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The world-wide economy is at a downturn because of the COVID-19 pandemic (Fernandes, 2020; Ng, 2020). The businesses from small to big will take time to rise because of the COVID-19 (Bartik et al., 2020). The novel coronavirus has hit the world economy in every life (Liu, Gayle, Wilder-Smith, & Rocklöv, 2020). As some businesses are closing down, opportunities are arising for other companies. Society as a whole is affected, and the lives of the people have reformed melodramatically (Nicola et al., 2020). The same effect happened in the Pakistani business environment, and because of the COVID-19 pandemic, there were a lot of losses to bear. On the one hand, business processes became slow, and some businesses were shut down, but other companies in Pakistani environment flourished. The flourishment of the business was due to technology. The technology in Pakistan is making tremendous association with the business environment, especially in the online business.
Technical services and products in this current situation are the solution providers for this slow-paced economy right now. Either it is about providing telemedicine (Hollander & Carr, 2020; Ohannessian, Duong, & Odone, 2020) and online education (Bao, 2020; Hodges, Moore, Lockee, Trust, & Bond, 2020), technology can help us fight against the COVID-19. In developing countries like Pakistan, digital payments perhaps can help retailers in doing quick business dealings. At present, banks (News, 2019) and mobile operating service (Khan, 2019) providers and few private companies are providing QR code payment services in Pakistan. But the acceptability of this service is still slow among the smartphone users. Pakistani consumers, because of IT, are aware of the latest technologies that are available throughout the world and have a keen interest in adopting such technologies. Even retailers in Pakistan show a keen interest in adopting latest technologies for their businesses that are convenient, safe, and secure.
Retailers in various countries are operating their business transactions in digital payments via mobile, like QR code scanning (Majumder et al., 2017). The world-wide inclinations for payments vary from credit and debit cards to more user-friendly and fast payment methods with security measures. The digital payments have changed forms from plastic money to the cashless economy because of the smartphones. The QR code payment system uses a two-dimensional digital image for the quick transaction (Aktaş, 2017; Canadi, Höpken, & Fuchs, 2010). QR codes have transfigured business dealings in the banking sector, online buying, and in-store shopping. QR code methodology is being used not just for business transactions but also in education, learning, tourism and also integrated with forms of technology (Lai, Han, Yeh, Lai, & Szu, 2010; Lou, Tian, & Koh, 2017; H. Yoon, Park, Lee, Jang, & Woo, 2011). The chance for the acceptability of QR code among the consumers and retailers is also high due to the current COVID-19 pandemic. The reason is that it provides a social distancing element through the QR code payment which is one of the precautions of COVID-19. Further, through QR code payment systems the business transactions are faster and safer.
China has become one of the most extensive user bases of the QR code payment system in the world due to the prevalent use of smartphones (Chen & Lee, 2017). Its acceptance in China is consequent from convenience, security, and speed features in the QR code payment services. Further, it has stable features of reliable security, no cash involvement, no sterility issues, no forged currency, and demand for it is progressively growing. Such kind of technology adds value in the efficiency of quick service, upsurges productivity of front-line employees and diminishes the cost of point of sales (POS) by permitting fast business transactions, and this is the reasons why commercial business are introducing such digital payments (Liébana Cabanillas, 2012). The swift acceptance of smartphones has been the cornerstone of such a technological revolution in the last decade (Hwang, Shiau, & Jan, 2007; Masamila, Mtenzi, Said, & Tinabo, 2010).