Abstract

This study examined the relationship between Quick Response (QR) code payment systems and financial transaction reforms in selected deposit money banks in Ebonyi State, Nigeria. The rapid digitalisation of the Nigerian payments landscape, reinforced by the Central Bank of Nigeria (CBN) cashless policy and the Nigeria Inter-Bank Settlement System (NIBSS) Nigeria Quick Response (NQR) framework, has positioned contactless QR-based payments as a strategic instrument for deepening financial inclusion and reforming transaction processes. The study was guided by three objectives, three research questions and three hypotheses. Anchored on the Unified Theory of Acceptance and Use of Technology (UTAUT) and the Technology Acceptance Model (TAM), the study adopted a descriptive survey design. A sample of 384 respondents, comprising bank staff and account holders drawn from five selected deposit money banks (Access Bank, Zenith Bank, United Bank for Africa, First Bank and Fidelity Bank) operating in Abakaliki metropolis, was selected using purposive and convenience sampling techniques. Data were collected through a structured, validated questionnaire (Cronbach's alpha = 0.87) and analysed using frequencies, percentages, mean, standard deviation, Pearson product-moment correlation and multiple linear regression. Findings revealed that QR code payment adoption significantly enhances transaction speed and operational efficiency (mean = 3.34), reduces transaction cost (mean = 3.16) and moderately promotes financial inclusion and process reform (mean = 2.94). The regression model was statistically significant (R² = 0.315, F(3,380) = 58.37, p < 0.001), with transaction speed/efficiency (β = 0.362), cost reduction (β = 0.377) and financial inclusion (β = 0.270) all making significant positive contributions to financial transaction reforms. The study concluded that QR code payment systems are a significant driver of financial transaction reforms and recommended sustained merchant onboarding, security enhancement, consumer education and infrastructure investment to accelerate adoption in Ebonyi State.