Determinants of QRIS Adoption and Its Impact on Culinary MSME Financial Performance: An Extended UTAUT Model with Perceived Security

Abstract

The standardization of digital payments via the Quick Response Code Indonesian Standard (QRIS) by Bank Indonesia has propelled transaction digitization among Micro, Small, and Medium Enterprises (MSMEs), notably in the culinary sector. However, technology adoption among merchants remains constrained by concerns regarding transaction security, fund settlement schedules, and technical infrastructure reliability. This study investigates the determinants of QRIS adoption by extending the Unified Theory of Acceptance and Use of Technology (UTAUT) model with perceived security, and evaluates its subsequent impact on culinary MSME financial performance. An explanatory quantitative survey was conducted among 185 culinary MSME owners and managers in Manado who have utilized QRIS payment systems for at least six months. The data were evaluated using Partial Least Squares Structural Equation Modeling (PLS-SEM) in SmartPLS 4.0. The empirical results reveal that performance expectancy (β = 0.285, p < 0.001), effort expectancy (β = 0.212, p = 0.001), social influence (β = 0.178, p = 0.006), and perceived security (β = 0.310, p < 0.001) exert significant positive influences on QRIS adoption. Furthermore, QRIS adoption substantially and positively enhances merchant financial performance (β = 0.536, p < 0.001). The structural model accounts for 58.2% of the variance in QRIS adoption (R² = 0.582) and 28.7% in financial performance (R² = 0.287). These findings underscore that security assurance is the most influential determinant of merchant adoption, highlighting the need for commercial banks and regulatory authorities to fortify cybersecurity literacy and settlement transparency for MSME vendors.