From Risk to Trust: Strengthening QRIS Usage in MSMEs for Islamic Financial Inclusion

Rony Arpinto Ady; Lintang Pamugar Mukti Aji; Endah Kristiani

doi:10.29040/jiei.v12i2.19566

Authors

Rony Arpinto Ady Universitas Nahdlatul Ulama Surakarta, Indonesia
Lintang Pamugar Mukti Aji Universitas Nahdlatul Ulama Surakarta, Indonesia
Endah Kristiani Universitas Nahdlatul Ulama Surakarta, Indonesia

DOI:

https://doi.org/10.29040/jiei.v12i2.19566

Keywords:

Digital payment, financial literacy, Islamic finance, Islamic financial inclusion, perceived security risk

Abstract

Wider access to QRIS has strengthened the digital payments environment for Indonesian micro, small, and medium-sized enterprises, yet regular use is still shaped by how users evaluate financial information and security-related uncertainty. Based on responses from 180 MSME customers in Yogyakarta who had completed at least one QRIS payment, this research examined the interplay of financial literacy, perceived security risk, trust in QRIS security, behavioural intention and actual usage using Partial Least Squares Structural Equation Modelling, and the analysis. The analysis confirms that financial literacy encourages adoption in two main ways: it increases willingness to use QRIS and fosters stronger trust in the system’s security. At the same time, perceptions of security risk work in the opposite direction. When users remain concerned about fraud, data exposure, or similar threats, both trust and behavioural intention decline. Trust then becomes a pivotal mechanism in the adoption process, as it contributes positively to intention as well as actual QRIS use. The analytical model also accounts for a substantial share of the variation in realised usage behaviour. A further result concerns the interaction effect: trust significantly moderates the link between behavioural intention and actual usage, but the direction is negative. This suggests that once users already trust QRIS and have incorporated it into their payment habits, stronger intention adds only limited incremental influence to their level of actual use. The overall implication is that broader QRIS adoption among MSMEs depends on simultaneous progress in financial literacy, risk reduction, and visible security assurance. Viewed from the perspective of Islamic finance, the results also indicate thatt Islamic banks, Islamic microfinance institutions, and other sharia-compliant intermediaries are well positioned to encourage digital financial inclusion by linking QRIS expansion with financial education and reliable payment security.

References

Achanta, R. P., & Lepcha, Y. D. (2025). Digital financial knowledge, insights from private-sector employees in Sikkim. Digital Finance, 7(4), 901–920. https://doi.org/10.1007/s42521-025-00126-7

Affandi, Y., Ridhwan, M. M., Trinugroho, I., & Hermawan Adiwibowo, D. (2024). Digital adoption, business performance, and financial literacy in ultra-micro, micro, and small enterprises in Indonesia. Research in International Business and Finance, 70. https://doi.org/10.1016/j.ribaf.2024.102376

Afif, N., Purwantini, A. H., & Muhdiyanto. (2023). The Paradox of Perceived Risk and Trust on Intention to Use Fintech Payment: Evidence in MSMEs. 645–648. https://doi.org/10.2991/978-2-494069-49-7_106

Ahmed, W., Farooq, O., & Shahzaib, R. (2025). The Rise of Digital Wallets: Customer Trust, Security Concerns, and Adoption in Retail Transactions. Ijss, 4(3), 337–350. https://doi.org/10.63544/ijss.v4i3.171

Aisyah, M., Sesunan, Y. S., & Wicaksono, A. T. S. (2025). Customers’ trust in Islamic banking post-cyberattack leads to digital service breakdowns in Indonesia. Sustainable Futures, 10. https://doi.org/10.1016/j.sftr.2025.101530

Anggarini, D. T. (2022). Application of qris (quick response code indonesian) as a payment tool in digitizing MSMEs. Jurnal Ilmiah Manajemen E M O R, 6(2), 150. https://doi.org/10.32529/jim.v6i2.1288

Ansori, A. D., & Nugroho, S. S. (2024). The Role of Trust on the Continuance Usage Intention of Indonesian Mobile Payment Application. Gadjah Mada International Journal of Business, 26(2), 231–257. https://doi.org/10.22146/gamaijb.70452

