Attribution-ShareAlike 4.0 International (CC BY-SA 4.

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Vol. 03, No. 03, March 2023

e-ISSN: 2807-8691 | p-ISSN: 2807-839X

The Impact of Quick Response Adoption of Payment Code on

MSMEs’ Financial Performance in Indonesia
Ratih Anindita Wardhani1*, Yandra Arkeman2, Wita Juwita Ermawati3
Faculty of Economics and Management, IPB University, West Java, Indonesia1,3
Faculty of Agricultural Technology, IPB University, West Java, Indonesia2
Email: ratih.kin@gmail.com*, yandra.arkeman@gmail.com,
witaman@apps.ipb.ac.id

Article Information ABSTRACT

Received: February 19, 2023 The COVID-19 and digitalization trends have brought changes to
Revised: February 28, 2023 the way producers and consumers interact, especially in payment
Approved: March 20, 2023 transactions. In Indonesia, one method of using digital payments
Online: March 24, 2023 is using a QR code standard known as the Quick Response Code
Indonesian Standard (QRIS). In accepting technology, the
Technology Acceptance Model (TAM) can help predict one's
acceptance of technology. The purpose of this research is to see
the effect of adopting QR codes for payment on the financial
performance of MSMEs in Indonesia and identify the factors and
indicators that influence MSMEs in adopting QRIS. There were 296
respondents, who are users and non-users of QRIS from micro
businesses throughout Indonesia. Questionnaires were distributed
online, and data processing used the Structural Equation Model
(SEM). The results show that the intention to adopt QRIS can
significantly affect the financial performance of MSMEs, which in
this case relates to an increase in the number and nominal
transactions, sales turnover, business cash flow, and sales records.
Perceived ease of use, social influence, perceived usefulness, and
perceived cost have a significant effect on influencing micro
Keywords businesses to use QRIS. On the other hand, perceived
digital payment; financial compatibility, trust, personal innovativeness, and moderating
performance; technology acceptance variable such as length of business and experience of using digital
model; QR code payment; QRIS payment does not significantly affect the micro business intention
of using QRIS.

INTRODUCTION
The development of the digitalization trend in Indonesia, which is growing rapidly, has brought changes
to how producers and consumers interact in doing business. Internet user penetration up to the first quarter
of 2020 can reach 73.70% and continue to grow until early 2022 which reaches 76.70% (APJII, 2020). The
COVID-19 pandemic has also increasingly encouraged e-commerce transactions, electronic money and digital
banking. E-commerce transactions in 2021 were recorded at IDR 401 trillion, an increase from 2020 which
had a nominal transaction of IDR 206 trillion. In line with e-commerce transactions, electronic money
transactions will also increase in 2021 compared to 2020, which were recorded at IDR 305 trillion and IDR 205
trillion respectively. Digital banking transactions also show an increase in nominal transactions in 2021
compared to 2020 which were recorded at IDR 39,874 trillion and IDR 27,547 trillion respectively.
Triggered by the COVID-19 pandemic, to minimize physical contact in transactions requires innovation
in the retail payment system. Bank Indonesia collaborated with the Indonesian Payment System Association
(ASPI) to issue the Quick Response Code Indonesian Standard (QRIS), which is a QR code standard to facilitate
payment transactions in Indonesia. Data from Bank Indonesia, QRIS users at the end of 2021 are 14.78 million
users and by the end of 2022 there will be 23.9 million users (Bank Indonesia, 2022). The increase in the

