The tension between rapid technological uptake and the need for strong internal controls reflects the intersection of both theoretical perspectives.

Each theme is analysed conceptually, drawing links between observed issues and relevant theoretical constructs. This approach offers both descriptive insights into how QR payments function in practice and interpretive analysis of the risks and opportunities they pose within evolving digital financial ecosystems.

FINDINGS AND DISCUSSION

This section presents a detailed conceptual analysis of QR payment adoption and its operational implications in Malaysia, structured around four key themes derived from the thematic analysis and grounded in the Technology Acceptance Model (TAM) and Agency Theory frameworks.

Drivers of QR Adoption: Perceived Usefulness and Perceived Ease of Use

The Technology Acceptance Model (TAM) (Davis, 1989) posits that the adoption of new technology is fundamentally influenced by two core perceptions: Perceived Usefulness (PU) and Perceived Ease of Use (PEOU). In the context of QR payment systems, these dimensions help explain why both consumers and businesses increasingly adopt QR payments as part of their daily financial transactions.

Perceived Usefulness (PU) refers to the degree to which an individual believes that using a particular technology will enhance their performance (Davis, 1989). In Malaysia, QR payments have been promoted as a means of improving transactional efficiency, reducing operational friction, and streamlining financial management, especially for small and medium-sized enterprises (SMEs). For example, the integration of DuitNow QR, a unified QR code standard endorsed by PayNet and Bank Negara Malaysia (BNM), has allowed both merchants and customers to conduct transactions across different banks and e-wallet providers with minimal technical friction (Bank Negara Malaysia, 2021, 2023).

Numerous studies have confirmed that QR payments are valued for their speed, convenience, and ability to streamline cashless transactions (Liébana-Cabanillas et al., 2014, 2015; Zhou, 2013). These advantages are particularly evident in cash-heavy sectors such as night markets, food stalls, and retail shops, where QR payments eliminate the need for POS terminals or physical cash, reducing the risks of theft and human error while improving turnaround time. In rural areas, vendors have experienced smoother transactions and fewer payment-related disruptions, issues that previously caused customers to abandon purchases due to delays with manual confirmations or traditional transfers (Ding et al., 2025).

The automation and digital logging of each QR payment transaction provide merchants with digital audit trails (Bank Negara Malaysia, 2019; Gong, 2025). This proves beneficial for businesses that previously relied on manual records and informal practices, offering them a stronger basis for financial planning, reporting, and loan applications. The integration of QR payment systems with mobile wallets and banking apps further amplifies their usefulness by enabling seamless fund transfers, bill payments, and loyalty rewards programs (Liébana-Cabanillas et al., 2014, 2015). Consumers, too, appreciate the traceability and convenience of QR payments, as they enable faster checkouts, real-time notifications, and the ability to monitor their expenditure directly via mobile apps. From the TAM perspective, these functional gains strongly reinforce the perception that QR payment systems are not only useful but essential for modern financial practices.

In another dimension of TAM, Perceived Ease of Use (PEOU) relates to the degree to which users find QR payment systems intuitive and effortless to operate. The act of scanning a QR code is typically quick, requires no technical background, and is easily learned across age groups. For many Malaysian users, QR payments became especially popular during the COVID-19 pandemic, when contactless transactions were preferred or mandated (Azman, 2020). According to the UOB Asean Consumer Sentiment Study cited by the author, 65% of Malaysians reported increased use of QR code payments, alongside notable rises in internet banking (75%), mobile banking (69%), and mobile wallet-linked debit or credit card usage (60%). Meanwhile, another study, namely, PayNet Digital Payment Insights Study 2022, has highlighted an 11% decline in cash consumption since the pandemic, with a higher inclination toward digital payments among Klang Valley users, including QR code payments, depending on the payment context (PayNet, 2022).

Additionally, the perceived ease of use is evidenced in the system quality of QR payment as it involves a straightforward process of scanning a QR code using a smartphone camera, which eliminates the need for complex interfaces or additional hardware like POS terminals (Zhou, 2013). This simplicity significantly lowers the barrier to adoption, especially for small and medium-sized enterprises (SMEs), which often face resource constraints (Ledi et al., 2023). Also, merchants benefit from low onboarding costs, as QR codes can be generated and printed for free, and many Malaysian digital payment platforms, such as Maybank QRPay, Touch ‘n Go eWallet, and Boost, offer built-in tools for transaction tracking and reporting. This accessibility allows small-scale operators, including roadside vendors, food trucks, and home-based businesses, to adopt digital payments without investing in formal accounting systems or costly infrastructure (Bank Negara Malaysia, 2023). These features enhance ease of use, which empirical research has shown to be strongly associated with increased acceptance and continued use of digital payment platforms (Venkatesh & Davis, 2000).

