INTRODUCTION
Research background
The overview about credit card use in over the world and Vietnam is discussed in this section.
Credit cards are a form of available credit that allows individuals to make purchases and pay later (Mitchell & Mickel, 1999) Globally, consumers utilize credit cards for a wide range of transactions, including utility bills, shopping, dining, and major purchases like cars and homes The rise in middle-income earners and the increasing number of bank account holders have contributed to the growing popularity of credit cards Technological advancements have significantly transformed credit card services and their delivery (Suoranta, Mattila & Munnukka, 2005) This evolution has led to a surge in both individual and business adoption of credit cards for electronic transactions, intensifying competition among credit card providers to capture a larger market share.
The credit card market has experienced significant growth since the introduction of credit cards in the 1950s, with an increasing number of customers adopting this payment method Unlike other payment options, credit cards offer long-term credit without requiring collateral at the time of use Initially, banks limited credit card access to wealthy individuals, but over time, they have relaxed their qualifications, allowing more customers to apply The rapid economic growth in Asian countries has further expanded opportunities for credit card adoption, with the Asia Pacific region accounting for $1.3 trillion in credit card transactions in 2007, representing 30% of global activity Japan and South Korea led the region in total transactions, highlighting the growing importance of studying credit card usage in emerging markets Researchers emphasize that the rise of new middle-income customers and advancements in technology are key factors attracting credit card providers to these markets.
There has been a rapid increase in credit card issuing in Vietnam recently.
Between 2009 and 2011, the number of credit card issuing increases by 198 percent and 1.62 million credit cards are issued at the end of 2012 or 2.4 cards per 100 adults
(Lafferty, 2013) According to The State Bank (cited in Ocean Bank Annual Report,
As of October 2013, Vietnam had 52 payment card providers and approximately 64 million payment cards in circulation, with credit cards making up 3.6% of this total This marks a significant increase from the 1% of credit card users reported by Nielsen Research in 2011, highlighting the rapid growth of credit card usage in the country The widespread adoption of credit cards can be attributed to the government's Decision 291/QD-TTg in 2006, which initiated a plan for non-cash payments, originally set for 2006 to 2010 and extended until 2020.
20/200/NHNN about the issuing, using and supplying services to support card payment. These decisions play very important roles in promoting non-cash transactions in
Vietnam is progressing towards a cashless society by enhancing infrastructure for non-cash payments and encouraging financial institutions to adopt advanced technologies A study by Spire Research and Consulting highlights the rapid growth of the banking and credit card industry in Vietnam over the past decade Notably, the proportion of cash transactions declined from 3.4% in 2009 to 2.7% in 2013, while card transactions rose from 1.5% during the same period, indicating a significant shift in payment preferences.
From 2009 to 2013, Vietnam's credit card market saw significant growth, increasing from 3.1% (Business Journal, 2014) According to Dang (2013), major changes are anticipated in this market over the next decade Prominent global banks like Citibank, ANZ, and HSBC, alongside local institutions such as Vietcombank, Vietinbank, and Maritimebank, have launched various promotional initiatives to enhance credit card awareness among Vietnamese consumers.
The credit card market in Vietnam faces significant challenges due to a large unbanked population and the dominance of cash as the primary payment method for everyday transactions Despite an urban population growth rate of approximately 3.5% in recent years, Vietnam has one of the lowest urbanization rates in emerging Asia, with a substantial portion of the population residing in rural areas where employment is primarily in textiles, agriculture, and fisheries As of 2012, only 20% of the population had bank accounts, and merely half of these individuals actively utilized consumer banking services Furthermore, many consumers, despite possessing credit or debit cards, continue to favor cash for their daily payments.
Vietnam is emerging as a prime destination for the credit card market due to several key advantages As one of the fastest-growing economies in Asia, the country's GDP per capita has seen a remarkable increase, rising from US$1,097.1 in 2009 to US$1,728.4 during the review period This economic growth presents significant opportunities for credit card adoption and usage.
The socio-economic developments in Vietnam since 2013 have significantly improved the quality of life for its citizens As highlighted by Lawrence (2003), credit cards serve as a convenient payment method, a tool for fostering financial responsibility, and a means to establish a positive credit history This growing trend of credit card usage in Vietnam reflects the country's economic advancements and offers individuals greater access to credit for future needs.
Vietnam’s young population with a median age of 25 with forecast to grow continually at an annual rate of around 1 percent and is expected to increase to 94.5 million by
In 2016, Vietnam's economic growth prospects remain promising in the short to medium term (Lafferty, 2013) The evolving payment habits in the country create a favorable environment for the credit card market Since January 2011, Vietnam's trade commitments to the WTO have leveled the playing field for foreign bank branches, allowing them to compete equally with domestic banks in terms of credit limits and guarantees This has led to an influx of international banks entering the market, enhancing competition and driving the adoption of advanced technologies and innovative marketing strategies Consequently, access to credit cards has become easier, resulting in their increasing popularity, especially in major cities.
Ho Chi Minh or Ha Noi Cities.
Research motivation
As the discussion in research background, Vietnam possesses many advantages to be an ideal destination of international credit card providers in near future
Vietnam presents a promising market for credit card providers, despite challenges such as limited consumer familiarity and a sparse acceptance network (Dang, 2013) With an average profit of just $6 per card in 2011, it ranks among the least profitable global markets for credit cards (Lafferty, 2013) However, the country's youthful demographic, expanding middle class, and significant economic growth potential, coupled with enhanced network infrastructure, indicate a positive outlook for the credit card sector To thrive in this competitive environment, both international and local issuers must adopt effective marketing strategies to capture market share Understanding customer needs and expectations is crucial for credit card service providers to ensure their survival and success Therefore, conducting thorough research to identify the factors influencing credit card usage is essential By gaining insights into consumer behavior, credit card providers can develop long-term strategies to dominate Vietnam's payment card market, motivating the author to pursue this research.
