Consumer perception towards quick response payment in Nepal

Abstract

This study investigates consumer perceptions towards Quick Response (QR) payments in Nepal, understanding of the factors influencing adoption. Using a quantitative approach, the research gathers numerical data on consumer perceptions, preferences, and usage patterns related to QR payments. The independent variables for the study are perceived risk, social influence, effort expectancy and facilitating conditions and dependent variable is consumer perception. Out of 386 respondents mostly prefer using Fonepay to conduct their QR transactions. Demographic analysis shows higher acceptance among younger demographics, higher-income groups, and urban consumers. Findings reveal a generally positive sentiment towards QR payments, with convenience, security, and trust as key adoption influencers. However, security concerns and limited awareness pose challenges. This insight informs stakeholders, including policymakers, financial institutions, and technology providers, guiding strategies to enhance security measures and foster a more inclusive digital financial environment. The study concludes that while QR payments have the potential to thrive in Nepal's financial ecosystem, addressing security apprehensions and awareness gaps is crucial for widespread adoption. Future research could delve deeper into specific security concerns, explore cultural factors, and examine the impact of promotional campaigns on awareness and adoption dynamics towards QR payment system.

Key Words: Fonepay, QR transactions, Convenience, Security, Trust