(TIỂU LUẬN) AN EXAMINATION OF FACTORS AFFECTING CONTINUANCE USAGE INTENTION OF AIRPAY e WALLET APPLICATION IN HO CHI MINH CITY

VIETNAM NATIONAL UNIVERSITY – HOCHIMINH CITY INTERNATIONAL UNIVERSITY SCHOOL OF BUSINESS AN EXAMINATION OF FACTORS AFFECTING CONTINUANCE USAGE INTENTION OF AIRPAY E-WALLET APPLICATION IN HO CHI MINH CITY In Partial Fulfillment of the Requirements of the Degree of BACHELOR OF ARTS in BUSINESS ADMINISTRATION Student’s name: Advisor: Ho Chi Minh City, Vietnam 2021 TABLE OF CONTENTS ACKNOWLEDGEMENTS TABLE OF CONTENTS LIST OF TABLES LIST OF FIGURES ABSTRACT CHAPTER I INTRODUCTION 1.1 Background 1.2 AirPay 10 1.3 Problem statement 12 1.4 Research Objective 13 1.5 Research Question 14 1.6 Significance and Implications 14 CHAPTER II 15 LITERATURE REVIEW 15 2.1 Technology Acceptance Model (TAM) Theory 15 2.2 Main Related Research and Model 15 2.3 Perceived Benefit 17 2.4 Information Quality 18 2.5 Perceived privacy protection and Perceived security protection 19 2.5.1 Perceived privacy protection 20 2.5.2 Perceived security protection 21 2.6 Trust 22 2.5 Research Model and Hypotheses 25 CHƯƠNG III 27 METHODOLOGY 27 3.1 Research Process 27 3.2 Research Methodology 27 3.3 Questionnaire Design 28 3.4 Sampling Method and Data Collection 30 3.5 Data Analysis Techniques 31 CHAPTER IV 32 DATA ANALYSIS AND RESULTS 32 4.1 Demographic Information 32 4.1.1 Gender 32 4.1.2 Age 33 4.1.3 Level of Education 33 4.1.4 Distribution of Occupation 34 4.1.5 Income 34 4.2 Descriptive Statistic 35 4.2.1 Perceived benefit 35 4.2.2 Information quality 36 4.2.3 Perceived privacy protection 37 4.2.4 Perceived security protection 37 4.2.5 Trust 38 4.2.6 Continuance intention 38 4.3 The Assessment of Measurement Model 39 4.3.1 Construct Reliability Test 39 4.3.2 Construct Validity Test 40 4.4 The Assessment of Structural Model 42 4.4.1 Collinearity Statistics 42 4.4.2 Coefficient of Determination (R square) 43 4.4.3 Effect Size (f square) 44 4.4.4 Direct Effect 45 4.4.5 Indirect Effect 47 4.4.6 Total Effect 48 CHAPTER V 50 DISCUSSION AND RECOMMENDATION 50 5.1 Discussion of Results 50 5.1.1 Impact of Perceived Benefit on Trust and Continuance Intention 50 5.1.2 Impact of Information Quality on Trust and Continuance Intention 51 5.1.3 Impact of Perceived Privacy Protection on Trust and Continuance Intention 51 5.1.4 Impact of Perceived Security Protection on Customers’ Trust and Continuance Intention 52 5.1.5 Impact of Trust on Continuance Intention 53 5.2 Contribution 54 5.3 Research Limitations and Recommendations for Further Research 55 5.4 Conclusion 56 REFERENCES 57 LIST OF TABLES Table 1: Summaries of Main Constructs 24 Table 2: Measurement Scale 28 Table 3: Distribution of Gender 32 Table 4: Distribution of Age 33 Table 5: Distribution of Educational Level 34 Table 6: Distribution of Occupation 34 Table 7: Distribution of Income 35 Table 8: Descriptive statistics of Perceived benefit 36 Table 9: Descriptive statistic of Information quality 36 Table 10: Descriptive statistics of Perceived privacy protection 37 Table 11: Descriptive statistics of Perceived security protection 37 Table 12: Descriptive statistics of Trust 38 Table 13: Descriptive statistics of continuance intention 38 Table 14: Outer loadings of Items 39 Table 15: Results of Internal Consistency 40 Table 16: Average Variance Extracted (AVE) of constructs 41 Table 17: Discriminant Validity 42 Table 18: Collinearity statistics (VIF values) of constructs 43 Table 19: Coefficient of Determination 44 Table 20: Effect size of predictor constructs 45 Table 21: Path Coefficients of the Model 46 Table 22: Indirect Effects on Continuance Intention 48 Table 23: Total Effects 49 LIST OF FIGURES Figure 1: 21 Banks linking to AirPay e-wallet app Figure 2: Affiliated services and online payment portals of AirPay Figure 3: The mode applied in the study of Made Darmiasih and Putu Yudi Setiawan (2020) Figure 4: Research Model Figure 5: Research process Figure 6: Path Structural Relationship ABSTRACT E-wallets are gradually becoming more popular in Vietnam in recent years The main objective of the study is to explore factors affecting users' continuance intention toward using the AirPay e-wallet in Ho Chi Minh City Specifically, the study focused on five main factors including information quality, trust, perceived privacy protection, perceived benefit, and perceived security protection The survey questionnaire was distributed in HCMC to collect data from 301 respondents The research applied "Partial least squares structural equation modeling (PLS-SEM)" to analyze data The findings indicated that perceived benefit has a positive and significant influence on customers’ continuance intention but has no impact on trust Besides, the information quality has a significant impact on customer trust but has no direct effect on continuance intention Perceived privacy protection positively and significantly influences trust and continuance usage intention Additionally, a significant impact of perceived security protection on customers’ trust and their continuance usage intention was also proved Moreover, the results indicated the strong and positive effect of trust on users’ continuance intention The findings can be a helpful source for the AirPay provider in developing customer retention strategies Regarding theoretical contribution, the study added a new factor, perceived benefit, and built a proposed model based on the model developed by Darmiasih & Setiawan (2020) to examine antecedents of continuance intention toward using AirPay e-wallet in the Vietnamese context Keywords: continuance intention, perceived privacy protection, information quality, perceived benefit, perceived security protection, trust, HCMC CHAPTER I INTRODUCTION 1.1 Background In the information age, people approach technology gadgets to access the Internet such as laptops, smartphones, computers, tablets, etc more and more popular According to Appota, an entertainment technology solution company in Vietnam, in 2018, there are 72% of Vietnamese owning a smartphone, 68% of the population using smartphones to access the Internet, 25% of people using mobile devices to access the Internet daily The results in the Global Consumer Insights Survey 2019 of PricewaterhouseCoopers (PwC) showed that in Vietnam, the rate of consumers utilizing mobile payments increased from 37% (2018) to 61% (2019) and this is also the highest increase among surveyed Southeast Asian countries (including Vietnam, Thailand, Malaysia, Philippines, Singapore, and Indonesia) Statistical figures provided by the State Bank of Vietnam stated that in 2020 the data on payment transactions made via mobile phones was approximately 918.8 million transactions that are equivalent to nearly 9.6 million billion VND (up 123.9% in number and 125, 4% in value compared to 2019) Revenue from the digital payment market in 2020 has grown by 14.2% year-on-year, equivalent to the U.S $ 8,904 million; the number of users also increased up to 36.2 million, up 12.1% against last year This fact indicates that Vietnam is a potential market for mobile payment service providers Digital payment is considered a convenient and secure alternative means for paying in cash Electronic wallet (E-wallet) is one of the digital payment methods that is growing and becoming more popular with Vietnamese in recent years An e-wallet can be considered as a physical wallet but under the digital form It is an application or online service that allows customers to make financial transactions such as sending and receiving money, paying utility bills, paying online for products and services, etc., without using a physical payment card, physical wallet, or cash The users can easily handle such financial transactions at any time of day by depositing an amount into their e-wallet account from a debit card, transaction points of the e-wallet, or internet banking Online transactions and payments on digital wallets are applied on multi-channels including customer-tobusiness (C2B), customer-to-customer (C2C), or customer-to-machine, etc (Shin, 2009; Phuong et al., 2020) An e-wallet is like a personal folder containing user information that is asked by the service provider to make sure the transactions security (Chawla, 2019) According to Widodo et al (2019), these are regarded as quick and effective payment tools that can drive the development of a cashless society Customers can be attracted to make non-cash payments by appealing easy, and useful systems of e-wallets (Hutami, 2019) The emergence of many e-wallets such as Momo, AirPay, Moca, Viettelpay, VNPay, Payoo, PayPal, ZaloPay, etc., has helped to make mobile payments more popular in Vietnam In 2020, the State Bank of Vietnam has licensed 35 organizations to provide ewallet services These are a modern payment model that enables customers to conduct financial transactions successfully on their smartphones without worrying about personal information leaking Besides, Vietnam's economy