Research on credit card usage in Vietnam is limited compared to the extensive studies conducted in other countries While many emerging market economies have seen some research, Vietnam remains underexplored Various factors, including legal, structural, cultural, geographical, and socio-economic differences, can significantly influence credit card usage This study aims to identify the key factors affecting credit card use in Vietnam, with a particular focus on Ho Chi Minh City.
Research objective
This study aims to investigate the key factors influencing credit card usage among customers in Ho Chi Minh City, with a focus on addressing specific research questions related to this topic.
RQ1: Is there a positive relation between bank policy and credit card use of customers in Ho Chi Minh City?
RQ2: Is there a positive relation between convenience and credit card use of customers in Ho Chi Minh City?
RQ3: Is there a positive relation between compatibility and credit card use of customers in Ho Chi Minh City?
RQ4: Is there a positive relation between risk barriers and credit card use of customers in Ho Chi Minh City?
Research methodology and research scope
This study employs a questionnaire to gather data, initially developed in English and translated into Vietnamese with expert assistance An in-depth interview was conducted to refine the measurement scale, followed by a quantitative pilot study involving face-to-face and online interviews to assess respondents' comprehension of the questions and ensure the online survey's functionality The final questionnaire was distributed using Google Survey and paper formats Data analysis was performed using SPSS software, encompassing three key stages: testing the measurement scale's reliability with Cronbach’s Alpha, validating it through Exploratory Factor Analysis (EFA), and utilizing simple and multiple regressions to explore relationships among the research model's factors.
This thesis examines credit card usage among residents of Ho Chi Minh City, the largest city in Vietnam, known for its youthful and tech-savvy population with high income levels The research aims to identify the key factors that influence credit card adoption and usage Participants in this study include individuals living in Ho Chi Minh City who possess knowledge about credit cards.
Research contribution
This study offers valuable insights for credit card marketers in Ho Chi Minh City, addressing the challenges of slow market growth and intense competition among card providers in Vietnam The findings equip credit card issuers with essential information to develop effective strategies tailored to their target consumers' preferences, as well as to enhance credit card application and usage.
Research on credit card use in Vietnam is scarce This study employs a multi-faceted framework to explore the impact of bank policies, convenience, compatibility, and risk barriers on Vietnamese customers' credit card usage It aims to enrich the existing literature on factors influencing credit card adoption in Vietnam and encourage further research in emerging markets to assess whether these findings are consistent across different economies.
Research structure
This study is organized into five chapters.
The introduction chapter outlines the research, detailing its background, motivation, and objectives It also discusses the research methodology, scope, and contributions, providing a comprehensive overview of the study's framework.
Chapter two provides a comprehensive review of existing literature on credit card usage, focusing on four key factors influencing customer behavior in Ho Chi Minh City: bank policies, convenience, compatibility, and perceived risk barriers Additionally, this chapter proposes a set of research hypotheses to further explore these concepts.
Chapter three introduces research methodology used to empirically test the research model.
Chapter four presents the results of data analysis.
The concluding chapter of the study highlights the key findings, offers strategic recommendations for credit card issuers based on these insights, and acknowledges the limitations of the research conducted.
LITERATURE REVIEW
Bank’s policies
This study examines bank policies that offer various benefits to credit card holders and potential applicants, including complimentary gifts, points accumulation for gift exchanges, and cashback rewards on purchases made with credit cards (Teoh et al., 2013).
Experts emphasize that effective policy is crucial for banks to attract new customers and retain existing ones According to Dowling and Uncles (1997), competition drives the implementation of customer loyalty schemes To entice customers to apply for credit cards, many banks offer various incentives (Chakravorti, 2003) The intense competition in the credit card market compels banks to enhance their product offerings (Subramaniam & Marimuthu, 2010) Liu (2009) highlights the importance of clear communication regarding reward points programs, redemption processes, and associated benefits to raise customer awareness By expanding benefits, easing application requirements, adopting flexible payment policies, and implementing unique strategies, banks can significantly increase their credit card holder base (Teoh et al.).
Customers perceive credit cards and banking services as a comprehensive package, which often includes enticing incentives such as no annual fees for the first year, cash rebates, point rewards, airline miles, shopping discounts, and installment payment options (Akin et al., 2011) Additionally, offering gifts for new credit card applications has emerged as a popular trend among banks (Liu, 2009) Other benefits may include coverage for lost credit cards, travel accident protection, and assistance for cardholders facing unemployment or illness.
Zinman (2009) argues that the incentives provided to customers significantly influence their choice to use credit cards as their primary payment method Additionally, to explore the impact of bank policies on credit card usage in Vietnam, the following hypothesis has been formulated.
Hypothesis 1: There is a positive impact of bank policy on credit card use.
Convenience
This study highlights the advantages of credit cards over cash, emphasizing their convenience and safety, particularly when traveling abroad Credit cards eliminate the need to carry large amounts of cash, making transactions easier and more secure than cash payments (Khare et al., 2011).
Numerous studies have explored the convenience and inconvenience associated with credit card usage Research by Khare et al (2013) highlights the significance of these attributes, while Safakli (2007) emphasizes that "convenience," along with "easiness and safety," are crucial for developing effective marketing strategies that meet the needs of both current and potential customers In the Greek credit card market, convenience stands out as the most influential factor, accounting for 37% of credit card usage, as noted by Meidan & Davos.
Credit cards are increasingly popular due to their convenience and security, particularly among women, as highlighted by Ahmed, Amanullah, and Hamid (2009) In China, credit cards are commonly used for travel and entertainment, while Khare (2011) notes their association with convenience, local acceptance, and status The appeal of credit cards lies in eliminating the need to carry cash and providing easy access to credit (Lee and Kwon, 2002) Research by Kaynak, Kucukemiroglu, and Ozmen (1995) in Turkey emphasizes that emergency funds, travel convenience, and shopping flexibility drive credit card usage Durkin (2000) states that credit cards facilitate numerous transactions, making purchases more manageable Overall, holding and using credit cards enhances consumer comfort, especially for travel and entertainment expenses (Ahmed, 2010).
