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Untitled ĐẠI HỌC UEH TRƯỜNG KINH DOANH KHOA KINH DOANH QUỐC TẾ MARKETING BÀI TẬP NHÓM 1 NGHIÊN CỨU THỊ TRƯỜNG MÔN HỌC MARKETING CĂN BẢN FACTORS PREDICTING CONSUMERS’ CONTINUANCE INTENTION TO USE MOBIL[.]
lOMoARcPSD|21993573 ĐẠI HỌC UEH TRƯỜNG KINH DOANH KHOA KINH DOANH QUỐC TẾ - MARKETING BÀI TẬP NHÓM 1: NGHIÊN CỨU THỊ TRƯỜNG MÔN HỌC: MARKETING CĂN BẢN FACTORS PREDICTING CONSUMERS’ CONTINUANCE INTENTION TO USE MOBILE WALLETS: THE CASE OF MOMO Mã lớp học phần : 22C1MAR50300111 Sinh viên thực – MSSV : Nguyễn Hồng Q Châu – 31211026551 Nguyễn Lương Nhật Hà – 31211023101 Hoàng Thị Thanh Huyền – 31211023131 Nguyễn Hồng Ngọc – 31211023540 Đỗ Thị Thu Phương – 31211023351 lOMoARcPSD|21993573 ABSTRACT MoMo is a digital wallet that permits people to transfer money or make swift purchases via mobile phones This study aims to analyze the factors impacting the customers' continuance intention to use MoMo e-wallet Examining previous studies, the authors proposed a model of various independent variables: useful awareness, easy-to-use perception, private/security awareness, social value, promotion value, and trust in the usage continuance intention of MoMo users The writers collected data from 123 participants through a form online questionnaire The study's results indicate positive and negative valence significantly predicted the usage continuance intention Then, the authors suggested some directions to help businesses enhance the users' sense of using MoMo e-wallet Keywords: Continuance Intention, MoMo, e-wallet lOMoARcPSD|21993573 I INTRODUCTION: The advancement in technology has brought changes to how people shop and pay for their purchases Vietnam is one of the countries with the highest growth in e-payment in the world, about 35% per year, in which e-wallets are one of the options for modern and convenient payment methods According to data from the Vietnam State Bank, by the end of April 2021, the growth rate of payment through mobile transaction channels has risen from 86.3% to 123.1% over the same period, 2020 The e-wallet market in Vietnam has become exciting because of the appearance of a series of new e-wallets by foreign companies In 2019, market research company Cimigo published a study on users' perceptions and behaviors towards popular e-wallet brands in Vietnam The survey indicates that MoMo, Moca, and ZaloPay are the three most common e-wallets used in two main cities of Vietnam, Hanoi and Ho Chi Minh City Among these, MoMo is the earliest available e-wallet in Vietnam and is currently leading in terms of the total number of transactions on the market (Cimigo, 2019) In 2019, MoMo was the most used financial application in Vietnam and by September 2020 had nearly 20 million users after ten years of launch (MoMo, 2020) The appearance of the MoMo application lit the first fire for Vietnam's mobile payment market It was the driving force in attracting many domestic and foreign names to enter this young and potential market As an independent digital wallet, MoMo's success comes from providing special vital functions, such as fast transactions and a vast acceptance network With a user base of over 25 million, MoMo is the most widely recognized e-wallet (94% of respondents know MoMo) According to the report, it has the most significant number of regular users (61%)—Report "Mobile Apps 2021" released by Appota In 2019, MoMo was the first representative of Vietnam to participate in the Top 50 largest fintech in the world, as announced by KPMG and H2 Ventures However, the increasing use of e-wallets creates expectations that customer needs will grow beyond basic features It also means that as more and more e-wallet providers lOMoARcPSD|21993573 join, the key to success lies in their ability to identify and address the needs of their target customers According to Nguyen Manh Tuong, Co-founder of MoMo, "The biggest challenge is still to trust Going to the more rural areas, we still need to invest our time and money into educating the users." Therefore, the study "Factors predicting consumers' continuance intention to use mobile wallet: the case of MoMo" was conducted to understand better the usage barrier and factors affecting the intention to use MoMo e-wallet The study aims to provide more direct and administrative implications for managers to understand user behavior better, thereby building effective strategies to improve user intent The paper is structured as follows The following section provides a review of literature-related fields and contains the proposed research model and the development of hypotheses Then, the methodology is elaborated After that, the results of the analysis are presented The paper concludes with a discussion of the findings and implications of the study both for practice