Arkeman, Y., & Ermawati, W. J. (2023). The Impact of Quick Response Adoption of Payment Code on MSMEs’ Financial Performance in Indonesia. International Journal of Social Service and Research, 3(3), 869–878. https://doi.org/10.46799/ijssr.v3i3.294

Bailey, A. A., Bonifield, C. M., Arias-Salazar, A., & Villegas, J. (2022). Mobile payment adoption in Latin America. Journal of Services Marketing, 36(8), 1058–1075. https://doi.org/10.1108/JSM-04-2021-0130

Banerjee, A. K., & Pradhan, H. K. (2024). Influence of demographic profiles in adoption of digital payment system in India: a multigroup invariance analysis. Technology Analysis and Strategic Management, 36(10), 2285–2301. https://doi.org/10.1080/09537325.2022.2132928

Bergmann, M., Maçada, A. C. G., Santini, F., & Rasul, T. (2023). Continuance intention in financial technology: a framework and meta-analysis. International Journal of Bank Marketing, 41(4), 749–786. https://doi.org/10.1108/IJBM-04-2022-0168

Bin-Nashwan, S. A., Ismaiel, A. E. A., Muneeza, A., & Isa, M. Y. (2023). Adoption of ZakaTech in the time of COVID-19: cross-country and gender differences. Journal of Islamic Marketing, 14(11), 2949–2979. https://doi.org/10.1108/JIMA-08-2021-0278

Butarbutar, N., Grace, E., Putra, L., Loist, C., & Sudirman, A. (2022). Behavioral intention constituent analysis of qris digital payment tools in msmes in pematangsiantar city. Ideas Jurnal Pendidikan Sosial Dan Budaya, 8(4), 1537. https://doi.org/10.32884/ideas.v8i4.1023

Buyondo, H. (2024). Islamic Finance Principles and Performance of Micro, Small and Medium Enterprises (MSMEs) in Makindye Division Kampala District Central Uganda. International Journal of Islamic and Middle Eastern Finance and Management, 17(3), 441–460. https://doi.org/10.1108/imefm-05-2023-0201

Chakraborty, D., Mehta, P., Dash, G., Khan, N., & Jain, R. K. (2023). What drives consumers to adopt mobile payment apps in the Post-COVID-19 Scenario: The role of openness to change and user involvement. Journal of Global Information Management, 31(1). https://doi.org/10.4018/JGIM.332799

Chan, R., Troshani, I., Rao Hill, S., & Hoffmann, A. (2022). Towards an understanding of consumers’ FinTech adoption: the case of Open Banking. International Journal of Bank Marketing, 40(4), 886–917. https://doi.org/10.1108/IJBM-08-2021-0397

Chawla, U., Mohnot, R., Singh, H. V, & Banerjee, A. (2023). The Mediating Effect of Perceived Trust in the Adoption of Cutting-Edge Financial Technology among Digital Natives in the Post-COVID-19 Era. Economies, 11(12). https://doi.org/10.3390/economies11120286

Djoyo, B. W., Nurzaqia, S., Budiarti, S. I., & Agustin, S. (2022). Examining the Determinant Factors of Intention to Use of Quick Response Code Indonesia Standard (QRIS) as a Payment System for MSME Merchants. International Conference on Information Management and Technology, 676–681. https://doi.org/10.1109/ICIMTech55957.2022.9915238

Edward, M. Y., Fuad, E. N., Ismanto, H., Atahau, A. D. R., & Robiyanto, R. (2023). Success factors for peer-to-peer lending for SMEs: Evidence from Indonesia. Investment Management and Financial Innovations, 20(2), 16–25. https://doi.org/10.21511/imfi.20(2).2023.02

Faisal, G. M., & Abbood, S. K. (2024). The role of blockchain technology in product cost management of electronic payment services: big data as an intervening variable. International Journal of EBusiness and EGovernment Studies, 16(3), 385–398. https://doi.org/10.34109/ijebeg.2024160318