Above findings show the convenience of credit card use however Lafferty report
The growth of card payments in Vietnam faces significant challenges, primarily due to low card acceptance, with 60% of POS transactions being international and domestic usage concentrated in major cities where shopping malls and high-end retailers are located Scholars highlight factors such as entrenched cash habits and limited acceptance that render credit cards inconvenient in many emerging markets For instance, Laforet and Li (2005) identify the traditional cash-centric banking culture as a key barrier to online banking adoption among Chinese consumers Additionally, Khalid et al (2013) emphasize that the low acceptability of credit cards represents a non-monetary cost Similarly, Chan (1997) notes that in Hong Kong, the widespread inactivity of credit card users is linked to their limited acceptance due to an unrestricted usage rate.
With above discussion, following hypothesis is developed.
Hypothesis 2: There is a positive impact of convenience on credit card use.
The definition of compatibility in this study follows to Chemingui and Lallouna
(2013) It refers to the match of credit card using with customers’ lifestyle, financial transaction style and the way doing jobs.
Credit cards primarily appeal to young, affluent urban Vietnamese individuals drawn to a modern lifestyle According to Kucukemiroglu (1999), lifestyle encompasses personal interests, time and resource allocation, and self-perception, distinguishing it from personality Additionally, Sjoberg & Engelberg (2005) note that lifestyle influences brand purchasing decisions, determining which brands consumers choose to buy.
Research on the compatibility of credit cards with user behavior is scarce However, compatibility is a key factor influencing behavioral intention, as noted by Rogers (2003) When users perceive a higher level of compatibility with an innovation, their likelihood of adopting it increases significantly, as supported by the findings of Scott, Plotnikoff, Karunamuni, Bize, and Rodgers.
Research indicates that the primary factor driving the intention to use mobile banking services is their compatibility with customer needs (Chemingui and Lallouna, 2013) A strong direct relationship exists between compatibility and the intention to adopt mobile banking (Wessels and Drennan, 2010) Furthermore, customers are more inclined to embrace mobile banking when they perceive it aligns with their lifestyles and preferences (Lin, 2011) According to Ilie et al (2005, cited by Lin, 2011), a higher degree of compatibility between individual needs and technological innovations enhances understanding, as it places the innovation within a more familiar context.
Liang et al (2006) highlight the appeal of using credit cards for immediate gratification while deferring payment According to Khare et al (2011), lifestyle significantly influences credit card ownership Devlin, Worthington, and Gerrard (2007) categorize credit cardholders into two groups: convenience users and installment users Furthermore, Mathew and Slocum suggest a correlation between social class and credit card usage, with higher social classes utilizing credit cards primarily for convenience, while lower social classes tend to use them for installment payments.
In 1969, Khalid noted that credit card users can be categorized into two groups: transactors and revolvers (Worthington, Stewart & Lu, 2007) Transactor users prefer credit cards over cash for payments, while individuals from low socio-economic backgrounds often utilize credit cards for financing purposes (Gan, Mayrami & Koh, 2008) Furthermore, Bernthal, Crockett, and Rose (2005) argue that credit cards symbolize a lifestyle and play a significant role in shaping consumer behavior The study indicates that credit cards not only reflect the values and lifestyle patterns of users but also empower them to attain their desired lifestyle.
This study investigates the impact of compatibility on credit card usage in Vietnam, building on previous research regarding the effects of compatibility in mobile financial services.
Hypothesis 3: There is a positive impact of compatibility on credit card use.
Risk barriers
In this study, risk barriers is security concerning when using credit card.
According to Chemingui and Lallouna (2013), risk barriers comprises the card stolen, unsecure of personal information providing, other people can access to account and credit card system is not secure.
Many scholars in their researches define about the security Polatoglu and Ekin
Reliability, safety, and privacy are essential dimensions of security (2001) According to Dukin (2000), credit cards have become the main source of unsecured open-end revolving credit, replacing traditional installment purchase plans that were vital for retail sales in previous decades Ram and Sheth (1989), as cited in Rammile & Nel (2012), highlight the risk barrier, which refers to the level of risk linked to technological innovations Arthur and Dimitris (1994) define security as protection against credit card fraud, loss or theft, and emphasize the importance of accurate billing and balances Their study indicates that security is a crucial factor for customers when selecting credit cards.
Perceived risk plays a crucial role in financial services marketing, significantly influencing consumer purchase decisions and posing challenges for service marketers (Goyal, 2008) Many online vendors offer credit card payment options, which can restrict the number of potential customers According to Park, Lee, and Ahn (2004), perceived risk in online transactions (PRT) refers to the potential risks consumers may encounter when engaging in electronic commerce Concerns about credit card information being exposed to hackers or unfamiliar vendors remain a significant security issue (Sindhav & Balazs).
The rise of public network usage has highlighted security concerns as the primary barrier to the adoption of internet banking (Tan & Teo, 2000) This emphasis on security is particularly relevant to credit card use, which is a key component of internet banking, indicating that perceived security significantly influences consumers' willingness to utilize credit cards online.
Numerous studies have explored the impact of security on credit card usage, revealing both positive and negative effects Khalid et al (2013) identified that protection against fraud and the risk of lost or stolen cards significantly influence credit card adoption Liao and Cheung (2002) highlighted confidentiality as a major concern that heightens customer risk perception Ahmed et al (2009) found that security factors greatly affect credit card use in Pakistan's banking sector A survey conducted in the USA indicated that security remains a primary barrier to internet banking (Consulting, 1996, cited by Narsi, 2007) Additionally, Narsi (2011) noted that perceived risk inhibits internet banking adoption Customers often hesitate to engage in mobile banking due to fears of making mistakes and concerns over security and potential financial loss (Laukkanen et al., 2007) Conversely, Rammile and Nel (2012) found no significant impact of risk barriers on cell phone banking adoption, a conclusion supported by Chemingui and Lallouna (2013), who also reported no influence of risk on mobile financial services.