tends to grow rapidly and strongly recently, leading to a significant increase in the demand for services in the financial industry Especially, in 2020, the Covid-19 pandemic has made the rate of non-cash payments through Internet banking, mobile banking, and digital wallet systems grow rapidly Numerous policies like social isolation, social distancing, physical distancing are the effective measures issued by the Vietnamese state to respond to the spread of SARS-CoV-2 In this context, the use of digital transactions and electronic payments has been strongly encouraged everywhere in the country to minimize health risks and reduce physical contact from visiting bank branches This also contributes to facilitating the formation of the cashless society trend in Vietnam 1.2 AirPay AirPay is a mobile e-wallet application that is developed by AirPay Joint Stock Company, licensed by the State Bank of Vietnam to provide payment intermediary services in December 2015 AirPay's system is developed following the PCI DSS standard (Payment Card Industry Data Security Standard); therefore, AirPay can prevent information leaking and data theft issues based on its tight security system So far, AirPay 10 has directly linked with 21 domestic banks which allow users to deposit and withdraw money from their bank account into their e-wallet at any time and anywhere (Figure 1) AirPay provides various electronic services on its application for free such as phone top-up, money transfer, utility bill payments, insurance payment, etc Besides, AirPay also joins in a diverse ecosystem when affiliating with big partners like Shopee, Garena, Now Delivery, Ocha, CGV, etc (Figure 2); and AirPay offers numerous promotions for customers using AirPay to make payments on these affiliated platforms such as freeship codes, vouchers, discount Especially, AirPay gains a great advantage with cooperation with two big Shopee and Now.vn Shopee is the top e-commerce app in Vietnam with very high visits each month, meanwhile, Now is also one of the most popular delivery service providers in Vietnam These two big always encourage their customers to make payments via AirPay e-wallet by offering many attractive deals for AirPay users; therefore, this helps AirPay acquire a huge amount of users, increase its market share, and enhance brand awareness in just a few years So far, AirPay is among the most well-known e-wallet applications in Vietnam Figure 1: 21 Banks linking to AirPay e-wallet app 11 Figure 2: Affiliated services and online payment portals of AirPay 1.3 Problem statement Electronic wallet service providers are trying to affiliate with more retail points to expand their payment networks and gain a competitive advantage Although the rapid development of digital wallets has caught many users' attention, maintaining their continuance usage intention is still a big problem for service providers Retaining customers and maintaining their continuance usage are among the most important targets for organizations providing mobile payment services (Zhou, 2013) There are many previous studies investigating the factors influencing mobile payment continuance usage intention; however, there are few studies about this topic for specific cases in Vietnam This could be explained by the fact that in Vietnam, mobile wallets have only thrived 3-4 years ago Particularly, in Vietnam, there is a large proportion of people still in the habit of paying in cash who often lack confidence in online transaction services and mobile payments They probably think that electronic financial transactions are easily affected by unstable conditions such as technical errors, unstable internet connections, or poor security Many people hesitate to continue using these services because of possible significant risks (Ryu, 2018) Therefore, enhancing customer trust is an important issue which AirPay should go over it seriously and have suitable solutions to improve customers' attitude and increase their loyalty as well Moreover, the large potential market in Vietnam has promoted competition strongly with the participation of many new mobile payment service providers According to IDC, in Vietnam, e-wallets are expected to thrive in the period of 2022 - 2030, especially in younger generations making payments via smartphones Therefore, to gain 12 Besides, perceived privacy protection was also proved that it has a positive and significant influence on customers' continuance usage intention (β = 0.223, T-value = 