From a demographic standpoint, younger users (aged 18–35), which typically known as Generation Y and Z, are among the most active adopters of QR payments, reflecting their comfort with mobile technology (PayNet, 2022). These findings align with the study by Ahmad et al. (2022) in which over 50% of the study’s respondents were between 18 and 34 years old (58.3%). The same study further revealed that occupation and education levels significantly influence digital payment adoption. Specifically, individuals employed in the private sector (50.9%), government sector (20%), and students (18%) represented the top three occupational groups, with the majority holding a bachelor’s degree as their highest educational qualification (51.5%). From the TAM perspective, these demographic factors shape users’ perceived ease of use, since younger and more educated individuals often display higher digital literacy, and reinforce social influence, as adoption norms are frequently cultivated within peer, workplace, and campus environments.

Meanwhile, efforts to promote financial digitalisation among older and rural populations have also yielded results. For instance, initiatives such as the Cashless Society Pilot Programme in Negeri Sembilan, Cashless@NADI in FELDA communities, and the establishment of the first cashless kampung in Sekinchan by HLP Partners in collaboration with PayNet reflect the concerted national effort to expand QR payment adoption in rural and semi-urban areas through a mix of financial incentives, infrastructure support, and community engagement (Bernama, 2024; Malay Mail, 2024). In addition, in early 2020, the government’s e-Tunai Rakyat initiative disbursed RM450 million through a one-time RM30 e-wallet credit to approximately 15 million Malaysians, serving as a major catalyst for accelerating digital payment adoption nationwide (Ong et al., 2023). The adoption of QR payments among rural communities is particularly significant, as it not only advances financial inclusion and supports the long-term sustainability of Malaysia’s digital payment ecosystem but also enhances perceived usefulness by demonstrating the tangible benefits of cashless transactions. At the same time, targeted incentives and digital literacy programmes help reduce barriers to perceived ease of use, especially among older and less digitally experienced groups, thereby reinforcing broader adoption patterns. Nevertheless, some studies suggest that demographic factors exert limited influence on adoption, with evidence indicating no significant differences in digital payment usage between urban and rural residents, across income levels, or between genders (Ahmad et al., 2022).

While demographic factors influence adoption at the individual and organisational levels, cultural context exerts a critical influence at the societal level. In Indonesia’s collectivist cultural context, where business decisions are often shaped by community networks, the adoption of QRIS among MSMEs is strongly influenced by peer endorsement and trust. Such social dynamics reinforce perceptions of usefulness, as MSMEs observe tangible benefits experienced by peers, and perceptions of ease of use, as familiarity grows through collective adoption and shared learning (Arifin & Noviaristanti, 2025). In contrast, Zhao and Pan (2023) examined mobile payment adoption in China and Korea using the TAM model with Hofstede’s cultural dimensions as moderators. The empirical results revealed that while perceived usefulness predicted intention in both countries, perceived ease of use directly influenced intention only in China. Uncertainty avoidance negatively moderated this relationship, suggesting that in high-UAI cultures like Korea, ease of use alone is insufficient without strong trust and security features. These findings highlight the need for culturally tailored strategies in promoting QR payment adoption. However, in Italy and other Western contexts, cultural traits such as higher uncertainty avoidance and stronger preferences for traditional payment methods lead to greater resistance toward adopting mobile payments (Migliore et al., 2022). Italian consumers, in particular, tend to approach new financial technologies with caution, reflecting deeper concerns about data security, privacy, and institutional trust. These apprehensions are amplified by cultural tendencies that favour predictability and risk aversion, which can make users less willing to adopt unfamiliar or perceived high-risk technologies. Compared to China, where collectivist values, digital innovation, and strong platform ecosystems have accelerated mobile payment uptake, Italy’s cultural landscape has created a more hesitant adoption environment, requiring more time and reassurance from institutions and service providers (Migliore et al., 2022). In Malaysia, the adoption of QR payments has been strongly supported by government-led initiatives and public–private partnerships aimed at accelerating financial digitalisation across both urban and rural populations. Similar to China, the Malaysian context reflects the importance of institutional support, widespread mobile penetration, and the rapid expansion of digital ecosystems in driving adoption.