According to data from the Vietnam State Bank, only 9 out of 41 card-issuing organizations in the country have adopted chip-based security technology (Lafferty, 2013) Additionally, the overall development of high technology in Vietnam remains limited As a result, many customers are increasingly concerned about risk barriers associated with card security.
Therefore, the following hypothesis is proposed:
Hypothesis 4: There is a negative impact of risk barriers on credit card use.
Based on the review of some related literature and hypotheses developed, the following model is proposed (see Figure 2.1)
The conceptual model and hypotheses of the research
The conceptual framework, illustrated in Figure 2.1, comprises four hypotheses (H1 to H4) that explore the relationship between independent and quantitative variables and their direct impact on credit card usage, which serves as the dependent variable.
Following are four hypotheses which are proposed for this research:
H1: There is a positive impact of bank policy on credit card use.
H2: There is a positive impact of convenience on credit card use
H3: There is a positive impact of compatibility on credit card use H4: There is a negative impact of risk barriers on credit card use.
This chapter provides a theoretical background for the concepts within the model, highlighting that credit card usage is influenced by four key factors: bank policy, convenience, compatibility, and risk barriers These factors were selected due to their interrelatedness with dependent variables closely associated with credit card use, as evidenced by prior research The following chapter will outline the methodology employed to analyze data and test the research model's hypotheses.
RESEARCH METHODOLOGY
Research process
The research process included item generation step, pilot step and main study (Hair, Black, Babin, & Anderson, 2009) which was presented in Figure 3.1.
Following the literature review in Chapter 2, a draft questionnaire was created utilizing specific measurement scales (refer to Table 3.2) The researcher then conducted in-depth interviews to further refine the questionnaire Initially designed in English, the survey was translated into Vietnamese with the assistance of language experts To ensure its effectiveness, the Vietnamese version underwent a pre-test over two weeks, involving five experts who provided feedback on its accuracy, clarity, and comprehensibility The interviews also aimed to assess the appropriateness of the selected measurement scale for research in Ho Chi Minh City, with all feedback collected to enhance the measurement scale.
The pilot survey aimed to preliminarily assess the viability of the questionnaire rather than collect data Its primary goal was to identify any necessary modifications or improvements Based on the pilot SPSS analysis and participant feedback, the final questionnaire will be revised accordingly.
The final questionnaire was distributed widely to gather data for testing the research hypotheses Participants completed the survey independently, with most items measured using a five-point Likert scale, ranging from "strongly disagree" (1) to "neutral" (3).
The questionnaire utilized a Likert scale ranging from "agree" (4) to "strongly agree" (5) and was distributed to participants via the Google Survey tool and paper formats Respondents were provided with a link to the questionnaire through email and given a two-week period to complete it A reminder email was sent two weeks after the initial invitation to encourage participation and express gratitude to those who had already submitted their responses.
Literature Draf Questionnaire In-depth Interviews
Exploratory Factor Analysis Deleted 1 item
Following was the summary of whole process for this research.
Questionnaire design
The questionnaire consisted of three sections, with the first focusing on respondents' knowledge of credit cards It began with a screening question, "Do you know what a credit card is?" This question aimed to identify the appropriate target audience for the survey If a respondent answered "No," they were deemed not suitable for the survey and were instructed to discontinue participation.
The second section examined the factors influencing credit card usage, utilizing scales developed by previous researchers To minimize bias, the names of all concepts were removed from the questionnaire, and all questions were organized in a single continuous table.
Demographics information included income, gender, age and education of the respondents was mentioned in third section Such information was used to classify and compare groups of respondents.
Table 3.1 Summarize the reference sources of measurement scale used for each factors
I apply for credit card to get free gifts
I spend using credit card to earn points and exchange for gifts
I was attracted by the cash rebate system, thus I always spend using credit card
There are more advantages with credit card payments, than with cash
It is more convenient to use credit card payment, rather than cash
Using a credit card means that I do not have to worry about taking too much cash with me
It is necessary to have a credit card with me when I travel overseas
It is safer to use credit cards payment compared to cash payment
Using credit card would be compatible with my lifestyle
Selecting credit card matches the way I like to manage my financial transactions
Selecting credit card to perform financial transactions matches the way
I think my money could be stolen easily if I use credit card
I do not feel completely secure when providing personal information while using credit card
I am worried when using credit card because other people could access my account
Credit card system is not secure
I prefer to use a credit card regularly
I occasionally use a credit card for only specific purchases
I like to use a credit card and not prefer to make payment by cash
I am thinking of applying for a new credit card
Sample size and sampling method were determined in this step.
A survey was conducted in Ho Chi Minh City, utilizing a nonprobability convenience sampling technique to select participants The target respondents for this survey were residents of Ho Chi Minh City.
For effective exploratory factor analysis (EFA), the sample size must be sufficiently large to ensure reliable statistical results According to Hair et al (2009), the minimum requirement is that the sample size should be at least five times the number of variables analyzed, with a threshold of no less than 100 participants Therefore, the sample size should meet the criteria of n ≥ 100 and n ≥ 5k, where k represents the number of variables.
The model in this study consist 5 factors with 18 variables so that the necessary sample size should be: 19*5= 95 observations.
For standard multiple regression analysis, Nguyen (2011) emphasized that the sample size must satisfy: n > 50 + 8m ( m: number of independent variables).
This research included four independent variables, necessitating a minimum sample size of 82 observations for multiple regression analysis, calculated using the formula n > 50 + 8 * 4 This formula, as noted by Green (cited in Nguyen, 2011), is suitable for models with fewer than seven variables.
Summarily, with 15 dependent variables and 4 independent variables, this research needs 100 observations at least for running EFA and regression.