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number of QRIS merchants shows QRIS's increasingly acceptable acceptance among Micro, Small and Medium
Enterprises (MSMEs) owners. This is also in line with the data from the Ministry of Cooperatives and
Development, where the largest number of MSMEs in 2019 are micro businesses with 64.6 million users. Bank
Indonesia is targeting 45 million MSMEs users in 2023, so that there is still a large enough share for MSMEs
to adopt QRIS.
The use of QRIS to empower MSMEs is expected to have an effect on increasing the productivity of
MSMEs in Indonesia, both in terms of transactions and nominal sales, profits and cost efficiency
(Sulistyaningsih and Hanggraeni 2021). Financial performance is the level of performance achievement from
the financial side of the goals that have been set (Memba and Gakure 2013). Increasing productivity in terms
of digital payments in this study is expected to make sales records, number and nominal transactions of sales,
sales turnover and business cash flow move rapidly and become more productive.
MSMEs as economic drivers in the real sector, especially micro-entrepreneurs, using QRIS is still
something new. For micro-entrepreneurs in the regions, the use of cash transactions is much simpler.
Information, socialization, literacy and network that have not been maximized for them including fees charged
are thought to reduce MSME's intention to utilize non-cash payment systems, in this case is QRIS. The
existence of the problems mentioned above is thought to reduce the intention to use QRIS, even though QRIS
can affect the financial performance of MSMEs in Indonesia (Adella and Rio 2021).
In seeing the success of acceptance of a technology by users, one of the methods is the Technology
Acceptance Model (TAM) introduced by Davis. TAM can predict a person's acceptance of an information
technology, as well as influence users in terms of perceived usefulness and perceived ease of use in accepting
a technology (Davis, 1989). Previous research related to the effect of using digital payments can have a
significant impact and influence on the financial performance of MSMEs (G.-Y. Kwabena et al., 2019; Masocha
& Dzomonda, 2018; Sulistyaningsih & Hanggraeni, 2021; Talom & Tengeh, 2020). The aim of the research is
to see the effect of adopting QR code payments on the financial performance of MSMEs in Indonesia in terms
of the number and nominal transactions, sales turnover, business cash flow and sales records, as well as
identify the factors and indicators that influence MSMEs, especially micro-entrepreneurs in adopting QRIS.

METHODS
The research focus is related to the QR code for payments set by Bank Indonesia, which is called the
Quick Response Code Indonesian Standard (QRIS). The online survey method was conducted on 296
respondents (Likert scale 1 to 4) which were determined by purposive sampling. Respondents were MSMEs
using QRIS and non-QRIS users who have micro businesses in the processing industry in the processed food
and beverage sub-commodities located throughout Indonesia. As for non-QRIS users, they must have
experience in using digital payment instruments.
In sampling, the number of samples for multivariate analysis ranged from 30 to 500 (Hair et al., 2019).
The recommended number is a multiple of 5 to 10 of the desired number of variables in the study. The
minimum sample size specified in this study is 200 respondents which is generated by multiplying the total
number of indicator variables used by 5 (40 x 5 = 200). Total respondents were 296 of which 263 were QRIS
users and 33 were non-QRIS users from all over Indonesia. Online questionnaires were distributed from 19
October 2022 to 25 November 2022. Sampling was carried out in a proportional percentage based on the 2020
Small and Micro Industry population data which is expected to represent national interests.
Data processing in the study was through descriptive analysis, the results of the questionnaire data
were processed using Microsoft Excel 2016. Furthermore, processing using Structural Equation Modeling -
Partial Least Square (SEM-PLS) was used to test hypotheses and identify the most influential factors. SEM
itself is a statistical procedure to explain the relationship between several variables and identify the most
influential factors (Hair et al., 2019). This research uses 14 variables, 40 indicators and 15 hypotheses. The
research model is presented in Figure 1.

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Figure 1. Research Model

Digital payments can also improve the performance of MSMEs. However, for micro-entrepreneurs
interested in adopting digital payments, it is suspected that they still have obstacles including information,
socialization, literacy, network and fee.
In this regard, research will look further into the variables that influence the use of QRIS and their
impact on the financial performance of micro-entrepreneurs in Indonesia. It is hoped that through tests on
the variables and indicators that exist in the research it can bring managerial implications in solving existing
problems, as in Figure 2 which is illustrated in the research thinking framework.