In practice, the interaction between PU and PEOU is critical. When users perceive QR payments as easy to use, their perception of usefulness tends to increase, reinforcing positive adoption behaviours (Davis, 1989). This relationship was evident in studies of QR payment adoption during the COVID-19 pandemic, where health concerns increased demand for contactless payment methods perceived as both useful and easy (Azman, 2020; Tu et al., 2022).

While perceived usefulness and perceived ease of use provide the foundation for understanding user intention and adoption behaviour, the continued uptake of QR payments is further reinforced by tangible operational benefits, explored in the next section, which translate these perceptions into measurable business value.

Operational Benefits of QR Payment Adoption: A TAM Perspective

The operational advantages of QR payment systems are integral to their perceived usefulness (PU) under the Technology Acceptance Model (TAM), and these benefits span across transaction efficiency, cost-effectiveness, data transparency, and scalability, particularly impactful for small businesses.

One of the key advantages of QR payment systems lies in their ability to deliver real-time processing and automatic digital recording of transactions. This capability significantly reduces the reliance on manual record-keeping and improves data accuracy. Merchants now receive precise timestamps and unique transaction IDs, enhancing transparency and supporting reliable sales tracking and financial planning (Augstein, 2025). Each transaction is traceable with unique timestamps and transaction IDs, which enhances transparency and accountability. In addition, the availability of integrated QR payment systems and user-friendly person-to-person (P2P) platforms allows both businesses and individuals to perform secure, reliable transactions that benefit from current technological advancements. These systems minimise friction in financial interactions and increase confidence in digital payments, reinforcing the system’s perceived usefulness within operational settings (Alhothaily et al., 2017; Rafferty & Fajar, 2022).

Next, QR payment systems notably accelerate transaction speeds by eliminating manual processes, such as counting cash, swiping cards, or entering PINs, resulting in quicker checkouts. Research underlines that transaction speed and convenience are pivotal factors in mobile payment adoption. In particular, Teo et al. (2015) found that both convenience and speed have a direct and significant positive impact on effort and performance expectancy, as well as the behavioural intention to use mobile payment. Transaction speed also contributed significantly to the customer experience of QR code mobile payment in Turkey (Eren, 2024), indicating positive user acceptance of the system. Furthermore, Yamin and Abdalatif (2024) demonstrated that transaction speed moderates the relationship between consumer attitude and intention to adopt QR payments in Saudi Arabia, reinforcing the significance of a fast experience in encouraging adoption. Empirical evidence from Pakistan’s micro, small and medium enterprises (MSMEs) also shows that businesses which actively promote the benefits of QR codes, provide adequate training, and integrate them into daily operations achieve more favourable outcomes, particularly in terms of operational efficiency and transaction speed (Soormo et al., 2024).  While in Malaysian retail settings, where customers expect swift service, especially during peak periods such as mealtimes or weekends, this improved speed not only boosts customer satisfaction but also enhances operational efficiency by enabling businesses to process a higher number of transactions per hour. From the TAM perspective, these benefits fall squarely under ‘perceived usefulness’ since they materially improve task performance and service delivery quality, contributing to stronger adoption incentives.

QR payments and the broader adoption of cashless transactions also significantly diminish dependency on physical cash, resulting in fewer incidents of theft, miscounting, and burdensome cash management overhead. A recent systematic review of cashless payment methods highlights that digital systems reduce such operational risks, delivering greater security and cost savings for businesses (Mezoh & Zhou, 2024). Empirical research further reveals that electronic wallets and prepaid payment systems minimise loss and theft risks compared to conventional cash and card transactions (Rahman et al., 2020), with a significant negative relationship found between access to electronic payments and economic crimes such as robbery and burglary (Armey et al., 2014). In the Malaysian context, e-payment adoption continued to grow, with transaction volume increasing by approximately 24% to 11.5 billion in 2023 compared to 2022 (Fong, 2024). This upward trend reflects growing user confidence in the reliability of digital transactions, including QR-based payments. These operational efficiencies reinforce the perceived usefulness (PU) component of the Technology Acceptance Model (TAM), as they considerably enhance process security and overall business performance.