Gunawan, A., Fatikasari, A. F., & Putri, S. A. (2023). The Effect of Using Cashless (QRIS) on Daily Payment Transactions Using the Technology Acceptance Model. Procedia Computer Science, 227, 548–556. https://doi.org/10.1016/j.procs.2023.10.557

Handoyo, S. (2024). Purchasing in the digital age: A meta-analytical perspective on trust, risk, security, and e-WOM in e-commerce. Heliyon, 10(8). https://doi.org/10.1016/j.heliyon.2024.e29714

Hasan, J., Hossain, A., Hossain, S., Al-Masud, A. A., Yesmin, N., & Wu, R. (2023). Investigating consumers intentions regarding the adoption of mobile payments: An SEM-based empirical investigation. Asian Economic and Financial Review, 13(9), 662–676. https://doi.org/10.55493/5002.v13i9.4846

Hasan, R., Ashfaq, M., Parveen, T., & Gunardi, A. (2023). Financial inclusion – does digital financial literacy matter for women entrepreneurs? International Journal of Social Economics, 50(8), 1085–1104. https://doi.org/10.1108/IJSE-04-2022-0277

Hellemans, J., Willems, K., & Brengman, M. (2023). Covid-19 and mobile payment in Belgium: Closing the digital divide or just for the young, social, and impulsive? Electronic Commerce Research, 23(3), 1539–1564. https://doi.org/10.1007/s10660-022-09655-4

Hermawan, A., Gunardi, A., & Sari, L. M. (2022). Intention to Use Digital Finance MSMEs: The Impact of Financial Literacy and Financial Inclusion. Jurnal Ilmiah Akuntansi Dan Bisnis, 17(1). https://doi.org/10.24843/jiab.2022.v17.i01.p12

Hoque, M. N., Rahman, M. K., Said, J., Begum, F., & Hossain, M. M. (2022). What Factors Influence Customer Attitudes and Mindsets Towards the Use of Services and Products of Islamic Banks in Bangladesh? Sustainability, 14(8), 4703. https://doi.org/10.3390/su14084703

Bank Indonesia. (2025). Laporan perkembangan sistem pembayaran digital Indonesia: Capaian QRIS Semester I 2025. In Report on the development of Indonesia’s digital payment system: QRIS achievements for Semester I 2025. Bank Indonesia. https://www.bi.go.id

Islam, K. M., Hasan, Z., Tawfiq, T. T., & Bhuiyan, A. B. (2024). Bank becomes cashless: Determinants of acceptance of mobile banking (fintech) services among banking service users. Banks and Bank Systems, 19(2), 30–39. https://doi.org/10.21511/BBS.19(2).2024.03

Islam, K. M., & Khan, M. S. (2024). The role of financial literacy, digital literacy, and financial self-efficacy in FinTech adoption. Investment Management and Financial Innovations, 21(2), 370–380. https://doi.org/10.21511/imfi.21(2).2024.30

Jafri, J. A., Mohd Amin, S. I. M., Abdul-Rahman, A. A., Nor, S. M., & Fachrudin, K. A. (2024). Determinants of Consumers’ Intention to Use Mobile Banking in Malaysia: The Moderating Role of Education. Malaysian Journal of Consumer and Family Economics, 32, 550–573. https://doi.org/10.60016/majcafe.v32.21

Jameel, A. S., & Karem, M. A. (2022). Perceived Trust and Enjoyment: Predicting Behavioural Intention to use Mobile Payment Systems. 2022 International Conference on Intelligent Technology, System and Service for Internet of Everything (ITSS-IoE), 1–6. https://doi.org/10.1109/ITSS-IoE56359.2022.9990927

Judijanto, L., & Husnayetti, H. (2024). The Effect of Financial Literacy, Digital Literacy, and Information Security on QRIS Adoption Among Students in Banten. West Science Accounting and Finance, 2(02), 310–320. https://doi.org/10.58812/wsaf.v2i02.1049

Jusman, J., & Fauziah, I. (2024a). Receptiveness of qris as a digital payment among msme in palopo city. Interdiciplinary Journal and Hummanity (Injurity), 3(10), 718–728. https://doi.org/10.58631/injurity.v3i10.1234

