INTRODUCTION
Research background
Non-cash payments are rapidly becoming a dominant trend in the digital age, with a World Bank survey in 2020 revealing a significant rise in electronic transactions globally Notably, person-to-person transactions now represent over 90% of daily payment activities In the ASEAN region, the adoption of non-cash payment solutions is increasing, as highlighted by a Bain & Company survey conducted in collaboration with Facebook, which included 16,500 digital consumers from Vietnam, the Philippines, Thailand, Singapore, Malaysia, and Indonesia While Southeast Asia remains somewhat reliant on cash, the preference for cash payments has decreased from 40% in 2019 to 34%, indicating a shift towards digital payment methods.
Vietnam is emerging as a promising economy with a high growth rate and rapid digital transformation, actively embracing the global trend of cashless payments With over half of its population owning mobile devices, mobile payments are becoming a viable alternative to cash The growth in mobile payment transactions has been remarkable; the State Bank reported over 918.8 million transactions valued at nearly 9.6 million billion VND from January to October 2020, marking increases of 123.9% in quantity and 125.4% in value compared to the same period in 2019 Additionally, a PwC survey highlighted that the percentage of consumers using mobile payment in Vietnam surged to 61% in 2019, up from 37% in 2018, positioning Vietnam as the fastest-growing mobile payment market globally.
In many forms of mobile payments, mobile wallet is a current smart cashless solution
The rapid expansion of mobile payments has significantly boosted the adoption of mobile wallets According to a 2020 report by Facebook and Bain & Company, 49% of urban consumers in Southeast Asia who are customers of commercial banks have utilized mobile wallets, with projections indicating this figure will soar to 84% by 2025 In Vietnam, the trend is similarly promising.
As of December 31, 2018, there were 4.24 million verified mobile wallets linked to bank accounts in Vietnam, reflecting a significant rise in digital payment adoption (VNBA, 2019) In 2017, mobile wallet transactions exceeded VND53 trillion (US$2.2 billion), marking a 64% increase from the previous year (Standard Chartered, 2019) This rapid growth can be attributed to the increasing user sentiment towards mobile wallets, which offer high safety and convenience for both merchants and consumers Additionally, mobile wallet providers are actively competing for market share by launching attractive promotions, including gifts, cashback, vouchers, and free transactions, to encourage higher payment volumes (T Anh, 2021).
The COVID-19 pandemic has significantly boosted the demand for digital payments, particularly mobile wallets, with over 85% of Vietnamese consumers owning at least one payment app and 42% utilizing mobile contactless payments (VISA, 2020) During the outbreak, Momo saw a 30-40% increase in new users, while the overall use of mobile wallets for paying monthly bills and invoices at restaurants and supermarkets surged By 2020, Momo reached 20 million users, doubling its growth compared to 2019, alongside similar growth trends for other mobile wallets like Moca, Zalo Pay, and AirPay as businesses transitioned from traditional to online operations (A.Hong, 2020).
Despite the rise of mobile wallets, cash transactions remain prevalent in Vietnam, which has the highest cash payment rate in the ASEAN region, according to a 2019 Standard Chartered report The report indicates that 90.17% of internet purchases in Vietnam are made using cash, significantly surpassing Indonesia's 65.30% A similar survey by IDG across six ASEAN countries, including Singapore, Thailand, Malaysia, Indonesia, Cambodia, and Vietnam, supports these findings, highlighting the continued dominance of cash in Vietnamese transactions.
In Vietnam, cash transactions dominate the payment landscape, with a cash payment rate of 79% compared to only 21% for non-cash methods, placing the country fifth out of six in the region (H Ha, 2020) As of December 31, 2019, cash circulation constituted 11.33% of all payment methods, significantly exceeding the target of below 10% set by regulation 2545/QD/TTG for the development of non-cash payments from 2016 to 2020 (Thanh, 2020) These statistics indicate that Vietnamese consumers continue to favor cash payments over digital alternatives.
Practical necessity
The mobile wallet market in Vietnam is highly competitive, with the State Bank licensing 37 non-bank organizations to offer payment intermediary services, including 33 for mobile wallets (Thu Nguyen et al., 2020) While this vibrant market signals growth for the fintech sector, it also highlights the intense competition ahead In comparison to China, which has over 1.4 billion people and a few dominant mobile wallet providers, Vietnam's market features more than 30 mobile wallet options for its population of over 97 million, showcasing the aggressive landscape of mobile payment services (T Hoang, 2021).