The operational benefits in terms of perceived ease of use (PEOU) in QR payment adoption are evidenced by the streamlined and intuitive interaction these systems provide. Users are only required to scan a code, rather than navigate through complex app menus or input detailed account information, greatly simplifying the transaction process. Various e-wallet applications and mobile banking QR pay systems are designed with user-friendly interfaces, enabling even first-time users to complete transactions with minimal guidance or training. This simplicity directly reduces user effort, as well as implying service and system quality, with both qualities positively affecting the trust, satisfaction, and continuance usage of mobile payment (T. Zhou, 2013). Further reinforcing this ease is Malaysia’s interoperable QR ecosystem, especially the DuitNow QR standard, which allows one QR code to be used across multiple banks and e-wallet providers. This cross-platform compatibility eliminates the need for consumers to manage multiple wallets or switch between apps, reducing cognitive friction and technical complexity. As Lin et al. (2020), and Tian and Chan (2024) observed, interoperability promotes habitual use, as mobile payment systems allow users to access transaction details easily and integrate seamlessly with other platforms such as internet banking and card-based payment systems.

In addition, QR payments significantly enhance accessibility and mobility, enabling users to conduct financial transactions seamlessly, whether in urban centres, remote villages, or transit settings. This flexibility aligns with the PEOU dimension in TAM, as reduced spatial constraints make adoption more effortless. A study by Özer et al. (2013) among Turkish university students has highlighted the crucial role of mobility, accessing services anytime and anywhere, as a core component of mobile technology, increasing both perceived usefulness and ease of use across contexts, which ultimately affects customer satisfaction positively. In Malaysia, the inclusive design of the QR payment ecosystem significantly enhances ease of use by supporting seamless cross-border transactions. A prime example is the DuitNow QR standard, which enables international tourists to use their home-country e-wallets, such as Alipay, Touch ‘n Go eWallet, or WeChat Pay, to make purchases without needing to convert currency or install new applications. Alipay+, for instance, is an enhanced cross-border digital payments solution developed by Ant International, which facilitates this cross-platform compatibility by connecting global e-wallets to local payment infrastructures. As of 2025, the strategic collaboration between PayNet and Ant International through Alipay+ has facilitated over 80% of cross-border QR transactions via Malaysia’s DuitNow QR system, enabling tourists from China, South Korea, and Southeast Asia to transact easily at more than 2.5 million merchant touchpoints across Malaysia (Wong, 2025). This capability underscores the intuitive and location-independent nature of QR payments, reducing both cognitive and logistical barriers for users. Additionally, QR payments also allow transactions to take place virtually anywhere, from roadside vendors to highway rest stops, and this mobility greatly enhances user convenience with cashless payments. This accessibility is especially valuable for rural users. Supporting this, a qualitative study on rural youth digital behaviour in Malaysia revealed that many value the freedom and flexibility advantages that QR payments provide in everyday transactions (Kassim et al., 2024), making this cashless payment system more appealing and viable for sustained use, especially in digitally underserved areas. From the TAM perspective, these accessibility, availability and mobility-friendly features reinforce perceived ease of use by minimising resistance in the user experience and increasing confidence in the technology’s reliability and convenience.

Together, these operational benefits not only reinforce users’ positive attitudes toward QR payments but also help sustain widespread adoption, highlighting the practical relevance of TAM constructs in understanding the success of QR payment technologies. 

Governance and Control Challenges: Agency Theory Perspective

While QR payment systems enhance operational efficiency and accessibility, they also bring governance and control risks that are elucidated through the lens of Agency Theory (Jensen & Meckling, 1976). Fundamental issues such as principal-agent misalignments, information asymmetry, and weak internal controls emerge when digital transactions replace traditional, tangible payment mechanisms.

A particularly common challenge for small businesses is the presentation of fake payment evidence by customers, including altered screenshots or fabricated electronic receipts, which the employees or person-in-charge may accept in the absence of real-time verification tools like soundboxes or POS-integrated devices. This vulnerability was starkly visible in a recent Malaysian case where two individuals were caught using a falsified payment confirmation to dine at a restaurant (The Star, 2025), underscoring how easy manipulation of digital proof can directly defraud businesses. This scenario reflects a classic principal-agent problem, where staff (agents) may lack sufficient incentives or tools to verify transaction legitimacy, leading to revenue loss or inflated reporting to the business owners (principals). Another compelling insight was also presented by Sharevski et al. (2022), who analysed how the convenience of QR-based interactions can be exploited for fraudulent purposes, a practice known as “quishing,” or phishing via malicious QR codes. Their study revealed that users are often misled by fraudulent QR codes due to the perceived convenience and seamlessness of the process, implying that fake digital pathways are easily mistaken for legitimate ones, significantly escalating fraud risk. This misalignment between the agent’s actions and the principal’s interests highlights how inadequate technological safeguards and weak incentive structures can compromise transactional integrity in QR payment environments.