Figure 2. Thinking Framework

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RESULTS
Demographic Profile and Micro Business Profile
Based on research conducted on 296 respondents who are micro business owners, the participation of
women involved in business of 68.58% is still a characteristic of micro business actors where women can do
the work of managing micro businesses and taking care of the household. In terms of age, micro business
owners are still dominated by an average age of 40 to 50 years at 36.49% and current micro business owners
have an average of 42.23% undergraduate education and 40.88% high school.
Based on the micro business profile (Table 1), the length of business has been in operation is an average
of 3 to 5 years of 32.09%. The majority of 60.47% of micro business owners have 1 to 4 employees and
52.71% of respondents have a turnover of under IDR 30 million per month. In terms of experience using
digital payment instruments, 28.72% have used it for more than 3 years, with 59.12% of respondents using
a combination of digital payment instrument methods such as mobile banking and mobile wallet. This indicates
that currently micro-entrepreneurs are making great use of digital payment methods that can be accessed via
smartphones because they are easier and more practical to use. In using QRIS, as many as 11.15% of
respondents have not used QRIS because they do not understand how to register for QRIS, the network at
the place of business is not good, there are transaction fees that can reduce daily income and prefer cash
transactions.
Table 1. Demographic and Micro Business Profile
Amount
Characteristics Category Percentage (%)
(n)
Gender Male 93 31.42
Female 203 68.58
Age 20 to < 30 years old 59 19.93
30 to < 40 years old 90 30.40
40 to < 50 years old 108 36.49
≥ 50 Years old 39 13.18
Education Elementary School 1 0.34
Junior High School 9 3.04
Senior High School 121 40.88
DI – DIV 26 8.78
S1 125 42.23
S2 13 4.39
S3 1 0.34
Length of business < 3 years 62 20.95
3 sd < 5 years 95 32.09
5 to <10 years 74 25.00
≥ 10 years 65 21.96
Number of
1 – 4 people 179 60.47
employees
5 – 19 people 106 35.81
20 – 99 people 11 3.72
Turnover per < IDR 30 million/month 156 52.71
month IDR 30 million/month up to < IDR 60
86 29.05
million/month
IDR 60 million/month up to < IDR 90
41 13.85
million/month
≥ IDR 90 million/month 13 4.39
Length of time < 6 months 33 11.15
using digital 6 months to < 1 year 56 18,92
payment methods 1 year to < 2 years 78 26.35
2 years to < 3 years 44 14.86
≥ 3 years 85 28.72
Electronic Data Capture (EDC) 2 0.68
Mobile Money - -
The type of digital
Mobile Banking 58 19.59
payment used
Mobile Wallets 61 20.61
Combination of 2 or more payment types 175 59.12
Use of QRIS Used 263 88.85
Not yet used 33 11.15

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Amount
Characteristics Category Percentage (%)
(n)
Unfamiliar to register QRIS 18 54.55
The network at the place of business is
Reasons for not 6 18.18
not good
using QRIS
There is a transaction disbursement fee 6 18.18
Others 3 9.09

Measurement Model Test (Outer Model)