Mobile wallet providers are actively promoting payment transactions through various incentives, making promotions a crucial aspect of their competitive strategy These promotions often include bonuses for new account openings, discounts, cashback offers, and vouchers for mobile wallet payments The intense competition has led to a significant financial investment, with providers reportedly spending an average of $10 per consumer on marketing efforts Initially aimed at encouraging consumers to adopt this new payment method, these incentives continue even after acquiring millions of users, as providers seek to attract both new and existing customers to enhance their market share (N Ha, 2020).
Service providers are creating an ecosystem to enhance the convenience and utility of mobile wallets as a payment tool By integrating with banks, point-of-sale systems, e-commerce platforms, and various service applications, mobile wallet providers are expanding their functionality This allows users to effortlessly conduct a range of transactions, including payments for car-booking services, food orders, ticket purchases, and essential household services like electricity, water, and tuition fees (Thanh, 2020).
Mobile wallet providers are continuously enhancing their security systems to protect user information These wallets utilize multi-layer security technologies and authentication methods to ensure the integrity and safety of personal data For example, popular services like Moca, MoMo, and ZaloPay have successfully met the Payment Card Industry Data Security Standard, which establishes essential criteria for financial technology's data security Achieving this certification guarantees safe and efficient transactions (N Anh, 2020).
Despite significant growth in the mobile wallet market, service providers are struggling to establish a sustainable business model, with most companies reporting financial losses For instance, MoMo's revenue soared to over VND 4,233 billion in 2019, nearly doubling from VND 2,368 billion in 2018; however, it incurred a loss of VND -854 billion, leading to an accumulated loss of VND -1,860 billion by the end of 2019 Similarly, other mobile wallet providers like ZaloPay, Moca, and VinID also faced substantial losses, totaling VND 572 billion.
147 billion, and VND 30 billion, respectively Airplay and Payoo are two rare brand names that recorded positive business results, with modest profit after tax despite trillions of revenues (Diep, 2020)
To thrive in the competitive Vietnamese mobile wallet market, companies must proactively understand and address customer needs to enhance mobile wallet adoption and increase their market share By identifying the reasons behind consumer preferences for mobile wallets, businesses can develop effective strategies and communicate the benefits of their services more clearly This study aims to explore the factors influencing the intention to use mobile wallets in Vietnam.
Theoretical necessity
Despite the numerous advantages of mobile payments and mobile wallets, widespread adoption remains limited, as highlighted by various empirical studies conducted across different contexts Research in developed nations like the USA, UK, and Japan has shown similar trends, while studies in developing countries such as Turkey and Taiwan also reflect these challenges.
Previous research has examined the adoption of various technologies and platforms, including Near Field Communication (NFC) and QR codes Studies by Liébana-Cabanillas et al (2020) highlight the significance of these technologies in enhancing user engagement and facilitating transactions.
Mobile wallets represent a significant advancement in mobile payment technology, enabling users to access traditional payment methods such as debit and credit cards and mobile banking through their devices (Johnson et al., 2018) The growing adoption of mobile wallets has garnered considerable interest from researchers, particularly in Asian nations experiencing rapid technological growth, with notable examples being India (Kaur et al., 2020; Kumar, Adlakaha, & Mukherjee, 2018; K M R Yadav, 2016) and China (Mombeuil, 2020).
2020), ASEAN member such as Indonesia (Megadewandanu, 2016), Thailand (Tun,
In Vietnam, while previous studies have explored technology adoption in digital banking, mobile banking, and mobile payments, research on mobile wallets remains limited A study by Phuong et al (2020) identified key factors influencing the continued use of mobile wallets, revealing that satisfaction and trust are significant predictors of users' intentions to continue using these services Additionally, perceived usefulness and perceived ease of use were found to positively impact user satisfaction The research further identified the antecedents of perceived ease of use, perceived usefulness, and trust, highlighting their critical role in the mobile wallet adoption landscape.