Jusman, J., & Fauziah, I. (2024b). Receptiveness of QRIS as a Digital Payment Among MSME in Palopo City. Interdiciplinary Journal and Hummanity (Injurity), 3(10), 718–728. https://doi.org/10.58631/injurity.v3i10.1234

Kemala, P. N., Koesrindartoto, D. P., & Hakam, D. F. (2026). Advancing inclusive finance through financial technology (FinTech): peer-to-peer (P2P) and digital lending as catalyst for financial inclusion. Digital Finance, 8(1). https://doi.org/10.1007/s42521-025-00166-z

Khan, H. H., Khan, S., & Ghafoor, A. (2023). Fintech adoption, the regulatory environment and bank stability: An empirical investigation from GCC economies. Borsa Istanbul Review, 23(6), 1263–1281. https://doi.org/10.1016/j.bir.2023.10.010

Kumar, A., Mishra, S. K., & Saini, A. (2024). Predicting NFC-based mobile payments usage intention with perceived usefulness as mediator: a dual-stage PLS-SEM and NCA analysis. Journal of Advances in Management Research, 21(4), 556–583. https://doi.org/10.1108/JAMR-12-2023-0374

Lee, J.-C., Li, T., & Zhang, L. (2025). Environmental concerns and green trust in continuous green fintech use: an expectation-confirmation model with insights from Ant Forest. Humanities and Social Sciences Communications, 12(1). https://doi.org/10.1057/s41599-025-04856-2

Malaquias, F. F. O., & Fernandes Malaquias, R. F. (2022). The Use of Digital Financial Services and Business Performance Satisfaction in the Context of Female Entrepreneurship. Journal of Technology Management and Innovation, 17(3), 3–11. https://doi.org/10.4067/s0718-27242022000300003

Malik, G., & Singh, D. (2022). Go digital! determinants of continuance usage of mobile payment apps: Focusing on the mediating role of gamification. Pacific Asia Journal of the Association for Information Systems, 14(6), 94–126. https://doi.org/10.17705/1pais.14604

Mambile, C., & Ishengoma, F. (2024). Exploring the non-linear trajectories of technology adoption in the digital age. Technological Sustainability, 3(4), 428–448. https://doi.org/10.1108/TECHS-11-2023-0050

Mamun, A. Y., & László, V. (2025). Advancing sustainability through financial inclusion and sustainable finance: a systematic literature review. Digital Finance, 7(4), 853–870. https://doi.org/10.1007/s42521-025-00142-7

Ma’nawiyah, Y., Harini, D., Sucipto, H., Indriyani, A., & Riono, S. B. (2025). Pengaruh Literasi Keuangan Digital, Kepercayaan Konsumen Dan Perilaku Risiko Keuangan Terhadap Minat Bertransaksi Menggunakan QRIS Di Era Digital. Jurnal Publikasi Sistem Informasi Dan Manajemen Bisnis, 4(3), 267–281. https://doi.org/10.55606/jupsim.v4i3.5321

Maniam, S. (2024). Determinants of Islamic fintech adoption: a systematic literature review. Journal of Islamic Marketing, 15(11), 2916–2936. https://doi.org/10.1108/JIMA-11-2023-0373

Masrizal, M., Sukmana, R., & Trianto, B. (2024). The Effect of Islamic Financial Literacy on Business Performance With Emphasis on the Role of Islamic Financial Inclusion: Case Study in Indonesia. Journal of Islamic Marketing, 16(1), 166–192. https://doi.org/10.1108/jima-07-2022-0197

Matar, A., & Aloqaily, A. N. (2025). The mediating influence of perceived usefulness on consumer behaviour towards driving e-wallet adoption in Jordan. Journal of Open Innovation: Technology, Market, and Complexity, 11(4). https://doi.org/10.1016/j.joitmc.2025.100651

Mohd Thas Thaker, H., Subramaniam, N. R., Qoyum, A., & Hussain, H. (2023). Cashless society, e-wallets and continuous adoption. International Journal of Finance and Economics, 28(3), 3349–3369. https://doi.org/10.1002/ijfe.2596

