Adoption of QR Code-Based Payment Systems in Malaysia: A Study on the Utilization of Mobile Banking Among Smartphone Users

https://doi.org/10.56225/ijfeb.v3i4.403

Authors

  • Fatin Wardina Binti Rafi Department of Finance and Management, Faculty of Business and Management, AIMST University, 08100 Bedong, Kedah, Malaysia
  • Ziad Esa Yazid School of Economics, Finance and Banking, Universiti Utara Malaysia, Sintok, 06010 Bukit Kayu Hitam, Kedah, Malaysia
  • Nor Fatin Binti Mohd Hussain Department of Finance and Management, Faculty of Business and Management, AIMST University, 08100 Bedong, Kedah, Malaysia
  • Jumadil Saputra Department of Economics, Faculty of Business, Economics and Social Development, Universiti Malaysia Terengganu, 21030 Kuala Nerus, Terengganu, Malaysia

Keywords:

Mobile Banking (M-Banking), QR Code Adoption, Technology Acceptance, Digital Financial Services, User Behavior in Fintech

Abstract

The rapid growth of digital transactions and the increasing prevalence of mobile banking (M-banking) necessitate a comprehensive understanding of the factors influencing the adoption of QR code-based payment systems. This study seeks to identify utilization of M-banking through QR code technology among Malaysian smartphone users with access to M-banking applications, encompassing a diverse demographic across Malaysia, from Perlis to Sabah. Employing a quantitative approach, the study collects data through an online survey distributed via Google Forms to 200 Malaysian smartphone users. The findings reveal that the sample is predominantly composed of younger, single individuals, many of whom are students or hold advanced educational qualifications. The respondents represent a wide range of income levels and geographic locations, providing a comprehensive view of the Malaysian mobile banking user base. Additionally, the study identifies that established market leaders, such as Maybank and CIMB, continue to dominate Malaysia’s digital banking sector, while Islamic banks exhibit moderate growth potential. The remarkably low rate of non-users highlights the increasing integration of mobile banking into everyday financial practices within Malaysian society.

Downloads

Download data is not yet available.

References

Chong, A. Y. L., Chan, F. T. S., & Ooi, K. B. (2010). The state of mobile commerce in the banking industry. International Journal of Bank Marketing, 28(5), 414-431. https://doi.org/10.1108/02652321011079853

Dahlberg, T., Guo, J., & Nilsson, S. (2015). A critical review of mobile payment research. Electronic Commerce Research and Applications, 14(5), 265-281. https://doi.org/10.1016/j.elerap.2015.07.003

Lee, K. C., & Hwan, S. O. (2016). The role of education in the adoption of mobile banking: Evidence from Malaysia. International Journal of Bank Marketing, 34(7), 1045-1065. https://doi.org/10.1108/IJBM-07-2015-0107

Lichtenstein, S., & Williamson, K. (2006). Understanding consumer adoption of mobile banking: An empirical analysis. Journal of Financial Services Marketing, 11(3), 243-251. https://doi.org/10.1057/palgrave.fsm.4760051

Malhotra, N. K. (2012). Basic marketing research: Integration of social media. Pearson.

Mallat, N., Rossi, M., & Tuunainen, V. K. (2004). Mobile banking services. Communications of the ACM, 47(5), 42-46.

Munnukka, J. (2007). Characteristics of early adopters in mobile communications markets. Marketing Intelligence & Planning, 25(7), 719-731.

Oliveira, T., Thomas, M., Baptista, G., & Campos, F. (2014). Mobile banking adoption: A literature review. Computers in Human Behavior, 39, 25-37. https://doi.org/10.1016/j.chb.2014.07.014

Porter, C. E., & Donthu, N. (2006). Using the technology acceptance model to explain how attitudes determine Internet usage: The role of perceived access barriers and demographics. Journal of business research, 59(9), 999-1007.

Puschel, J., Zanker, M., & Joseph, E. (2010). Consumer adoption of mobile banking in emerging markets. Journal of Electronic Commerce Research, 11(3), 208-221.

Riquelme, H. E., & Rios, R. E. (2010). The influence of trust and risk on online banking adoption in Chile. International Journal of Bank Marketing, 28(1), 27-40. https://doi.org/10.1108/02652321011013382

Shaikh, A. A., & Karjaluoto, H. (2015). Mobile banking adoption: A literature review. Telematics and Informatics, 32(1), 129-142. https://doi.org/10.1016/j.tele.2014.05.004

Sulaiman, A., CH, L., & Wee, A. (2005). Prospects and Challenges of E‐banking in Malaysia. The Electronic Journal of Information Systems in Developing Countries, 22(1), 1-11.

Tan, K. S., Chong, S. C., Loh, P. L., & Lin, B. (2010). An evaluation of e-banking and m-banking adoption factors and preference in Malaysia: a case study. International Journal of Mobile Communications, 8(5), 507-527.

Tiwari, R., Buse, S., & Herstatt, C. (2007). Mobile services in banking sector: the role of innovative business solutions in generating competitive advantage (No. 48). Working Paper.

Wang, Y. S., Lin, H. H., & Luarn, P. (2006). Predicting consumer intention to use mobile service. Information systems journal, 16(2), 157-179.

Zhou, T. (2014). Understanding mobile banking user adoption: A literature review. Computers in Human Behavior, 30, 1-11. https://doi.org/10.1016/j.chb.2013.07.023

Downloads

Published

2024-12-31

How to Cite

Rafi, F. W. B., Yazid, Z. E., Mohd Hussain, N. F. B., & Saputra, J. (2024). Adoption of QR Code-Based Payment Systems in Malaysia: A Study on the Utilization of Mobile Banking Among Smartphone Users. International Journal of Finance, Economics and Business, 3(4), 279–285. https://doi.org/10.56225/ijfeb.v3i4.403

Issue

Vol. 3 No. 4 (2024): December 2024

Section

Articles

License

Copyright (c) 2024 Authors

Creative Commons License

This work is licensed under a Creative Commons Attribution 4.0 International License.

Similar Articles

1 2 3 4 5 > >> 

You may also start an advanced similarity search for this article.