For the data analysis, a minimum sample size of 100 was required, leading to the distribution of over 200 questionnaires through Google Survey to students from the International School of Business, employees of Microsoft Company, Saigon Public Lighting Company (SPLC), and friends of the researcher Additionally, 40 paper questionnaires were distributed to other respondents Ultimately, a total of 158 responses were collected, resulting in an approximate response rate of 49.1 percent.
Table 3.2 Source of data collection
Source Distributed Collected Eliminated Valid
Out of the total responses, only 118 were deemed suitable for data analysis A total of 40 responses were discarded, including 14 from participants who had no knowledge of credit cards and 26 that were invalid due to consistent or implausible answers Ultimately, 118 valid questionnaires were utilized for this research, meeting the minimum sample size requirements.
Data analysis method
Data analysis was conducted using SPSS version 16, focusing on the validity and reliability of the scale instrument through Cronbach’s Alpha analysis and Exploratory Factor Analysis.
Before conducting regression analysis, items that did not meet the criteria for reliability and validity were removed Subsequently, multiple regressions were employed to assess the correlation and quantify the influence of each independent variable on credit card usage.
This chapter outlines the selection and adaptation of measurement scale construction, sample size, and research methods used to analyze collected data A questionnaire was created for data collection and distributed both directly and via email to respondents The study was structured into three phases: an initial qualitative phase involving in-depth interviews, followed by a quantitative pilot phase, and concluding with a quantitative main survey The in-depth interviews were conducted to refine the measurement scale, leading to slight adjustments in the questionnaire for improved clarity and accuracy The main survey was carried out after revising the questionnaire based on feedback from the pilot survey The subsequent chapter will present the data analysis results from the main survey.
DATA ANALYSIS
Respondents’ demographics
The results of the demographics analysis were summarized in table 4.1.
Initial analysis of data indicated that gender was not equally between female and male Female was slight dominant with 55.93% of respondents and male was 44.07% of respondents.
The study predominantly involved young participants aged 26 to 35, accounting for 69.49% of the total sample Additionally, 12.71% of respondents were aged 19 to 25, while those aged 36 to 45 comprised 16.95% Notably, there was only one respondent over the age of 45.
Education was divided in 3 groups with post-graduated group occupied 52.54%, under-graduated group occupied 33.90% Moreover, the percentage of respondents in college group was just 13.56.
Income per month of most of respondents was rather high 35.59% respondents revealed that their income ranged from 6 to 12 million VND 27.97% respondents’ had
31 income from 12 to 18 million VND There were about 32.20% people earned more than
18 million VND every month, and the last portion with the lowest percentages 4.25% was the respondents with the income under 6 million VND per month.
Table 4.1 Respondents' characteristic Demographic profile Category Frequency Percentage (%)
Income less than 6 5 4.24 from 6 to 12 42 35.59 from 12 to 18 33 27.97 more than 18tr 38 32.20
Reliability Analysis
The reliability test for each construct in the measurement scale was a crucial step in ensuring the instrument's dependability for this research A Cronbach’s Alpha test was performed to eliminate unstandardized scale items, with a required value of at least 0.6 to confirm the reliability of each measurement item (Nguyen, 2011) Additionally, the Corrected Item-Total Correlation was significant; an item was deemed closely correlated to others in the scale if its correlation with the total of the other items exceeded 0.3, indicating its suitability for inclusion in the overall rating.
If the corrected item-total correlation for any item is negative or below 0.3, it is essential to review the measurement scale for potential wording or conceptual issues (Leech et al., 2005) In such cases, those items should be modified or removed to ensure the effectiveness of the measurement.
The study demonstrated a high internal reliability for most test items, including Bank Policy, Convenience, Compatibility, and Risk Barriers, with Cronbach’s Alpha values around 0.7 However, the Use scale had a lower reliability score of 0.582 To enhance the reliability of this scale, Item Use 4 was removed due to its corrected Item Total correlation of 0.141, which was below the acceptable threshold of 0.3 The following tables present the results after the deletion of Item Use 4.
Table 4.2 Reliability Statistics Observed Variable Scale Mean if
Scale Variance if Item Deleted
Cronbach's Alpha if Item Deleted Bank’s Policy: Cronbach's Alpha = 0.727
Exploratory Factor Analysis (EFA)
Exploratory factor analysis (EFA) was performed to confirm construct validity and examine the relationships between variables This analysis allowed the researcher to identify how a large set of items clustered together (Leech et al., 2005) In this study, EFA was conducted using Varimax rotation to eliminate items with low loadings on the construct Specifically, the convenience item was removed due to a loading factor of 0.34, adhering to the strict criterion of deleting factors with loadings below 0.5.
Table 4.3 KMO and Bartlett's Test of Independent Variables
Table 4.3: KMO and Bartlett's Test
Kaiser-Meyer-Olkin Measure of Sampling Adequacy .756
The KMO value of 0.756, exceeding the threshold of 0.7 as indicated by Nguyen (2011b), confirms that there are sufficient items to measure each construct Additionally, the significant Bartlett’s test, with a significance value below 5%, further supports the strong correlation among the variables, making them suitable for factor analysis Overall, the diagnostic tests demonstrate that the data is appropriate for factor analysis.
Table 4.4: Rotated Component Matrix a for Independent Variable
Risk barrier 3 0.860 Risk barrier 4 0.731 Risk barrier 2 0.697 Risk barrier 1 0.633
The Rotated Component Matrix (Table 4.4) displayed the factor loadings for all items, which exceeded 0.5, indicating strong associations A total of 14 items across four independent variables were effectively grouped into distinct components based on high loadings Each construct's items were clearly categorized into a single component, demonstrating that they were well conceptualized and did not overlap with other components.
In addition, the cumulative of the four factors accounted for 64.052 percent of variance (Table 4.5) It meant that more than a half of variance could be explained by four factors.