Analysis using SEM - PLS, by SmartPLS 3.0 software is used to test the measurement model (outer
model), test the structural model (inner model) and test the hypothesis which is done with the bootstrapping
technique. The model measurement test (outer model) is used to assess the validity and reliability of the
model as measured by validity and reliability tests, as well as discriminant validity tests. This test will describe
the relationship between latent variables and indicators. The results of the validity test can be seen from
indicators with loading scores above 0.5 or above 0.7 where the structural model is well indicated, or the
Average Variance Extracted (AVE) value > 0.5 (Hair et al., 2019). From the test results, there is an outer
loading which has a value slightly less than 0.7, namely Perceived Transaction Convenience 3 or PTC3 (0.653)
and Financial Performance or FP1 (0.690). However, outer loading is still acceptable above 0.6 (Hair et al.,
2019). In the Discriminant Validity test, indicators can be considered valid when the loading factor value has
the highest value for the intended construct. From the test results on all components of the exogenous,
endogenous, and moderating variables, it has shown that the loading value for each variable is higher than
the indicators outside these variables. The Cronbach's Alpha reliability test is used and can reflect the reliability
of the model in all indicators. The latent variable has good reliability if the Cronbach's Alpha and Composite
Reliability values are above 0.7 or at least 0.6 (Chin, 1998). In the model structure, all latent variables are
valid and reliable (Table 2).
Table 2. Validity and Reliability Test
Factor
AVE Cronbach Alpha Composite
Variable Indicator loading
(> 0.5) (> 0.7) Reliability (> 0.7)
(> 0.7)
PU PU1 0.799 0.677 0.84 0.881
PU2 0.811
PU3 0.825
PU4 0.788
PEOU PEOU1 0.838 0.74 0.883 0.919
PEOU2 0.873
PEOU3 0.87
PEOU4 0.859
PTS PTS1 0.874 0.733 0.819 0.892
PTS2 0.863
PTS3 0.831
PTC PTC1 0.817 0.639 0.81 0.875
PTC2 0.86
PTC3 0.653*)
PTC4 0.849
PC PC1 0.889 0.817 0.777 0.899
PC2 0.919
PCO PCO1 0.894 0.75 0.831 0.899
PCO2 0.916
PCO3 0.782
PR PR1 0.896 0.765 0.847 0.907
PR2 0.876
PR3 0.852
TR TR1 0.94 0.878 0.861 0.935
TR2 0.934
PI PI1 0.86 0.677 0.84 0.893
PI2 0.834
PI3 0.842
PI4 0.751
SI SI1 0.779 0.625 0.803 0.869

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Factor
AVE Cronbach Alpha Composite
Variable Indicator loading
(> 0.5) (> 0.7) Reliability (> 0.7)
(> 0.7)
SI2 0.784
SI3 0.831
SI4 0.767
BI BI1 0.889 0.794 0.87 0.92
BI2 0.898
BI3 0.886
FP FP1 0.690*) 0.674 0.835 0.891
FP2 0.859
FP3 0.869
FP4 0.852

Structural Model Test (Inner Model)

Structural model test (inner model) is carried out to predict the relationship between variables as
formulated in the hypothesis. The test is carried out through the value of the Coefficient of Determination
(R2), the value of Predictive Relevance (Q2), and the value of Goodness of Fit (GOF). R-Square (R2) or the
coefficient of determination is the ability to test all endogenous variables that can be explained by exogenous
variables and the indicators that influence them. In (Chin, 1998) the value of the coefficient of determination
can be categorized as strong (above 0.67), moderate (above 0.33 but below 0.67) and weak (above 0.19 but
below 0.33).
Table 3. The Coefficient of Determination
Endogenous Variables R-Square Criteria

BI 0.577 Moderate

FP 0.294 Weak

PEOU 0.597 Moderate

PU 0.532 Moderate

TR 0.400 Moderate

Based on Table 3, it can be concluded that the endogenous variables, Behavioral Intention (BI), Financial
Performance (FP), Perceived Ease of Use (PEOU), Perceived Usefullness (PU) and Trust (TR) can be explained
by all the factors in the study each of 57.7%, 29.4%, 59.7%, 53.2% and 40%, and each of the remainder is
explained from factors outside the study.
Furthermore, the relative strength of the structural model's influence on observations for endogenous
variables can be seen from the value of Predictive Relevance (Q2). If Q2 is close to 1, it indicates that the
observed endogenous variables have been well constructed. Predictive relevance is calculated using the
formula: Q2 = 1 – (1-R12) (1-R22) … (1-Rp2), where R12, R22 … Rp2 are the values of the coefficient of
determination of the endogenous variables in the model. The results of the Predictive Relevance calculation in
this study are 0.97, so it can be concluded that the model has been constructed and could estimate the data
in the model well. In the model goodness test can be done by calculating the value of Goodness of Fit (GoF).
GoF values range from 0 to 1, GoF small (0 - 0.25), GoF moderate (0.25 - 0.36), and GoF large (above 0.36)
(Wetzels et al., 2009). Based on the test, a GoF value of 0.62 (large) was obtained which indicated that the
construction produced was appropriate and had a good ability to explain data.