3.446, p-value = 0.001) These findings are in line with conclusions of many previous studies by Kotte (2015); Putri (2016); Fatikasari (2018); Stewart & Jürjens (2018); Darmiasih & Setiawan (2020); proving that the perceived privacy protection factor positively and significantly influence customer trust Additionally, the findings of the research are consistent with studies of Kotte (2015), Darmiasih & Setiawan (2020) confirming that perceived privacy protection has a significant and positive influence on users’ continuance intention In the context of this study, perceived privacy protection is one of the main factors having a great effect on the trust and continuance intention of users in Ho Chi Minh City Overall, customers relatively satisfied with the privacy protection of AirPay Customers clearly understand the purpose of data collection of AirPay (mean = 4.21) They believe that AirPay strictly keeps their personal information confidential (mean = 3.91) Users also believe that AirPay will not use their personal information for other unorthodox purposes (mean = 3.85) Moreover, they think that AirPay can protect their personal information from hackers' access (mean = 3.87) When using e-wallet applications, users are often concerned about their personal information being misused To avoid possible privacy problems, service providers must improve the privacy protection system Specifically, to enhance the perceived privacy protection of users, the AirPay provider should develop a strict privacy policy and restrict the disclosure of personal information in any case Customers will be more confident in using AirPay services if their confidential and personal information is protected strictly This also helps to minimize users' apprehension about providing personal information for the AirPay provider and customers are also willing to choose to continue using AirPay's financial services in the future 5.1.4 Impact of Perceived Security Protection on Customers’ Trust and Continuance Intention Another essential factor that has a great and positive influence on customer trust is perceived security protection (H8 was supported with β = 0.255, T-statistic = 4.066, pvalue = 0.000) This result was also proved in previous studies of Kasim (2017), Nelloh et al (2019), confirming the significant impact of perceived security protection on 52 customer trust Fatikasari (2018) and Darmiasih & Setiawan (2020) also draw the same conclusion that is trust is impacted positively and greatly by the perceived security protection Besides, perceived security protection also was proved that it is an important factor affecting the continuance usage intention of users (H7: β = 0.137, T-statistic = 2.094, pvalue = 0.037) This finding was strongly supported by previous studies of Trivedi & Yadav (2018); Nelloh et al (2019); Darmiasih & Setiawan (2020); Kinasih & Albari (2012) who proved perceived security protection significantly influence customers’ intention to continue using Most customers are very concerned about the security of financial transactions and account protection when conducting transactions on e-wallets The perceived security protection becomes users' primary concern They worry that whether using e-wallet systems has hidden risks to sensitive information and threatens the financial budget In the context of this study, the results show that users in Ho Chi Minh city agreed that AirPay has good payment security (mean = 3.94), good protection of financial transactions from errors (mean = 3.86) and unauthorized manipulation (mean = 3.92) and protect their account from unauthorized access (mean = 3.99) These indicate that AirPay has done quite well in terms of security protection to make customers feel secure in using financial transactions However, AirPay still must continuously improve the security system, strengthen the safety and security of financial transactions and private accounts of customers With such a highly secure platform, customers may have more confidence in using the AirPay e-wallet When customers feel that the security system has met their expectations, they will be willing to continue using AirPay in their daily life Increased perceived security will boost customer trust and encourage them to use the e-wallet continuously in the future (Kumar, 2018) Perceived security protection is the essential factor affecting the development of AirPay in the long run 5.1.5 Impact of Trust on Continuance Intention One of the factors that have the most