Table 4.5: Total Variance Explained of Dependent Variables
Component Total Variance % Total Variance Cumulative % Total Variance %
The KMO value of 0.637 indicates an acceptable level of sampling adequacy for measuring each construct (Nguyen, 2011) Additionally, the significant Bartlett’s test result, with a significance value below 5%, confirms that the variables are well correlated.
Table 4.6: Table KMO and Bartlett's Test
Kaiser-Meyer-Olkin Measure of Sampling Adequacy .637
As shown in the table 4.7 the total 3 items of dependent variable clustered into one component This showed that the items of this construct were very well conceptualized.
Table 4.7: Rotated Component Matrix for Dependent Variable
Table 4.8 reveals that one factor accounts for 63.581% of the Total Variance Explained, indicating that this factor explains more than half of the variance in the data.
Table 4.8: Total Variance Explained of Independent Variables
Initial Eigenvalues Extraction Sums of Squared Loadings
A multiple regression analysis was performed to test hypotheses 1 to 4, with bank policies, convenience, compatibility, and risk barriers as independent variables and credit card usage as the dependent variable Prior to conducting the multiple regressions, it was essential to ensure that all necessary assumptions were met.
Leech et al (2005) claimed five main assumptions:
Assumption 1: No significant outliers or influential points
Assumption 2: The residuals were independent
Assumption 3: The linear relationship between independent variables and dependent variable occurred
Assumption 4: The residual was distributed normally
Assumption 5: No multicollinearity among independent variables
Case Number Std Residual use Predicted
According to Table 4.9, case number 59 was outlier because its standard residual was equal -3.555 < -3 So, this case number would be removed.
The data was checked again to find out any cases with outliers After checking again, there were no more significant outliers So now this data could be processed. Assumption 2
To evaluate the independence of residuals, the Durbin-Watson statistic was analyzed, with optimal values typically near 2 As indicated in Table 4.10, the Durbin-Watson value was found to be 2.242, confirming that the second assumption was met satisfactorily.
The overall regression plot shape is crucial for testing assumptions As shown in Figure B1 in Appendix B, the residuals resemble two equal-sided bells with a mean close to zero Additionally, the majority of plots in Figure B2 are aligned in a linear distribution, providing strong support for this assumption.
The validity of the assumption regarding the normal distribution of residuals can be confirmed by examining the residual scatterplot chart A random distribution of residuals around the zero value indicates that the data adheres to this assumption As illustrated in Figure B3 of Appendix B, this assumption was upheld in the current research.
Multicollinearity is a crucial assumption to address before conducting multiple regression analysis It occurs when independent variables exhibit a high degree of inter-correlation, which can impact the reliability of the regression results (Leech et al.).
2005) In other words, multicollinearity would appear when there was the overlapping of information between two or more predictors To investigate this issue, correlation matrix would be quite useful.
Con Bank com Risk use
** Correlation is significant at the 0.01 level (2-tailed).
* Correlation is significant at the 0.05 level (2-tailed). c Listwise N7
The Pearson test results from the Correlations matrix indicated a value lower than 0.8, suggesting a low likelihood of multicollinearity However, the Correlation matrix occasionally fell short in detecting multicollinearity, making the variance inflation factor (VIF) a more reliable indicator for this issue Consequently, it is essential to focus on the VIF values presented in the Coefficients table (refer to Table 4.12) to draw the most accurate conclusions.
In summary, the data almost met all the required assumptions Therefore, all predictors were qualified enough for multiple regression analysis.
Results of multiple regression analysis
This research used the enter method to compute multiple regression It meant all four predictors would be input simultaneously for considering their impact on dependent variable.
Std Error of the Estimate
1 785 a 616 602 41492 2.242 a Predictors: (Constant), risk, con, bank, com
The Model Summary table 4.11 presented the multiple correlation coefficient (R) was 0.785, R Square was equal 0.616 and adjusted R Square was 0.602, showing that
60.2 % of the variance in credit card use could be predicted from four independent variables In other words, the model of this study was strongly fit.
Squares df Mean Square F Sig.
55.455 117 a Dependent Variable: use b Predictors: (Constant), bank, com, risk, con
The dependent variable could be predicted by four independent variables with the value of F was 43.266 and significance value was lower than 0.05 in Table 4.12.
B Std Error Beta Tolerance VIF
1 con 532 072 528 7.362 000 679 1.474 com 332 082 288 4.067 000 697 1.436 risk -.082 061 -.082 -1.352 179 957 1.045 a Dependent Variable: use
Table 4.13 presents the coefficients of multiple regression, highlighting the variance inflation factor (VIF) to assess multicollinearity among predictor variables According to Hair et al (2009), VIF values above 4 indicate potential issues, while values exceeding 10 suggest serious multicollinearity In this analysis, all VIF values ranged from 1.049 to 1.464, indicating that multicollinearity did not pose a threat to the validity of the final results.
Hypothesis 1: There is a positive impact of bank policy on credit card use
The analysis revealed a Beta value of 0.124 and a Sig value of 0.042 for bank policy, indicating a significant positive relationship with credit card usage Supporting this, Teoh et al (2013) found that benefits provided by issuing banks significantly influence the spending behavior of credit card holders in Malaysia Consequently, the findings validate Hypothesis 1 of the research model.
Hypothesis 2: There is a positive impact of convenience on credit card use
The analysis in Table 4.13 indicates that the Beta value for convenience is 0.539, with a significance value of 0.00, confirming its positive impact on the adoption and use of credit cards This finding aligns with Khare et al (2011), who identified convenience as a key predictor of credit usage The strong correlation between this study's results and Khare et al.'s previous research supports Hypothesis 2 of the model.
Hypothesis 3: There is a positive impact of compatibility on credit card use
This analysis highlights a significant relationship between perceived compatibility and credit card usage, revealing that increased income allows customers to enhance their lifestyle and pursue higher standards of enjoyment Lee and Kwon (2002) identified lifestyle trends as a key factor influencing credit card adoption With a β value of 0.307 and a p-value of 0.00, the findings confirm hypothesis 3, underscoring the importance of lifestyle changes in credit card utilization.
