The Philippines' current payment system is changing, shifting away from traditional cash payments toward QR-based payments. To combat this, the Bangko Sentral ng Pilipinas (BSP) implemented QR Ph to normalize the QR-based payment system. However, issues with QR Ph, such as internet dependence, affordability, trust, and digital literacy, arise once QR Ph is implemented. The study’s objective is to assess consumer satisfaction and preparedness for the QR Ph payment adoption as a national cashless payment standard. The modified Unified Theory of Acceptance and Use of Technology 2 (UTAUT 2) served as the foundation of this research's quantitative approach, to which the researchers have gathered data from 257 respondents around the National Capital Region (NCR). The study used a significance level, with Cronbach’s Alpha to assess the reliability and consistency of the questionnaires. The relationship between constructs such as Performance Expectancy (PE), Effort Expectancy (EE), Social Influence (SI), Subjective Norms (SN), Facilitating Conditions (FC), Hedonic Motivation (HM), and Data Privacy and Security (DPSEC) was analyzed using the Structural Equation Modeling (SEM). The research concludes that among these constructs, Hedonic Motivation and Data Privacy and Security have a significant influence on consumers' behavioral intention to use QR Ph. This paper provides important insights to merchants, policymakers, the BSP, and financial institutions to improve the readiness and satisfaction towards QR PH usage, providing a broader adoption in the Philippines. Future research should explore merchants' viewpoints, expand research data collection outside of the region, and conduct a comparison analysis with other cashless payment systems.

Keywords

QR Ph, UTAUT2, Quantitative research, Structural Equation Modelling, Finance