Numerous studies have utilized endogenous structures from the Technology Acceptance Model and the Unified Theory of Acceptance and Use of Technology, along with its expanded version, to elucidate the factors influencing the intention to use digital wallets (Amin et al., 2015).
Phutela & Altekar, 2019; Shin, 2009) Some model integrated constructs originated from The Diffusion of Innovation as an extension (Chen & Nath, 2008; Thakur & Srivastava,
Research has identified several key factors affecting mobile wallet acceptance, including perceived usefulness and perceived ease of use Studies conducted by Aji et al (2020) and Singh et al (2020) emphasize the importance of these perceptions in influencing user adoption of mobile wallet technology.
In recent studies, various factors influencing technology adoption have been identified, including social influence, compatibility, perceived cost, and facilitating conditions Additionally, the requirement for personal and sensitive financial information in mobile payments raises security concerns, which can hinder adoption Consequently, trust and security issues, along with perceived risks associated with mobile wallets, have become significant topics in the literature.
Research has highlighted the connection between user satisfaction and the intention to continue using mobile wallets (Kumar et al., 2018) Previous studies have primarily focused on developing user-friendly mobile wallet systems that emphasize ease of use, a wide range of functions, and address trust and security concerns, while also measuring user satisfaction with this technology.
Despite the growing significance of promotional benefits, scholarly attention on this topic remains limited Previous studies, such as those by Li & Shen (2019) and K M R Yadav (2016), have explored the relationship between promotional benefits and the intention to use mobile wallets, but the research is sparse and primarily focuses on direct effects This article proposes a comprehensive model to better understand the impact of promotional benefits on usage intention, while also examining influential constructs that affect both intention and actual usage behavior, which have not been previously addressed.
Research objectives and research questions
The aim of this research is presented as follow:
1 To identify the factors that affect intention to use mobile wallet and actual use behaviour on mobile wallet in Vietnam
2 To identify relationships between those identified factors with intention to use mobile wallet and actual use behaviour on mobile wallet in Vietnam h
Two research questions were developed based on the objectives:
1 What factors do affect intention to use mobile wallet and actual use behaviour on mobile wallet in Vietnam?
2 To what extent those factors impact intention to use mobile wallet and actual use behaviour on mobile wallet in Vietnam?
Scope of the research
Place scope: Research was conducted in 3 regions in the Northern, Central, and Southern in Vietnam
Time scope: The study was conducted from October 15 to April 30.
Research findings
This study provides valuable insights for mobile wallet service providers by highlighting key factors that shape users' intentions and actual usage behavior It reveals that promotional benefits significantly influence the intention to use mobile wallets, mediated by social influence and compatibility Additionally, the findings indicate that intention to use, facilitating conditions, and affective experiences are essential predictors of actual usage behavior.
Research structure
This paper is structured into five chapters Chapter 1 outlines the motivation and necessity for the study, establishing its goals and scope Chapter 2 provides a literature review, highlighting the theoretical relevance of previous research and developing hypotheses and a conceptual model for further testing In Chapter 3, the research methodology, including questionnaire design, data collection, and processing methods, is detailed Chapter 4 presents the sample profile and analytical results Finally, Chapter 5 discusses the research findings, offers conclusions to address the research questions, and includes implications and recommendations for future research.
LITERATURE REVIEW
Mobile wallet
Mobile wallets are defined through the lens of mobile payment systems, which involve using mobile devices such as smartphones and tablets to make payments for goods, services, and bills According to Dahlberg et al (2008), mobile payment utilizes wireless and other communication technologies for transactions Additionally, other sources describe mobile payments as transactions that connect to a server via a mobile device, encompassing processes such as authentication, authorization, follow-up payments, and confirmation of completion.
R Lin et al., 2020) Mobile payment encompasses both pure mobile payment instruments such as mobile credit cards and mobile wallets, and mobilized physical payment instruments In addition, account-based payment mechanisms such as direct debit assignments, Internet banking payments, money transfers, and electronic invoice acceptance are often available through mobile payments (Dahlberg et al., 2008) Basically, mobile payment includes technology systems that allow users to perform payment transactions by mobile devices Therefore, mobile payment is a wider term that contains mobile wallet
Related to mobile wallet, many definitions have been involved According to Shin
A mobile wallet is a digital payment solution that allows users to conduct electronic transactions via their mobile devices, eliminating the need for a physical wallet Defined by the GSMA in 2012, mobile wallets utilize Near Field Communication (NFC) technology, serving as a software application on mobile handsets that acts as a digital container for payment cards, tickets, loyalty cards, receipts, and vouchers This technology enables users to manage a diverse range of mobile NFC services from various companies, and the integration of advanced technologies like QR codes and cloud-based services further enhances the functionality of mobile wallets.