Hypothesis 4: There is a negative impact of risk barriers on credit card use
CONCLUSION, IMPLICATIONS, AND LIMITATIONS
Conclusion
This study explores the relationship between credit card usage among customers in Ho Chi Minh City and key influencing factors, including bank policies, convenience, compatibility, and risk barriers These factors were identified through a thorough review of existing research on credit card utilization and mobile financial services.
The previous chapter reveals a positive relationship between bank policy, convenience, and compatibility with credit card usage, while the influence of risk barriers remains unconfirmed This aligns with Rammile & Nel's (2012) study, which also found that risk barriers do not negatively impact the use of mobile financial services Among the various factors examined, perceived convenience emerges as the most significant influence positively affecting credit card usage.
Ho Chi Minh City with β = 0.539, followed by compatibility perceived with β = 0.307 and policies is provided by bank with β = 0.124.
This empirical research provides valuable insights into the factors influencing credit card usage in Ho Chi Minh City Additionally, it offers practical recommendations for credit card issuers to develop effective marketing strategies tailored to their business needs.
Managerial Implications
This study, though based on a sample of only 118 credit card holders, reveals valuable insights that can aid credit card providers in understanding customer expectations By leveraging these findings, providers can enhance their product features and refine their marketing strategies, ensuring their offerings align more closely with customer needs.
This study supports the relationship between bank policies and credit card usage, highlighting that the benefits offered by banks significantly influence consumer behavior In a competitive landscape, both banks and non-banks provide various incentives to attract credit card holders, which directly impacts customer adoption and usage, as noted by Zinman (2009) Since bank policies are objective factors affecting credit card adoption, consumers are inclined to favor banks with attractive offerings Additionally, Khare et al (2011) suggest that customers are likely to spend more when cash rebates or point-earning systems are in place Consequently, credit card providers in Vietnam should consider implementing more policies and promotional programs to encourage both potential and existing customers to apply for new credit cards.
This study on credit card usage in Ho Chi Minh City aligns with previous research, highlighting that the perception of convenience significantly influences credit card adoption These findings are consistent with the work of Khare et al (2011) and Maysami and Williams, reinforcing the importance of convenience in consumer behavior regarding credit cards.
Despite Vietnam's cash-centric culture, many respondents in a 2002 study recognized the advantages and convenience of credit card usage, particularly during travel A significant number agreed that having a credit card is essential when traveling abroad, indicating prior international travel experiences that highlighted the card's usefulness This suggests that banks and financial institutions should implement advertising campaigns to enhance customer awareness of the benefits of credit cards.
The findings on compatibility are crucial for banks to enhance the appeal of their credit cards by emphasizing how these cards align with consumers' jobs and lifestyles in their promotional efforts To succeed in this initial phase, credit card providers should offer customers the chance to trial their cards, helping them become more familiar with their use Additionally, focusing on the emotional benefits in promotional campaigns can enhance customers' enjoyment and overall experience with credit cards.
This study provides valuable insights into the effects of bank policies, convenience, and compatibility on credit card usage among consumers in Ho Chi Minh City It enhances existing theories in the credit card industry by identifying key factors influencing credit card adoption Additionally, the research offers practical recommendations for credit card marketers, enabling them to develop effective marketing strategies tailored to their target audience.
Limitations and future research
The data for this study were conveniently selected from friends and colleagues of the author, primarily from the middle to upper class in Ho Chi Minh City, which limits its representativeness of the broader population Additionally, the small sample size raises concerns about the generalizability of the findings Future research should aim for a larger sample size that includes diverse demographic groups to draw more robust conclusions regarding the relationships between the variables.
Ho Chi Minh City presents a promising market for credit card issuers; however, other regions in Vietnam also offer significant opportunities for banks to expand their services Future research should consider broadening the scope to encompass the entire country or analyze the variations in credit card usage across different areas.
Future research should focus on the impact of financial risks and transaction costs influenced by social trends, as emerging fashion trends may lower customers' perceived risk and enhance their willingness to use credit cards.
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Hoa Phan, a Master's student at the University of Economics Ho Chi Minh City, is conducting research on the factors influencing credit card usage among customers in Ho Chi Minh City To aid in this study, please complete the short questionnaire about your credit card usage behavior.
It should take you no longer than 10 minutes to finish this questionnaire Although your response is extremely important to my research, your participation in this survey is entirely voluntary.
We ensure that your personal information remains confidential and will not be shared without your consent If you have any questions or concerns regarding this study, including scientific inquiries or procedural guidance, please feel free to reach out via email at ptahoa@yahoo.com.vn or by phone at +84 916920099.
This section of the questionnaire explores your knowledge regard to credit cards.
1 Have you known credit card?
If your answer for question 1 is No, you can stop your work here Thank you for your co-operation in completing this questionnaire.
If your answer for question 1 is Yes, please continue answering the questions in Section
This section explores your behavior to credit card use.
To what extent do you agree with each of the following statements, please indicate
60 your answer using the following 5-point scale where:
1 I apply for credit card to get free gifts 1 2 3 4 5
I spend using credit card to earn points and exchange for gifts 1 2 3 4 5
3 I was attracted by the cash rebate system, thus I always spend using credit card 1 2 3 4 5
4 There are more advantages with credit card payments, than with cash 1 2 3 4 5
It is more convenient to use credit card payment, rather than cash 1 2 3 4 5
Using a credit card means that I do not have to worry about taking too much cash with me
7 It is necessary to have a credit card with me when I travel overseas 1 2 3 4 5
It is safer to use credit cards payment compared to cash payment 1 2 3 4 5
9 Using credit card would be compatible with my lifestyle 1 2 3 4 5
10 Selecting credit card matches the way I like to manage my financial transactions 1 2 3 4 5
11 Selecting credit card to perform financial transactions matches the way I do my job 1 2 3 4 5
12 I think my money could be stolen easily if
I do not feel completely secure when providing personal information while using credit card 1 2 3 4 5
I am worried when using credit card because other people could access my account 1 2 3 4 5
15 Credit card system is not secure 1 2 3 4 5
16 I prefer to use a credit card regularly 1 2 3 4 5
17 I like to use a credit card for specific purchases 1 2 3 4 5
18 I like to use a credit card and not prefer to make payment by cash 1 2 3 4 5
I am thinking of applying for a new credit card 1 2 3 4 5
This section of the questionnaire refers to background or biographical information The information will allow me to classify and compare groups of respondents.