Another governance challenge arising from QR payment adoption is information asymmetry, a core concept in Agency Theory. In a digital transaction environment, especially involving QR and mobile payments, one party, usually the customer, may possess more accurate or timely information than the merchant. This imbalance can create opportunities for opportunistic behaviour and weaken the principal’s ability to monitor or control the agent’s actions. Information asymmetry becomes particularly pronounced in QR payment environments, where merchants often rely on delayed or incomplete transaction data while customers may possess real-time insights. For instance, clients using e-wallets or QR codes may reverse transactions or initiate chargebacks after receiving goods, exploiting the discrepancy in transaction visibility to their advantage. Merchant awareness of such reversals is often delayed, undermining the integrity of financial records. This issue aligns with findings from Guo et al. (2018) and Khan (2015) who demonstrated that inadequate transparency diminishes merchant trust and increases perceived operational risk in mobile payments. Adding to this, recent studies highlight that many SMEs continue to face significant digital resource constraints, such as the absence of integrated dashboard systems and automated reconciliation tools, which create blind spots in monitoring customer activities and financial flows, leaving firms vulnerable to inefficiencies and potential misuse (Jie et al., 2025; Kahveci, 2025; Nnenna et al., 2024; Omowole et al., 2024). Such asymmetric visibility is compounded by inconsistent transaction labelling or lack of tracking codes, such as in static QR setups, where merchants cannot easily link payments to specific transactions (Zhou et al., 2021). From the standpoint of Agency Theory, this dynamic shifts control to the agent (consumer), enabling opportunistic behaviour that violates the principal’s (merchant’s) interests. Meanwhile, from the users’ perspective, perceived information asymmetry is among the primary dimensions of perceived risk that significantly impede mobile payment acceptance, including QR payment systems. A study of mobile payment in China shows that when consumers sense an imbalance in information, their trust in the system erodes, which in turn diminishes the value they attach to mobile transactions (Yang et al., 2015).

Another governance vulnerability in QR-payment environments stems from static QR codes, which exacerbate weak internal controls and heighten reconciliation challenges. Static QR codes are not only prone to duplication (Zhou et al., 2021), but also lack transaction-specific identifiers, which allows for fragmented payments and complicates reconciliation processes. Customers may make multiple partial payments or combine different payment methods (multi-platform payment) for a single purchase, forcing merchants into manual, labour-intensive reconciliation. The difficulty in payment reconciliation has also been evidenced by the manual reconciliation process conducted by micro and small enterprises (MSEs) in Indonesia (Kosadi et al., 2021). Another research involving MSMEs in Indonesia also revealed that manual reconciliation processes, especially when disconnected from automated transaction logging, often result in duplication and misclassification of entries (Kosadi, Ginting, et al., 2021). Transaction data from multi-platform online transactions frequently became fragmented in spreadsheets, leading to reconciliation complications and data inconsistencies. These SMEs often conducted reconciliation manually, leaving them exposed to reporting inaccuracies and control lapses. This fragmented process increases the risk of financial misstatements and undermines reporting integrity. A recent survey on payment reconciliation and reporting in the United Kingdom revealed that key challenges in transaction matching, such as reconciling cross-currency payments (23%), managing chargebacks and refunds (20%), and tracking transactions across diverse payment channels (18%), collectively accounted for over 60% of reconciliation difficulties (Kani, 2025). These challenges are increasingly relevant in the context of QR and mobile payments, where transactions often span multiple platforms, currencies, and payment flows, thereby compounding the complexity of financial reporting and internal control processes.

Prior academic research also confirms that SMEs often struggle with weak internal control frameworks, thereby leading to the possibility of fraudulent activities. In a Malaysian mixed-method study by Puteh Salin and Nawawi (2018),  weak internal control systems, including the lack of segregation of duties, outdated system and design procedures, as well as a lack of proper documentation, create opportunities for errors or opportunistic behaviour, especially when transactions are poorly tracked or reconciled. In the context of QR-based transactions, these control gaps facilitate agency risks: staff or customers may exploit manual reconciliation procedures, intentionally or not, to obscure revenue errors or manipulate sales reporting. The lack of automated systems shifts the burden to human judgment and memory, increasing the likelihood of misstatements.

Together, these challenges underscore the need for clear accountability mechanisms, technological safeguards and effective internal controls to mitigate the risks inherent in digitally mediated payment systems. Agency Theory provides a valuable lens to understand and address these complexities within QR payment governance.