9 based technology,…(U.S.Payments_Forum, 2018)), the GSMA definition is insufficient to cover all of the conditions
A mobile wallet is an application on smartphones and tablets that allows users to store money and make online payments without time or location constraints It facilitates various transactions, including consumer-to-consumer, consumer-to-enterprise, and consumer-to-machine payments Key components of mobile wallets include user verification for authenticity, features for rapid and secure transactions, and robust security measures Mobile wallets serve as a medium for instant purchases, enabling consumers to save personal and banking information for transactions such as bill payments, fund transfers, and shopping Essentially, mobile wallets are digital versions of traditional wallets, linked to banking accounts, credit, and debit cards, providing a convenient way to conduct in-store and online payments while employing multiple layers of authentication to protect user information.
2.1.3 The distinction between mobile wallet, mobile banking and mobile money
Mobile banking, mobile wallets, and e-money are distinct financial technology products, each serving unique payment functions According to Chawla and Joshi (2019), mobile banking enables customers to access banking services through their mobile devices, allowing for convenient transactions without the need to visit bank branches or ATMs Users can perform various operations such as account transfers, deposits, bill payments, withdrawals, and balance inquiries, streamlining their banking experience Mobile money is considered a precursor to these technologies, further enhancing the evolution of digital financial services.
Mobile wallets encompass a variety of utilities, including mobile banking, transfers, and money transactions via smartphones They serve as an extension of mobile banking, enabling users to securely store personal and payment information Additionally, the term "electronic wallet" broadly refers to digital money storage and payment processing across devices such as desktops, laptops, and smartphones.
Theoretical framework
The intention to adopt mobile wallets is primarily interpreted through established theories such as the Technology Acceptance Model (TAM), the Unified Theory of Acceptance and Use of Technology (UTAUT), and the Diffusion of Innovation (DOI) Researchers have expanded these frameworks by integrating factors like perceived trust, security, cost, and value, or by developing conceptual models tailored to the mobile wallet landscape and the demographic characteristics of users within specific societies These studies have significantly advanced our understanding of the key factors influencing both the intention to use and the actual usage behavior of mobile wallets.
2.2.1 The Technology Acceptance Model (TAM)
The Technology Acceptance Model (TAM), developed by Davis in 1989, is a widely recognized framework for understanding technology adoption It identifies two key determinants that influence the intention to use a new system: perceived usefulness, which refers to the belief that using a system can enhance job performance, and perceived ease of use, defined as the belief that using the system will require minimal effort TAM posits that usage intention is a critical predictor of actual use Subsequent theoretical extensions, TAM2 and TAM3, introduced by V Venkatesh and Davis in 2000 and V Venkatesh & Bala in 2008, respectively, further elaborate on technology acceptance within organizational contexts The original TAM and its enhanced versions incorporate additional factors such as trust, security, and social influence, making them applicable to various new systems, including online shopping.
Marina, 2017), fintech service (Chuang, Liu, & Kao, 2016), digital banking (Riza,
Research by Amin et al (2015) and Trivedi (2016) highlights that psychological factors within the Technology Acceptance Model (TAM) significantly influence the intention to adopt mobile wallets However, the TAM model has limitations, as noted by Mathieson, Peacock, and Chin (2001), who argue that the constructs of perceived usefulness and perceived ease of use do not fully capture the complexities of technology adoption Additionally, TAM often overlooks the social context that impacts the adoption of new technologies, as pointed out by Shin (2009).