and theory II LITERATURE REVIEW: Related concepts 1.1 Mobile wallet Mobile wallet, also known as a digital wallet, is an online account used to make payments at physical stores, online stores, to transfer money among accounts, to make bill payments and many other uses The account of the e-wallet can store all the personal information of the user, it even links the bank account to conduct transactions faster As long as you own a smartphone or laptop, a wifi network and an account, you can make transactions quickly wherever you are Momo is a mobile payment application of Mobile Services Joint Stock Company Online (M_Service), established in 2007 and also licensed and managed by the State Bank of Vietnam, is a strategic partner of 25 largest banks in Vietnam lOMoARcPSD|21993573 The application allows you to create and recharge your MoMo account to pay for more than 200 services such as phone recharge, electricity and water payment, consumer loan payment, etc In other words Momo acts as a financial service that meets the ability payments to the people Owning a nationwide network of transaction points with more than 31 million customers Momo is considered a leading company in Vietnam in terms of e-wallet application services 1.2 Continuance intention Intention is a factor used to assess an individual's ability to perform a behavior According to Ajzen (1991), intention is motivating and represents an individual's willingness to perform a particular behavior Intention to use mobile applications is the ability of users to regularly and continuously use applications on mobile devices in the future (Webster et al.,, 1993; Venkatesh and Davis, 2000) or in an easier understanding, continuance intention refers to a situation in which an individual identifies a continuing use for an action or purpose that he or she has taken Theoretical models 2.1 Theory of Reasoned Action (TRA) The theory of reasoned action (TRA or ToRA) was developed by Martin Fishbein and Icek Ajzen in 1967 aims to explain the relationship between attitudes and behaviors within human action It is mainly used to predict how individuals will behave based on their pre-existing attitudes and behavioral intentions 2.2.2 Theory of Planned Behavior (TPB) The theory of planned behavior (TPB) was developed from the theory of reasoned action (Ajzen and Fishbein, 1975), which was created due to the previous theory's limitation of the assumption that human behavior is purely by mind control The theory of planned behavior was first developed in 1967 by Fishbein, then revised and extended by Ajzen and Fishbein (1975) The main difference between the Theory of Planned Behavior and the Theory of Reasoned Action is that there is a greater chance of being able to understand a person’s actual attitudes through the Theory of lOMoARcPSD|21993573 Planned Behavior that result in the physical behavior that is being carried out (Martin, 2017) According to this theory, individuals are grounded and motivated in their decision making and make a rational choice between solutions The best tool for judging behavior is intention and behavior is determined by a person's behavioral intention (BI) 2.2.3 Technology Acceptance Model (TAM) Based on the theory of reasonable action (TRA), Davis (1986) developed the Technology Acceptance Model (TAM) which is more specifically related to the prediction of the acceptability of an information system The purpose of this model is to predict the acceptability of a tool and determine the modifications that must be introduced into the system to make it acceptable to users This model shows that the acceptability of an information system is determined by two main factors: perceived usefulness and perceived ease of use The Technology Acceptance Model (TAM) introduced by Davis (1989) in 1989 has shown the influence of factors: perceived ease of use and perceived usefulness of technology on attitudes towards the use of technology External variables affecting the individual will increase or decrease down to the person's perceived usefulness and ease of use When the perceived usefulness increases, they feel that the intention to use it will bring them more benefits than they think and the use of e-wallets is also quite easy, not too complicated and will give them a positive attitude about using e-wallets Positive attitude leads to increased intention to use e-wallets 2.2.4 Unified Theory of Acceptance and Use of Technology (UTAUT) The Theory of Acceptance and Use of Technology model (UTAUT) was developed for the purpose of improving the model TAM, it is an investigation of customers' intentions to use information systems and their ongoing behavior (Venkatesh et al., 2003) UTAUT is based on previous theoretical models: TRA theories, TPB, TAM, motivational model (MM), TPB and TAM integration