influence on customers' continuance usage intention is trust The result of this study has proved customer trust has a strong and positive impact on intention to continue using AirPay e-wallet (H9: β = 0.407, T-value = 53 6.394, p-value = 0.000) This finding is in line with the conclusions of previous studies by Gong et al (2018); Trivedi & Yadav (2018); Nelloh et al (2019); Darmiasih & Setiawan (2020) which proved the significant effect of customer trust on their continuance usage intention Additionally, Suandana et al (2016) and Zhou et al (2018) confirmed the same conclusion indicating trust has a positive and great influence on the continuance usage intention of customers In the context of this study, users in Ho Chi Minh city have relative trust in the financial services of the AirPay e-wallet (mean = 3.97) Customers feel that they were offered reliable and secure financial services by AirPay (mean = 4.05, 3.85, respectively) Moreover, they believe that AirPay is capable and efficient in providing financial services (mean = 4.03) These are good signs for AirPay to develop and maintain customers' continuance intention toward using its services The more trust customers have in AirPay's financial services, the more willing they are to use them in the future Services provided by e-wallet systems are personal experiences; therefore, service providers should concentrate on improving relationships based on trust to improve long-term connections with users (Sharma & Sharma, 2019) 5.2 Contribution From the analysis and discussion in the previous sections, this study has made several helpful contributions to the AirPay provider These contributions can be also helpful for other e-wallet service providers First, about theoretical contributions, this study explored a new factor, perceived benefit, based on the proposed model of Darmiasih & Setiawan (2020) This new factor has not ever been examined in previous studies about customers' continuance usage intention toward e-wallets in the Vietnamese context In this study, the findings confirmed that perceived benefit is one of the essential factors that have a significant influence on the intention to continue using the AirPay in HCMC It is the factor that should be carefully considered in developing customer retention strategies Second, regarding practical contribution, the study provides a deeper understanding of the factors that have a significant influence on customers' intention to continue using an ewallet Based on the findings, the service provider can choose which key factors need 54 improvement and development to retain customers in the long run Besides the factors of perceived benefits, perceived privacy, information quality, and perceived security are also a very essential factor leading to customers' intention to continue using mobile payment AirPay and other service providers should be more strategic and actionable to develop compelling benefits to attract and retain users Another extremely important factor that service providers need to focus on is customer trust Providers should concentrate on the main factors that have a significant influence on users’ trust such as perceived privacy and security protection to improve customer trust as well as maintain long-run relationships with customers AirPay and other service providers must have insight understanding their customers such as demographic information, their expectations, etc Thereby, improving the e-wallet system to meet the need and expectations of users as well as enhance customers' experiences and trust 5.3 Research Limitations and Recommendations for Further Research The study has some limitations First, this study was analyzed based on crosssectional data It is a limitation since the phenomenon is only observed at one moment in time and it cannot represent a more general picture Data collection process based on a convenience sample approach from users in HCMC This method suited the study's condition and helped save cost and time However, this also made a limitation when the collected sample cannot represent the population so that it creates a constraint in generalizing the findings (Bryman & Bell, 2003) Besides, the distribution of survey questionnaires has not yet reached many customers in diverse segments The majority of respondents are students and office workers This may lead to findings that cannot be the most accurate and comprehensive To have an insight picture, further research is recommended to collect