2.2.2 The Unified Theory of Acceptance and Use of Technology (UTAUT)
The UTAUT model, developed by V Venkatesh and colleagues in 2003, analyzes the intention to use information systems by integrating eight previous models It identifies four key constructs: effort expectancy, performance expectancy, facilitating conditions, and social influence, which together account for 70% of the variance in predicting technology adoption This model has been applied in various contexts, including online ticket purchasing, mobile banking, and mobile payments Although initially focused on organizational technology acceptance, the UTAUT2 extension by Venkatesh, Thong, and Xu in 2012 added seven constructs to enhance its applicability to consumer adoption Despite its strengths, both UTAUT and UTAUT2 overlook the critical role of cultural factors in technology acceptance, highlighting a significant limitation in their frameworks.
Figure 2.1 UTAUT model (V Venkatesh et al., 2003)
2.2.3 The Diffusion of Innovation (DOI)
The Diffusion of Innovations (DOI) theory, proposed by Rogers (1983), explains how innovations are adopted and disseminated within social systems, defining innovation as a novel concept, process, or object perceived by individuals or groups The diffusion process involves extending and communicating innovations through various channels, influencing individuals' willingness to adopt new technologies Decision-making regarding technology acceptance includes a perception process that encompasses learning, attitude formation, action implementation, and decision confirmation DOI identifies five key constructs—compatibility, trialability, relative advantage, complexity, and observability—that affect the diffusion of innovations Notably, Moore and Benbasat (1991) highlighted compatibility, perceived relative advantage, and complexity as significant factors in innovation adoption Furthermore, integrating DOI with other models, such as UTAUT2, has enhanced the understanding of technology acceptance, as demonstrated by W R Lin et al (2020), who found that combined factors positively influence the willingness to adopt mobile payments and enhance perceived usefulness.
The study by Oliveira, Thomas, Baptista, and Campos (2016) on DOI and UTAUT2 revealed that independent variables accounted for 71.8% of individual intentions to use mobile payment and 61.2% of the behavioral intention to recommend it.
Research on technology adoption theory highlights the crucial roles of perceived ease of use (PEOU) and perceived usefulness (PU) in influencing users' intentions to adopt payment systems, especially mobile wallets These factors are recognized as essential predictors of technology acceptance within the Technology Acceptance Model (TAM) and the Unified Theory of Acceptance and Use of Technology (UTAUT) Studies indicate that PEOU and PU significantly impact the intention to use mobile wallets, underscoring their importance in the diffusion of this technology.
As consumers become increasingly familiar with smartphones and their diverse applications, the significance of perceived usefulness (PU) and perceived ease of use (PEOU) in mobile wallet adoption appears to diminish Research indicates that PEOU does not significantly influence mobile wallet acceptance, and PU has also been shown to have no effect on the intention to use these wallets With the growing familiarity of users with smartphone technology, the perceived ease of use may be overstated Young consumers, who often view themselves as tech-savvy, utilize smartphones for various activities, from gaming to internet browsing As the mobile wallet market expands, new competitors are emerging, intensifying the pressure on companies to innovate and enhance their offerings Consequently, mobile wallet providers are focusing on improving product functionality and user experience to maintain a competitive edge in this rapidly evolving industry.
PU and PEOU are not enough to become prominent competitive advantages for mobile wallet service as well as create an impression in customer awareness h
Service providers are increasingly seeking alternatives to attract customers, with promotional campaigns proving effective According to a 2019 report by Cimigo, enticing promotions are crucial for encouraging mobile wallet adoption in Vietnam Vietnamese consumers, who are generally inclined to save money, are particularly drawn to monetary promotions that lower transaction costs Consequently, many mobile wallet providers are implementing promotional campaigns as a short-term strategy to both attract new customers and retain existing ones.
The relationship between promotional benefits and the intention to use mobile wallets remains unclear, despite evidence suggesting that such benefits are essential for their adoption (Deka, 2020; K M R Yadav, 2016) Conversely, Aydin and Burnaz (2016) found no significant link between tangible incentives and users' willingness to utilize mobile wallets.
Promotional benefits significantly influence the intention to use mobile wallets and partially mediate the relationship between social influence and behavioral intention Research conducted by H Hoang and Le (2020) in Vietnam revealed that promotional benefits have a positive impact on mobile wallet adoption Additionally, perceived usefulness and habitual usage contribute to the effectiveness of promotional benefits on users' intentions to adopt mobile wallets.