4 Income per month (1,000,000vnd / month) from 12 to 18 han 18tr
Thank you for your co-operation in completing this questionnaire!
Tôi tên Phan Thị Ái Hoa, hiện đang là học viên cao học của Trường Đại Học Kinh Tế
Tôi đang tiến hành nghiên cứu về hành vi sử dụng thẻ tín dụng của khách hàng tại TP Hồ Chí Minh Rất mong Anh/Chị dành khoảng 10 phút để hoàn thành phiếu khảo sát này Câu trả lời của Anh/Chị sẽ đóng góp quan trọng cho nghiên cứu, tuy nhiên việc tham gia khảo sát hoàn toàn tự nguyện.
Chúng tôi cam kết bảo mật thông tin cá nhân của bạn Nếu bạn có bất kỳ câu hỏi nào trong quá trình thực hiện khảo sát, hãy liên hệ với tôi qua email ptahoa@yahoo.com.vn hoặc gọi số điện thoại 0916920099.
Xin trân trọng cảm ơn,
Phần này tìm hiểu về kiến thức của Anh/Chị về thẻ tín dụng.
1.Bạn có từng biết các loại thẻ tín dụng không?
Nếu bạn trả lời câu hỏi đầu tiên là Không, bạn có thể ngừng tham gia khảo sát tại đây Chúng tôi chân thành cảm ơn sự hỗ trợ của bạn.
Nếu câu trả lời của Anh/Chị cho câu 1 là Có, xin Anh/Chị vui lòng tiếp tục trả lời các câu hỏi ở phần B và phần C.
Phần này khảo sát về hành vi sử dụng thè tín dụng.
Xin vui lòng cho biết mức độ đồng ý của bạn với các phát biểu dưới đây bằng cách đánh dấu (X) vào ô tương ứng: Ô số 1: Hoàn toàn không đồng ý, Ô số 2: Không đồng ý, Ô số 3: Trung dung, Ô số 4: Đồng ý, Ô số 5: Hoàn toàn đồng ý.
1 Tôi đăng kí sử dụng thẻ tín dụng để nhận được quà tặng 1 2 3 4 5
Tôi thanh toán bằng thẻ tín dụng để tích lũy điểm để đổi quà 1 2 3 4 5
Tôi bị thu hút bởi hệ thống tích lũy điểm để được trả lại tiền mặt, vì vậy tôi luôn luôn thanh toán bằng thẻ tín dụng 1 2 3 4 5
Thanh toán bằng thẻ tín dụng có nhiều lợi ích hơn so với thanh toán tiền mặt 1 2 3 4 5
5 Thanh toán bằng thẻ tín dụng thuận tiện hơn so với thanh toán bằng tiền mặt 1 2 3 4 5
Sử dụng thẻ tín dụng giúp tôi giảm áp lực vì không phải đem theo nhiều tiền mặt 1 2 3 4 5
7 Tôi thấy thẻ tín dụng rất hữu ích khi đi nước ngoài 1 2 3 4 5
8 Sử dụng thẻ tín dụng an toàn hơn sử dụng tiền mặt 1 2 3 4 5
Sử dụng thẻ tín dụng phù hợp với phong cách sống của tôi 1 2 3 4 5
10 Sử dụng thẻ tín dụng phù hợp với cách thức quản lí tài chính của tôi 1 2 3 4 5
11 Sử dụng thẻ tín dụng để thanh toán phù hợp với công việc của tôi 1 2 3 4 5
Khi sử dụng thẻ tín dụng, tôi nghĩ tôi có thể bị mất tiền 1 2 3 4 5
Việc tiết lộ thông tin cá nhân khi thanh toán bằng thẻ tín dụng làm tôi cảm thấy bất an
Tôi thấy lo lắng khi sử dụng thẻ tín dụng vì người khác có thể truy cập vào tài khoản của tôi 1 2 3 4 5
Hệ thống thẻ tín dụng không đảm bảo an toàn 1 2 3 4 5
Tôi thích sử dụng thẻ tín dụng thường xuyên 1 2 3 4 5
17 Tôi thích sử dụng thẻ tín dụng để thanh toán cho những lần mua hàng đặc biệt 1 2 3 4 5
Tôi thích sử dụng thẻ tín dụng và không muốn thanh toán bằng tiền mặt 1 2 3 4 5
19 Tôi dự dịnh đăng kí thẻ tín dụng mới 1 2 3 4 5
III Phần C – Thông tin cá nhân
Phần này yêu cầu cung cấp thông tin cá nhân để phục vụ cho việc phân loại và so sánh các nhóm đối tượng khảo sát Xin Anh/Chị vui lòng chia sẻ một số thông tin cần thiết.
Phổ thông trung học Cao đẳng Đại học Sau đại học
4 Thu nhập hàng tháng (VNĐ/tháng) ít hơn 6 triệu từ 6 triệu đến 12 triệu từ 12 triệu đến 18 triệu nhiều hơn 18 triệu
CẢM ƠN ANH CHỊ ĐÃ THAM GIA KHẢO SÁT -
APPENDIX C: Histogram, Normal Regression & Scatter plot of Dependent
Figure B2: Normal Plot of Use