Balancing Adoption with Oversight: Insight from TAM and Agency Theory

Integrating the Technology Acceptance Model (TAM) with Agency Theory offers a comprehensive lens for understanding the dual dynamics of QR payment adoption and the operational risks it introduces. While TAM focuses on behavioural factors, such as perceived usefulness (PU) and perceived ease of use (PEOU), that drive technology acceptance, Agency Theory highlights the structural and control-related issues that may emerge post-adoption due to misaligned incentives, information asymmetries and weak internal control systems. This dual-framework reveals a central tension: the rapid adoption of QR payments, encouraged by positive user perceptions, can outpace the development of necessary oversight mechanisms. High PU and PEOU may encourage firms to adopt QR systems enthusiastically, but without effective internal controls, verification tools, and staff training, businesses, especially SMEs, become vulnerable to fraud, financial misstatements, and governance lapses.

As digital transactions become the norm, effective oversight and trust in digital platforms are increasingly essential. According to KPMG’s Cyber Trust Insights Report 2022, organisations that invest in robust digital governance, including cybersecurity, fraud monitoring, and clear accountability, experience stronger stakeholder confidence, improved risk resilience, and better financial outcomes. These insights reinforce the need for firms to view governance not as a regulatory burden, but as a strategic asset in digital transformation (KPMG International, 2022). Government support also plays a critical role in balancing adoption with control. Initiatives such as technical training, financial literacy programmes, and the development of SME-friendly digital infrastructures help close the gap between rapid digital adoption and the internal capabilities needed to manage it responsibly (Bank Negara Malaysia, 2022).

Another core insight from Agency Theory is that trust should not be assumed in digitally mediated transactions; instead, robust institutional mechanisms must affirm it. While not new, the concept of technology-mediated trust remains highly relevant in digital payment discourse, emphasising that the reliability of such systems depends not merely on user perception or convenience, but on well-defined procedural safeguards, institutional transparency, and accountability mechanisms (Bodó, 2021). This is especially pertinent in QR-based payments, where decentralised setups and third-party platforms predominate. Thus, integrating structured monitoring, like defined roles, vendor accountability, real-time verification, and fraud-awareness training, is essential to cultivating trust and protecting merchant interests. Secure digital payment ecosystems are built not merely on goodwill or the widespread use of technology, but on strong institutional oversight and clearly defined governance structures.

In sum, this study’s integrated theoretical approach addresses a gap in the existing literature, which often examines adoption and governance in isolation. By combining behavioural insights from TAM with the structural insights of Agency Theory, this framework provides a richer understanding of how businesses can sustainably adopt QR payments while mitigating control risks. The long-term success of QR payment ecosystems depends not only on user acceptance but also on the integrity, accountability, and reliability of their governance structures.

CONCLUSIONS, IMPLICATIONS, LIMITATIONS AND FUTURE RESEARCH RECOMMENDATIONS

This study explored QR payment adoption in Malaysian SMEs using an integrated lens of the Technology Acceptance Model (TAM) and Agency Theory. The findings, structured around four key themes, reveal that while QR payments offer significant benefits, such as convenience, transaction speed, and operational efficiency, they also present governance challenges related to principal-agent misalignment, information asymmetry, and weak internal controls. TAM explains the strong user uptake driven by perceived ease of use and usefulness, while Agency Theory highlights post-adoption risks, including verification gaps and reconciliation issues. These risks are especially pronounced among SMEs lacking robust internal systems, where staff or customers may exploit procedural weaknesses. To address this, the study calls for a balanced approach that pairs digital adoption with institutional oversight. Practical recommendations include enhancing financial literacy, integrating real-time verification tools, and supporting SMEs with scalable control mechanisms.

This study draws on a qualitative synthesis of global literature while highlighting implications relevant to the Malaysian SME environment. Future research should consider quantitative methods or sector-specific case studies to validate and expand on these findings, particularly focusing on the role of emerging technologies in enhancing governance within digital payment systems.

ACKNOWLEDGEMENTS

The author/s would like to acknowledge the support of the Faculty of Accountancy, Universiti Teknologi MARA (UiTM), Cawangan Selangor, Kampus Puncak Alam, for providing the facilities and financial support for this research.

Conflict Of Interest Statement

The authors agree that this research was conducted in the absence of any self-benefits, commercial or financial conflicts and declare the absence of conflicting interests with the funders.

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