This study introduces a unique approach that focuses on promotional benefits to identify the key factors influencing the intention to use mobile wallets, aligning with the current state of mobile wallet development in Vietnam.
Hypothesis formulation and conceptual framework
2.3.1 Promotional benefit and intention to use
Promotion involves temporarily lowering prices to enhance sales efforts aimed at cost-sensitive consumers (Sunny & George, 2018) Businesses often utilize promotions when launching new product lines to attract potential buyers Promotions can be categorized into monetary and non-monetary types, providing customers with tangible benefits According to Chandon, Wansink, and Laurent (2000), promotional benefits encompass both hedonic and utilitarian values, with hedonic values offering customers opportunities for enjoyment and satisfaction.
15 expression, entertainment, and discovery, while utilitarian values include cost savings, increased product quality, and shopping convenience
Promotional benefits significantly influence consumer purchase intentions, as evidenced by research from Kim and Han (2014), which indicates that customers are motivated to seek tangible rewards In the context of mobile wallet services, enticing incentives like monetary rewards, discounts, and cashback effectively encourage users to install and utilize these platforms (Prabhakaran & Vasantha, 2020) Furthermore, studies highlight that promotional benefits are crucial in shaping the intention to adopt mobile wallet technology (Deka, 2020; Li & Shen, 2019).
R Yadav, 2016) Based on the above rationale, since promotional benefit is regarded as a critical determinant of intent to use mobile wallet, the following hypotheses are formulated:
H1: Promotional benefit positively affects intention to use mobile wallet
To achieve effective promotion campaigns, the promotion had better be compatible with the consumer's needs, beliefs, and regulatory orientation Compatibility is defined as
“the degree to which using a new system (an innovation) is perceived to fit with the existing values, beliefs, experiences, and needs of individuals” (Moore & Benbasat,
Ramanathan and Dhar (2010) highlighted that aligning promotional messages with consumers' existing motivations can significantly enhance the overall basket size and composition Their research found that consumers with a promotion focus are more inclined towards promotions that emphasize gain-related messages, such as "buy now."
1 get 1 free In contrast, consumers who have a prevention focus are interested in non- loss framed promotions, for instance, saving 5%
Tversky, Sattath, and Slovic (1988) introduced the compatibility principle, which posits that consumers value product dimensions that align closely with their goals They emphasize that compatible dimensions are more easily and confidently associated with performance outcomes The authors suggest that promotional gifts that align with the benefits of the advertised product lead to more successful sales promotions.
Chandon et al (2000) identified 16 congruency effects that reveal the effectiveness of promotions based on product type For hedonic products, non-monetary promotions yield greater success by offering hedonic benefits that align with the nature of these products Conversely, for utilitarian products, monetary promotions are more effective as they deliver utilitarian benefits that correspond with the practical value of these items.
Huynh (2016) investigated promotional strategies tailored for Vietnamese consumers in both rural and urban settings within the retail sector The findings revealed that rural customers are more receptive to monetary promotions, whereas urban customers favor non-monetary incentives Furthermore, the study highlighted that promotions aligned with cultural characteristics significantly enhance effectiveness Notably, the compatibility of promotional messages also influences the success of various promotion types.
A study conducted in 2011 examined how social identifications affect customer preferences for discount-based versus donation-based promotions The results revealed that consumers with an interdependent self-construal tend to prefer donation-based promotions over those with a separate self-construal.
Mobile wallet services offer tangible incentives that not only reduce costs but also provide both utilitarian and hedonic benefits to customers These advantages enhance the perception that mobile wallets align with their lifestyles and values, ultimately fostering greater acceptance and usage among consumers.
As a result, the following hypothesis is proposed:
H2: Promotional benefit positively affects compatibility
High compatibility among members in virtual communities enhances interpersonal communication and the sharing of information According to research by M.-J J Lin, Hung, and Chen (2009), when individuals perceive that knowledge sharing aligns with their personal values and needs, they are more likely to engage in and advocate for such practices.
Fu, Wu, and Cho (2017) investigated the psychological factors influencing knowledge sharing on Facebook Their findings indicate that both self-interest and communal motivations play a significant role in users' intentions to share commercial messages and ideas, although these motivations vary depending on the content type.
