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

Nurshamimi Sabli, Nurhaiyyu Abdull Hamid, Noor Hasniza Haron and Siti Nurlisa Izwani
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Nurshamimi Sabli: Faculty of Accountancy, Universiti Teknologi MARA, Cawangan Selangor, Kampus Puncak Alam, Malaysia
Nurhaiyyu Abdull Hamid: Faculty of Accountancy, Universiti Teknologi MARA, Cawangan Selangor, Kampus Puncak Alam, Malaysia
Noor Hasniza Haron: Faculty of Accountancy, Universiti Teknologi MARA, Cawangan Selangor, Kampus Puncak Alam, Malaysia
Siti Nurlisa Izwani: Faculty of Accountancy, Universiti Teknologi MARA, Cawangan Selangor, Kampus Puncak Alam, Malaysia

International Journal of Research and Innovation in Social Science, 2025, vol. 9, issue 8, 6601-6617

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.

Date: 2025
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