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Figure 3. SEM-PLS Model Results

Hypothesis testing
The hypothesis testing was carried out using the bootstrapping procedure, where the relationship
between variables in the SEM-PLS could be identified through a significance test (t-statistic) where the
confidence level used was 95% (significance level at 0.05) and t-count was 1.96. The results of testing the 15
hypotheses, there are 9 significant or accepted hypotheses and 6 insignificant or rejected hypotheses (Table
4).
Table 4. Hypothesis Testing Results
No. Hypothesis Path Original Sample Standard T-Stat P-Value hypothesis
Sample (O) Means (M) Deviation
(ST-DEV)
1 PU -> BI 0.143 0.142 0.067 2.125 0.034 Accepted
2 PEOU -> BI 0.266 0.264 0.082 3.250 0.001 Accepted
3 PEOU -> PU 0.483 0.481 0.064 7.502 0.000 Accepted
4 PTS -> PEOU 0.773 0.773 0.024 32.796 0.000 Accepted
5 PTC -> PU 0.301 0.309 0.067 4.509 0.000 Accepted
6 PC -> BBI -0.004 0.003 0.072 0.057 0.954 Rejected
7 PCO -> BI 0.191 0.182 0.065 2.920 0.004 Accepted
8 PR -> TR 0.632 0.629 0.043 14.543 0.000 Accepted
9 TR -> BI 0.054 0.057 0.082 0.655 0.513 Rejected
10 PI -> BI 0.100 0.101 0.072 1,381 0.168 Rejected
11 PI*EDP -> BI -0.082 -0.083 0.070 1.176 0.241 Rejected
12 SI -> BI 0.198 0.200 0.067 2.946 0.003 Accepted
13 SI*EDP -> BI 0.075 0.074 0.071 1.047 0.296 Rejected
14 PC*LB -> BI -0.037 -0.034 0.040 0.911 0.363 Rejected
15 BI -> FP 0.543 0.547 0.044 12.329 0.000 Accepted

Research shows that the adoption and intention to use QRIS in Indonesia can influence and improve
the financial performance of MSMEs, especially micro-entrepreneurs. Hypothesis 15 is accepted. The significant
value can be seen from the t-statistic value of 12.329 > 1.96 or the p-value of 0.000 <0.05. Using QRIS which
makes transactions faster, easier, cheaper, safer and more reliable, the financial performance of micro-
entrepreneurs in terms of the number and nominal of transactions, sales turnover and business cash flow can