Seventeen motivations, including success, self-expression, and solitude, impact Facebook users' willingness to share commercial messages and consumer opinions In contrast, communal motivations like attachment, altruism, and community delight drive users to post lifestyle interests and consumer comments The study suggests that individuals are more likely to engage in behavioral sharing when they recognize the alignment between their psychological motivations, social capital focus, and the content type.
Compatibility also influences how customers assess product reviews and how this assessment contributes to the persuasiveness of the review Zhang, Craciun, and Shin
A study conducted in 2010 examined data from laboratory experiments and real online retailers, revealing that positive reviews significantly influence customers evaluating products for promotional consumption goals Conversely, for consumers assessing products aimed at prevention consumption objectives, negative reviews tend to be more persuasive than positive ones.
Compatibility significantly influences the sharing and valuation of knowledge, as it enhances social influence Therefore, we propose the following hypothesis:
H3: Compatibility positively affects social influence
2.3.4 Compatibility and intention to use
The compatibility of a product or service with a consumer's lifestyle is vital for its adoption, as highlighted by Rogers (1983), who noted that compatibility is a key factor in predicting new technology acceptance Research in mobile and financial services indicates that compatibility positively influences the intention to use these technologies (Chen & Nath, 2008; Mallat, 2007) Specifically, in the realm of mobile payments, customers' lifestyles significantly affect their willingness to embrace new technologies Those accustomed to online transactions through smartphones, such as online shopping and remote ordering, are more likely to adopt mobile wallets, as these systems require less time and effort to learn or integrate into their existing behaviors.
In many previous studies, compatibility was described as a critical factor affecting mobile payment adoption, as well as perceived ease to use and perceived usefulness (W
R Lin et al., 2020; Oliveira et al., 2016) H.-F Lin (2011) witnessed similar effects on mobile banking adoption Furthermore, Chen and Nath (2008) pointed out that compatibility is the most robust influencer to intention to use mobile payment of the United State consumers S Singh and Srivastava (2014) noted that compatibility, security, and social influence positively influence the intention to use mobile banking in which compatibility is the strongest predictor Aydin and Burnaz (2016) argued that compatibility had a substantial effect on perceived usefulness, attitudes toward and use intentions with both non-user and user groups in mobile wallet adoption in India
METHODOLOGY
Survey design
This research examines seven constructs: promotional benefit, intention to use, compatibility, affective experience, social influence, facilitating conditions, and use behavior The majority of the scales were adapted from existing literature, with social influence, intention to use, and facilitating conditions modified from Venkatesh et al (2012) Promotional benefit scales were derived from Aydin and Burnaz (2016) and Deka (2020), while the scale for affective experience was adjusted from Barari et al (2020) A 7-point Likert scale, ranging from 1 (strongly disagree) to 7 (strongly agree), was employed to measure six independent variables: promotional benefit, compatibility, social influence, affective experience, facilitating conditions, and the dependent variable, intention to use Additionally, a 5-point scale was created to assess the frequency of mobile wallet usage, categorized as Seldom (0-10%), Occasionally (10-30%), Often (30-50%), Frequently (50-70%), and Always (>70%) The measurement details for all constructs are summarized in the accompanying table.
Table 3.1 Construct measures of the study h
The questionnaire begins with a cover letter that outlines the study's purpose, the types of questions included, and the ethical considerations involved It is divided into three sections: the first section includes screening questions to identify respondents who use mobile wallets, while the second section collects demographic data such as age and gender.
27 education, monthly income, occupation, location, and experience in using mobile wallet Part 3 consists of multiple-choice questions designed to collect reply on construct items
The research conducted in Vietnam involved translating the original English questionnaire into Vietnamese Prior to distributing the survey, the translated questionnaire underwent pilot testing, and qualitative interviews were conducted with respondents to ensure clarity and comprehension of the translation.
Data for the study was gathered using an online survey consisting of closed-ended questions, created through Google Forms This survey was distributed via Facebook, the most popular social network in Vietnam, to reach potential participants from various regions across the country.
The study employs Partial Least Square-Structural Equation Modelling (PLS-SEM) for data analysis, which necessitates a minimum sample size of at least ten times the highest number of inner model paths directed at a specific construct According to the conceptual model, there are three direct paths leading to the intention to use, indicating that a minimum sample size of thirty is required Consequently, the expected sample size for this study should exceed thirty participants.