model, computer usage model individual (MPCU), diffusion theory of innovation (DOI) and social cognitive theory (SCT) lOMoARcPSD|21993573 The model consists of four core components: expected performance, expected effort, social influence, and favorable conditions for profit Firstly, the expected efficiency is the customer's expectations about the efficiency of the e-wallet system when use will drive behavioral intention It can be measured by managing their time and effort efficiently while providing them with a free trading system and fast customer support quickly, this can be seen as perceived usefulness According to Abdinoor and Mbamba (2017), effort expectation is defined as the customer's expectation of simplifying the system using the E-wallet system which is very easy to learn for them Social influences (relatives, colleagues, friends, etc.) have a significant impact on their judgment and attitudes Finally, the favorable conditions Benefits can be seen as the degree to which the customer believes that the right technical and organizational structure is available to achieve their acceptance of the E-wallet system III HYPOTHESIS DEVELOPMENT: Perceived usefulness In a research of Davis (1989), perceived usefulness refers to a degree to which an individual believes that using a particular information system will lengthen their productivity Perceived usefulness also prescribed as a degree to which a person believes using a particular system will enhance his or her job performance Perceived usefulness is a strongest factor of TAM that has a significant influence on behavioral intention (Davis, Bagozzi & Warshaw, 1989) According to Lai (2017), previous research conducted by Davis et al (1989), Igbaria & Iivari (1995), and Leiva et al (2017) show that perceived usefulness constructs have a positive and significant influence on the use of e-wallet information Thus, we propose: H1: Perceived usefulness (PU) has a positive and significant effect on the continuance intention of using MoMo e-wallet Privacy and security As you know, privacy and security play a vital role in using e-wallet for transactions because there is no one whose personal information is leaked It is a crucial lOMoARcPSD|21993573 factor that everyone is aware of Privacy is described as an individual's ability to personally monitor self-relevant information (Cliquet et al., 2015) The study of Soodan, et al (2020) showed that one of factors that affect the use of e-wallet is privacy and security which is found to be easy to attack Payment through e-wallet without security features may lead to unauthorized access of personal information and a lucrative opportunity for cybercriminals to breach the data (Kaur et al., 2018) Customers may not trust the information system provider and they will deny making any transaction through e-payment unless the privacy and security features are involved (Gitau , et al., 2014) For that reason, the second hypothesis is: H2: Privacy and security (PS) is likely associated with the continuance intention of using MoMo e-wallet Ease of use According to Davis (1989), perceived ease of use is the extent to which a person believes that using a particular system is free from effort Behavioral intention to use technology is positively and significantly influenced by perceived ease of use (Jackson, Chow & Leitch, 1997) The study of Barry and Jan (2018) found a positive and significant effect of perceived ease of use on perceived usefulness and perceived use of use on behavioral intention to use a particular system Four longitudinal fields of TAM extended by (Venkatesh, et al., 2000) reveals that perceived ease of use positively influences perceived usefulness and behavioral intention to use In fact, e-wallets are increasingly optimizing the registration process and the most convenient way for users to attract users to use the company's services With the literature we have mentioned above, we suggest that: H3: Perceived ease of use (PEU) has a positive influence on the continuance intention to use MoMo e-wallet of consumers Promotion: Promotion is the act of temporarily setting lower prices to improve the efficiency of efforts to sell products to cost-sensitive consumers (Sunny & George, 2018) Promotion or vouchers are the key factor for businesses to boost sales Promotional lOMoARcPSD|21993573 benefits were believed to affect the consumers’ continuance intention to use e-wallet Research by Kim and Han (2014) shows that customers tend to make an effort to gain tangible benefits and advertising that contains incentives is generally paid attention to There are many tangible promotional benefits such as monetary rewards, discounts, coupons, cashback, Promotional benefit is revealed to be a significantly influential factor on the intention to use mobile wallet (Deka, 2020; Li & Shen, 2019; K M R Yadav, 2016) Based on the above conclusion from the previous study, we propose that: H4: Promotion (PR) positively affects the consumers’ continuance intention to use MoMo e-wallet Social influence Social influence is the extent to which an individual finds that those who are important to them think that a new information system should be used (Venkatesh et al., 2003) Individuals tend to be influenced by advice or feedback from people in the early stages of using technology without sufficient experience and conviction (Vi et al., 2020) Nowadays, word of mouth or electronic word of mouth are really popular and viral on the Internet People always share their feelings and opinions on all the platforms and social media As a result, the other persons are curious of what they are being told and want to experience by themself Because of that reason, we believe that: H5: Social influence (SI) is probably linked with the continuance intention of consumers to use MoMo e-wallet Trust in MoMo e-wallet Trust is defined as the belief that the trustee will act cooperatively to fulfill the trustor’s expectations without exploiting its vulnerabilities (Pavlou, Fygenson, Pavlou, & Fygenson, 2006; Venkatesh, Thong, Chan, Hu, & Brown, 2011) Trust has been considered a catalyst in many transactions between sellers and buyers so that customer satisfaction can be fulfilled as expected (Shumaila et al., 2003) Trust to use an e-wallet is really important because consumers have to provide personal and sensitive information (e.g credit card number, phone number) to mobile wallet providers via the mobile wallet lOMoARcPSD|21993573 platform According to research by Susanto et al (2013), the perceived safety factors, the company's reputation, the use of the website and the state support have an influence on trust when using online payments When trust is strengthened, user behavior and continuance intention to use will also be affected (Oliveira et al., 2014) Thus, we suggest that: H6: Trust (TR) in MoMo e-wallet is directly related to the consumers’ continuance intention to use MoMo IV METHODOLOGY: V DATA ANALYSIS AND RESULTS: VI DISCUSSION AND IMPLICATION: Discussions The study revealed many insights It shows that users' continuance intention to use MoMo is affected by three factors: (1), (2), (3) Implications Theoretical Implications This research makes several theoretical contributions Most of the prior work in the area has used technology models like the Technology Acceptance Model, Unified Theory of Acceptance, and Use of Technology to study the acceptance of mobile wallets Besides, they have concentrated on instrumental beliefs like perceived ease of use, facilitating conditions, performance expectancy, perceived usefulness, and effort expectancy This study tried to provide more insights from the perspective of value to the consumer, on which literature is scant The dimensions of value are multifold – trust, promotion, and social – all of which impact continuance intention In this regard, the research attempted to study these dimensions, which have been almost unexplored in influencing consumers’ choice to continue use significantly Practical Implications VII CONCLUSION: Downloaded by chinh toan (vuchinhhp22@gmail.com) lOMoARcPSD|21993573 By tracing the factors predicting consumers' continuance intention to use mobile wallets: the case of MoMo, writers have pointed out the trend of using MoMo e-wallet daily The study found (1), (2), and (3) values to impact the continuance intention of consumers using mobile wallets (1) value was found to be valued the most and significantly impacted continuance intention Another critical factor was consumers' (2) value from using MoMo Its effects on continuous sense were substantial; hence, incorporating more (2) elements into MoMo would increase stickiness The third influencing factor (3) value Incorporating fun elements and providing more social facilitation and peer-to-peer lending services can enhance the MoMo e-wallet's continued usage Representative of MoMo Wallet, Mr Doan Tu Tich Phuoc (Chief Representative of the Northern Office), shared: "Technology is the key to the outstanding development of MoMo Wallet in the past However, what makes us happier is that MoMo's technology platform helps MoMo's business operations be effective and creates great values for the business community, accompanying the Government in the digital transformation of the economy" MoMo has been and is one of the pioneering e-wallets for the trend of technology transformation in Vietnam In the future, MoMo will undoubtedly improve and furnish users with new features to promote 4.0 technology, meet all social needs, and reach outside worldwide VIII REFERENCES: IX APPENDIX: Downloaded by chinh toan (vuchinhhp22@gmail.com)