Monir, J., & Mia, M. (2024). The evolution of payment systems in bangladesh: transition from traditional banking to blockchain based transactions. Malaysian Journal of Business Economics and Management, 16–25. https://doi.org/https://doi.org/10.56532/mjbem.v3i1.30

Musthafa, I., Handra, H., Bachtiar, N., Taifur, W. D., & Ariyanto, E. (2023). Financial Literacy and Performance of Micro, Small and Medium Enterprises: A Literature Review. Marginal Journal of Management Accounting General Finance and International Economic Issues, 3(1), 287–303. https://doi.org/10.55047/marginal.v3i1.956

Nandru, P., Senthilkumar, S., & Madhavaiah, C. (2023). Adoption Intention of Mobile QR Code Payment System Among Marginalized Street Vendors: An Empirical Investigation From an Emerging Economy. Journal of Science and Technology Policy Management, 15(6), 1709–1733. https://doi.org/10.1108/jstpm-03-2023-0035

Padma Kiran, K., & Sailaja, N. S. (2025). Exploring behavioral intentions of consumers towards different digital payment services through the interplay of perceived risks and adoption factors. Humanities and Social Sciences Communications, 12(1). https://doi.org/10.1057/s41599-025-05468-6

Pamungkas, M. W. A., & Paramaputra, R. Z. (2025). The Effect of Ease of Use and Security on QRIS Usage Intention Among MSMEs Fostered by KPW BI West Java. Journal of Economics Finance and Management Studies, 08(07). https://doi.org/10.47191/jefms/v8-i7-23

Ponsree, K., & Naruetharadhol, P. (2025). Unveiling the determinants of alternative payment adoption: exploring the factors shaping generation Z’s intentions in Thailand. International Entrepreneurship and Management Journal, 21(1). https://doi.org/10.1007/s11365-024-01057-2

Rahman, M., Ming, T. H., Baigh, T. A., & Sarker, M. (2023). Adoption of artificial intelligence in banking services: an empirical analysis. International Journal of Emerging Markets, 18(10), 4270–4300. https://doi.org/10.1108/IJOEM-06-2020-0724

Ramayanti, R., Azhar, Z., & Nik Azman, N. H. (2025). Factors influencing intentions to use QRIS: A two-staged PLS-SEM and ANN approach. Telematics and Informatics Reports, 17, 100185. https://doi.org/10.1016/j.teler.2024.100185

Rambe, Y., Hasibuan, M., & Ayla, S. (2025). Pengaruh Keamanan Dan Kepercayaan Terhadap Minat Pengguna QRIS Di Toko Deni Store Ajamu, Labuhanbatu. Jurnal Ilmu Manajemen Ekonomi Dan Kewirausahaan, 5(1), 144–157. https://doi.org/10.55606/jimek.v5i1.5940

Rizkiani, F., Bachri, S., & Ponirin, P. (2024). Effect of convenience and security of using qris payment methods on purchasing decisions with trust as an intervening variable. Tadulako International Journal of Applied Management, 6(2), 164–171. https://doi.org/https://doi.org/10.59769/tajam.v6i2.138

Saptono, P. B., & Khozen, I. (2024). Enhancing Taxpayer Compliance Through Fiscal Transparency, Participation And Accountability: Insights From Key Figures Of Islamic Boarding Schools In Depok City. ISRA International Journal of Islamic Finance, 16(2), 20–44. https://doi.org/10.55188/ijif.v16i2.533

Sembiring, M. J., Wibowo, W., & Dewi, G. C. (2022). Adoption of innovative mobile payment technologies in Indonesia: The role of attitude. Innovative Marketing, 18(2), 186–197. https://doi.org/10.21511/im.18(2).2022.16

Setiawan, B., Phan, T. D., Medina, J., Wieriks, M., Nathan, R. J., & Fekete-Farkas, M. (2024). Quest for financial inclusion via digital financial services (Fintech) during COVID-19 pandemic: case study of women in Indonesia. Journal of Financial Services Marketing, 29(2), 459–473. https://doi.org/10.1057/s41264-023-00217-9