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increase rapidly up to two times. As for recording sales using QRIS, recording becomes easier and more
accurate. The research findings are in line with research related to digital payments which have proven to
have an impact on SME performance (G.-Y. Kwabena et al., 2019). Other research related to mobile payment
services shows positive results and influences the performance of SMEs which can reduce cash transaction
processing costs, increase sales, speed up the purchasing process and make it possible to make payments to
anyone and anywhere (G. Y. Kwabena et al., 2021). In other digital payment research, mobile money service
adoption can affect the financial performance of SMEs (Talom and Tengeh 2020). The use of QRIS in Indonesia
for micro-entrepreneurs can increase financial inclusion, empower MSMEs and accelerate National Economic
Recovery after the COVID-19 pandemic.
Perceived ease of use shows a significant value on behavioral intention. Hypothesis 2 is accepted,
judging from the t-statistical value of 3.25 > 1.96 or the p-value of 0.001 <0.05. The relationship between
perceived ease of use and perceived usefulness shows a significance value, the t-statistic 7.502 > 1.96 or a
p-value of 0.000 <0.05. Hypothesis 3 is accepted. This finding is in accordance with research related to digital
payments that MSMEs adopt digital technology because they feel that they can provide ease of access, comfort
and usability which can make work easier (Najib & Fahma, 2020) and the higher the user's perception of the
ease of use of an application, the more it can support the perception of usability or benefits received from the
application (Mufarih et al., 2020). In using QRIS, the easy registration process and can be understood quickly
by employees, could attract micro-entrepreneurs to use QRIS.
Social influence in the use of QRIS shows a significant value seen from the t-statistic value of 2.946 >
1.96 or a p-value of 0.003 <0.05. Hypothesis 12 is accepted. These findings are in line with previous research,
where social media has a significant influence on knowledge of QR code payments (Nurdin et al., 2021)
(Alkhowaiter 2020). The consumer indicator (SI3) in encouraging business actors to use QRIS turns out to
have a large influence (Table 2), meaning that digital literacy needs to intensively encourage consumers and
business actors to increase their use of digital payment technology. However, the experience of using digital
payments for micro entrepreneurs does not strengthen the relationship between social influence and
behavioral intention. The results show an insignificant value seen from the t-statistic value of 1.047 <1.96 or
the p-value of 0.296 > 0.05. Hypothesis 13 is rejected. For micro-entrepreneurs in Indonesia, other factors
such as network constraints and fees can reduce the intention to use QRIS.
Perceived usefulness of applications with behavioral intention shows a significant value seen from the
t-statistical value of 2.125 > 1.96 or a p-value of 0.034 <0.05. Hypothesis 1 is accepted. In line with research
related to mobile payments, it also shows that the use of technology has an influence on merchants to adopt
the use of digital payments (Altwairesh and Aloud 2021). Micro-entrepreneurs are also starting to see digital
payment technology as an alternative payment that is easy and practical to use, and merchants don't need to
provide change. Supporting the digitalization program in Indonesia, the usability effect that provides
practicality for micro-entrepreneurs can strengthen the intention to use QRIS.
On the perceived transaction speed toward perceived ease of use shows a significant value seen from
the t-statistical value of 32.796 > 1.96 or a p-value of 0.000 <0.05. Hypothesis 4 is accepted. Furthermore,
perceived transaction convenience toward perceived usefulness shows a significant value seen from the t-
statistic value of 4.509 > 1.96 or a p-value of 0.000 <0.05. Hypothesis 5 is accepted. The adoption of QRIS
in Indonesia also provides findings that the transaction speed factor and the transaction convenience factor
respectively become a driving factor in perceived ease of use and perceived usefulness. This is in line with
previous research where the speed of transactions will affect ease of use and convenience in using technology
will affect perceptions of usefulness (Yan et al., 2021). Regarding perceived transaction convenience, the QRIS
indicator that can be accessed without problems (PTC3) is something that needs attention (Table 2). This is
also a factor that can reduce the intention of micro-entrepreneurs to use QRIS.
The relationship between perceived cost and behavioral intention shows a significant value in terms of
the t-statistic value of 2.92 > 1.96 or the p-value of 0.004 <0.05. Hypothesis 7 is accepted. The low indicator
of transaction disbursement fees (PCO2) for new technology users will increase the intention to use QRIS
(Table 2). Previous research on mobile money services in Zimbabwe also indicated that low costs would
encourage SMEs to adopt the technology (Masocha and Dzomonda 2018). When using QRIS in Indonesia,
merchant discount rate (MDR) fees and transaction disbursement fees that are charged to merchant can
reduce daily income.