data from respondents in diverse segments in more locations This may contribute to making data be more comprehensive about demographic information (age, education level, gender, etc.) Besides, there are many factors that may have a positive impact on trust and continuance usage intention such as social influence, service quality, etc.; therefore, future research can consider exploring more new other factors 55 5.4 Conclusion Based on the findings and discussion, perceived privacy, perceived benefit, trust, and perceived security protection 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Tôi tên Vũ Thị Hồng Hạnh, sinh viên năm cuối trường Đại học Quốc Tế - Đại học Quốc Gia TP.HCM Trong thời gian này, tiến hành thực khảo sát “Các yếu tố ảnh hưởng đến ý định tiếp tục sử dụng ví điện tử AIRPAY người dùng thành phố Hồ Chí Minh” nhằm phục vụ cho nghiên cứu luận văn tốt nghiệp Đối tượng nghiên cứu nhắm tới khách hàng sử dụng ví điện tử AirPay Để có nhìn khách quan sâu sắc vấn đề, mong anh/chị/bạn dành chút thời gian đánh giá hoàn thành bảng khảo sát Những câu trả lời anh/chị/bạn nguồn thông tin quý giá cho nghiên cứu Tôi vô trân trọng giúp đỡ anh/chị/bạn xin cam đoan tất thông tin bảo mật sử dụng cho mục đích nghiên cứu, tuyệt đối khơng nhằm mục đích khơng thống khác Xin chân thành cảm ơn! Anh/Chị/Bạn có sử dụng ví điện tử AirPay chưa? o Có o Khơng (Cuộc khảo sát dừng Xin cảm ơn giúp đỡ Anh/Chị/Bạn) Anh/Chị/Bạn sống đâu? o Thành Phố Hồ Chí Minh o Khác (Cuộc khảo sát dừng Xin cảm ơn giúp đỡ Anh/Chị/Bạn) 63 Phần I: Các yếu tố ảnh hưởng đến ý định tiếp tục sử dụng ví điện tử AirPay Xin thể mức độ đồng tình Anh/Chị/Bạn số tương ứng: (1 = Hoàn toàn không đồng ý, = Không đồng ý, = Trung lập, = Đồng ý, = Hoàn toàn đồng ý) NHẬN THỨC VỀ LỢI ÍCH Tơi thấy thuận tiện sử dụng dịch vụ toán AirPay AirPay cung cấp dịch vụ nhanh chóng Tơi hưởng nhiều lợi ích tài tốn AirPay (như chiết khấu, hoàn tiền, mã freeship Shopee…) Tơi nghĩ sử dụng AirPay giúp tơi tiết kiệm phí xử lí giao dịch (ví dụ: AirPay miễn phí chuyển, nạp rút tiền vào tài khoản ngân hàng liên kết, ) CHẤT LƯỢNG THÔNG TIN AirPay cung cấp cho thông tin phù hợp với nhu cầu AirPay cung cấp cho đầy đủ thông tin AirPay cung cấp cho thông tin dễ hiểu AirPay cung cấp cho tơi thơng tin xác AirPay cung cấp cho thông tin cập nhật NHẬN THỨC VỀ BẢO VỆ QUYỀN RIÊNG TƯ Tơi hiểu mục đích sử dụng việc thu thập thơng tin cá nhân khách hàng AirPay (ví dụ: AirPay yêu cầu khách hàng cung cấp số điện thoại để gửi mã OTP cho thao tác giao dịch) AirPay giữ bí mật thơng tin cá nhân khách hàng tốt AirPay không sử dụng thông tin cá nhân khách hàng cho mục đích khác 64 AirPay bảo vệ thông tin cá nhân khách hàng khỏi truy cập Hackers NHẬN THỨC VỀ ĐỘ BẢO MẬT Tôi thấy AirPay bảo vệ tốt giao dịch tài tránh khỏi lỗi (errors) xảy trình sử dụng Tơi thấy AirPay bảo mật tốn tốt Tơi thấy AirPay bảo vệ tốt giao dịch tài khỏi hành vi thao túng trái phép Tôi thấy AirPay bảo vệ tốt tài khoản khỏi hành vi truy cập trái phép từ người không cho phép ĐỘ TIN CẬY Tôi thấy AirPay ln cung cấp dịch vụ tài đáng tin cậy Tôi thấy AirPay cung cấp dịch vụ tài an tồn AirPay có đủ lực hiệu việc cung cấp dịch vụ tài Tơi tin tưởng sử dụng dịch vụ tài AirPay Ý ĐỊNH TIẾP TỤC SỬ DỤNG Có khả tiếp tục sử dụng dịch vụ tài AirPay Tơi có ý định tiếp tục sử dụng dịch vụ tốn AirPay thay ngừng sử dụng Tơi có ý định tiếp tục sử dụng dịch vụ toán AirPay sử dụng phương tiện tốn thay khác Tơi có ý định tiếp tục sử dụng dịch vụ tốn AirPay tương lai 65 Phần II: Thơng tin cá nhân Giới tính o Nam o Nữ o Khác Độ tuổi o Dưới 18 tuổi o 18-35 tuổi o 35-50 tuổi o Trên 50 tuổi Nghề nghiệp o Học sinh/ Sinh viên o Lao động phổ thơng o Nhân viên văn phịng o Khác Trình Độ học vấn o Trung học phổ thơng o Cao đẳng o Đại học o Sau đại học o Khác Thu nhập hàng tháng o Dưới triệu o 3-7 triệu o 8-20 triệu o Trên 20 triệu Cảm ơn Anh/Chị/Bạn dành thời gian hoàn thành bảng khảo sát này! 66 ... a moderate impact on continuance intention Besides, the effect size of each relationship between three remaining constructs and continuance intention (including perceived benefit, perceived privacy... been explored in previous studies conducted in the Vietnamese context Therefore, the perceived benefit should be researched further to identify the importance of it toward continuance usage intention. .. on dependent variables and an effect of trust continuance intention 5.1.1 Impact of Perceived Benefit on Trust and Continuance Intention Hypothesis testing in chapter indicated perceived benefit