Shahzad, A., Zahrullail, N., Akbar, A., Mohelská, H., & Hussain, A. (2022). COVID-19’s Impact on Fintech Adoption: Behavioral Intention to Use the Financial Portal. Journal of Risk and Financial Management, 15(10). https://doi.org/10.3390/jrfm15100428

Shukri, A. F. M., Leong, T. P., Rashid, A. A., & Hanif, A. (2024). The Moderating Role of Structural Assurance in the Unified Theory of Acceptance and Use of Technology (UTAUT): A Study of E-wallet Behavioural Intention of Users and Non-users Among Adults in Malaysia. Malaysian Journal of Consumer and Family Economics, 33, 490–503. https://doi.org/10.60016/majcafe.v33.18

Sumadi, S., Tho’in, M., Efendi, T. F., & Permatasari, D. (2021). Pengaruh Strategi Pemasaran Syariah, Kepuasan Konsumen, dan Kepercayaan Konsumen Terhadap Loyalitas Konsumen (Studi Kasus Pada Naughti Hijab Store). Jurnal Ilmiah Ekonomi Islam, 7(2). https://doi.org/10.29040/jiei.v7i2.2562

Tanapaisankit, R., Sirisunhirun, S., Amornsiriphong, S., Rugchatjaroen, K., & Ploywan, P. (2024). How Could Digital Transformation Help Medium-Sized Enterprises Access Thailand’s New Capital Market Financing (LiVEx) to Support Sustainable Growth in the Digital Economy Era? Sustainability (Switzerland) , 16(8). https://doi.org/10.3390/su16083470

Tang, M. B., Dieo, B. A., Suhaimi, M. K. A. M., & Andam, J. L. A. (2022). The emergence of e-wallet in sarawak: factors influencing the adoption of sarawak pay. International Journal of Business and Society, 23(3), 1423–1442. https://doi.org/10.33736/ijbs.5172.2022

Usman, O., Alianti, M., & Fidhyallah, F. N. (2024). Factors affecting the intention to use QRIS on MSME customers. International Journal of Applied Economics, Finance and Accounting, 18(1), 77–87. https://doi.org/10.33094/ijaefa.v18i1.1323

Venkatesh, V., Thong, J. Y. L., & Xu, X. (2016). Unified theory of acceptance and use of technology: a synthesis and the road ahead. Journal of the Association for Information Systems, 17(5), 328–376. https://doi.org/10.17705/1JAIS.00428

Wardhani, R. A., Arkeman, Y., & Ermawati, W. J. (2023). The Impact of Quick Response Adoption of Payment Code on MSMEs’ Financial Performance in Indonesia. International Journal of Social Service and Research, 3(3), 869–878. https://doi.org/10.46799/ijssr.v3i3.294

Widagdo, B., & Sa’diyah, C. (2023). Business sustainability: Functions of financial behavior, technology, and knowledge. Problems and Perspectives in Management, 21(1), 120–130. https://doi.org/10.21511/ppm.21(1).2023.11

Wijayanto, E., Martia, D. Y., Adhi, N., & Rikawati, R. (2024). Application of the TAM Model and Financial Literacy on Interest in QRIS Digital Payments (Study on Semarang State Polytechnic Students). Formosa Journal of Science and Technology, 3(1), 165–176. https://doi.org/10.55927/fjst.v3i1.7499

Yang, M., Mamun, A., Mohiuddin, M., Nawi, N., & Zainol, N. (2021). Cashless transactions: a study on intention and adoption of e-wallets. Sustainability, 13(2), 831. https://doi.org/https://doi.org/10.3390/su13020831

Zaid Kilani, A. A.-H., Kakeesh, D. F., Al-Weshah, G. A., & Al-Debei, M. M. (2023). Consumer post-adoption of e-wallet: An extended UTAUT2 perspective with trust. Journal of Open Innovation: Technology, Market, and Complexity, 9(3). https://doi.org/10.1016/j.joitmc.2023.100113