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The relationship between perceived risk toward trust shows a significant value in terms of the t-statistic
value of 14.543 > 1.96 or the p-value of 0.000 <0.05. Hypothesis 8 is accepted. Risk factors are driving factors
to increase confidence in adopting QRIS. However, the relationship between trust and behavioral intention in
using QRIS shows no significant value, seen from the t-statistic value of 0.655 < 1.96 or the p-value of 0.513
> 0.05. Hypothesis 9 is rejected. In the use of QRIS in Indonesia, even though micro entrepreneurs believe
that QRIS is indeed able to protect merchant and consumer personal information and has high security, there
are still factors that can reduce the intention to use QRIS, such as not understanding how to register QRIS,
network at the place of business is not good, transaction disbursement fees, and also still prefer cash
transactions.
In the relationship between perceived compatibility and behavioral intention, the value is not significant
as seen from the t-statistic value of 0.057 < 1.96 or the p-value of 0.954 > 0.05. Hypothesis 6 is rejected.
This research is not in line with the research about QR code payments in Bangkok that technological innovation
will influence someone to adopt new technology (Suebtimrat & Vonguai, 2021). Furthermore, the length of
business (Julyanda & Rejeki, 2018) as a moderating variable also does not strengthen the relationship between
perceived compatibility and behavioral intention, where the results show an insignificant value seen from the
t-statistic value of 0.911 <1.96 or the p-value of 0.363 > 0.05. Hypothesis 14 is rejected. In the relationship
between personal innovativeness and behavioral intention, it shows an insignificant value, seen from the t-
statistic value of 1.381 <1.96 or the p-value of 0.168 > 0.05. Hypothesis 10 is rejected. In table 2, personal
innovativeness indicators that need attention and improvement are related to the desire to try new technology
first (PI4). Business actors in Indonesia are still comfortable with the habit of using pre-existing payment
methods. The experience of using digital payment (Maulana, 2022) also does not strengthen the relationship
between personal innovativeness and behavioral intention in using QRIS. The results show that the value is
not significant in terms of the t-statistic value of 1.176 < 1.96 or the p-value of 0.241 > 0.05. Hypothesis 11
is rejected.
In the use of QRIS in Indonesia by micro business merchants, perceived compatibility, and personal
innovativeness, especially related to technology in the digital era, are not enough to be able to attract micro-
entrepreneurs to adopt QRIS. Research respondents who are on average over 40 years old need an increase
in terms of digital literacy so that they could adapt the use of technology, especially related to digital payments.
Factors such as still preferring cash transactions, network constraints, fees, and the length of the transaction
for disbursement process are still factors that can reduce the intention to use QRIS.

CONCLUSION
The results of the analysis show that the adoption of QRIS has an impact on the financial performance
of micro-entrepreneurs, where financial performance is related to an increase in the number and nominal of
transactions, sales turnover, business cash flow and sales records. Perceived ease of use, social influence,
perceived usefulness, and perceived cost have the greatest influence on the use of QRIS by micro-
entrepreneurs. The factors of perceived compatibility, trust, personal innovativeness, and moderating variable
such as length of business and experience of using digital payment do not significantly affect MSMEs in
adopting QRIS. Research respondents, whose average age is over 40 years, still think digitalization in payments
is not fully necessary. Factors such as registration information, network constraints, transaction disbursement
fees, still prefer cash transactions and the length process of disbursement fees can reduce the intention of
micro business actors to use QRIS. However, seeing the effect of using QRIS which can improve financial
performance, business actors need to increase digital literacy in order to increase business competitiveness
and business performance.
In achieving the target of QRIS users, expectedly that policy makers or regulators and QRIS drivers will
continue to carry out socialization and digital literacy on an ongoing basis regarding the use of QRIS.
Coordinate with associations, industry, and millennial digital generation groups, especially socialization for
micro-entrepreneurs aged over 40 years so that the target of QRIS users could be more increase. Socialization
can also explain the fees charged to businesses but on the other hand it also provides tricks so that daily
income receipts are not reduced due to disbursement of transactions. The problem of network constraints
needs to be coordinated with telecommunication companies to be able to provide network expansion and
signal strengthening to support micro business actors in making payment transactions digitally.

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