Data analysis with PLS- SEM using SMART PLS 3.0
The collected data were analyzed using SMART PLS 3.0, employing PLS SEM to estimate and test the model's hypotheses This method was chosen for its significant advantages in handling complex relationships and providing robust results.
1) It can deal with non-normal distribution data
2) It is possible to estimate complicated models with many factors, latent and observed variables, and structural path with small sample size
3) PLS-SEM is a causal predictive approach to SEM that focuses on prediction in statistical model estimation (Hair, Risher, Sarstedt, & Ringle, 2019)
According to Hair et al (2019), the PLS SEM model is assessed through the measurement model and the structural model h
The measurement model evaluates the unidirectional relationships of items measuring a single construct This assessment involves analyzing reliability, convergent validity, and discriminant validity, as outlined by Hair et al (2019).
To ensure item reliability, observed variables should have an outer loading index exceeding 0.708, indicating that the construct explains over 50% of the variance in the indicator Additionally, for internal consistency reliability, it is recommended that composite reliability and Cronbach Alpha fall within the range of 0.7 to 0.95.
Convergent validity is essential for assessing a scale's validity, as it indicates how well a construct captures the variance of its underlying elements Specifically, a construct is considered valid if its average variance extracted (AVE) is 0.5 or higher, meaning it accounts for 50% or more of the variance in the components that constitute the construct (Fornell & Larcker).
Discriminant validity ensures that there is no correlation between the factors used to measure constructs To assess this validity, the square root of the Average Variance Extracted (AVE) for each construct is compared to the correlations between constructs, following the Fornell and Larcker (1981) method, which requires the AVE to exceed the correlations with other constructs However, Henseler, Ringle, and Sarstedt (2015) criticized this criterion for its shortcomings, particularly when indicator loadings are closely aligned (e.g., between 0.65 and 0.85) They introduced the Heterotrait-Monotrait ratio (HTMT), which calculates the mean of item correlations across constructs relative to the geometric mean of average correlations for items measuring the same construct For constructs to be considered distinct, HTMT should be less than 0.85 This study applies both the Fornell-Larcker Criterion and HTMT to evaluate the discriminant validity of constructs.
After the measurement model result is completed, structural model is utilized to test whether there are relationships between constructs The evaluation criteria are as follows: h
To assess the collinearity problem in structural models, it is essential to evaluate the relationship between factors using the variance inflation factor (VIF) A VIF value exceeding 5 suggests a strong likelihood of multicollinearity among predictor constructs Additionally, values ranging from 3 to 5 may also indicate potential collinearity issues Ideally, VIF values should be 3 or lower to ensure a robust model (Hair et al.).
R-square which measures the ability of independent variable to explain variance of dependent variable is an index to emerge the suitability of the model Henseler et al
(2009) described R-square of 0.67, 0.33, and 0.19 in the PLS models as strong, moderate, and weak, respectively
The f² effect size measures the impact of removing a predictive construct on the R² value of an endogenous construct According to Cohen (1988) and Hair et al (2019), effect sizes of f² = 0.02, f² = 0.15, and f² = 0.35 indicate small, medium, and large relevance of constructs in explaining a dependent construct within a structural model.
The Path Coefficient in the PLS structure model acts as the standard beta coefficient in regression least squares, confirming the hypothetical relationships between latent variables Utilizing a nonparametric bootstrap approach in PLS path modeling allows for the generation of confidence intervals for parameter estimations, facilitating statistical inference Bootstrap samples are created by randomly drawing cases with replacement from the original sample, enabling PLS to estimate the path model for each sample The resulting path model coefficients form a bootstrap distribution, which approximates the sampling distribution This process yields mean values and standard errors for each path model coefficient, allowing for a student's t-test to assess the significance of path model relationships A t-value greater than 1.96 indicates statistical significance at the 5% level (Henseler et al., 2015).
RESEARCH FINDING
Sample profile
The research questionnaire was distributed through Facebook to selected participants across Northern, Middle, and Southern regions After over two weeks of data collection, a total of 238 responses were gathered, with 182 deemed usable The remaining 56 responses were excluded for various reasons, including respondents' unfamiliarity with mobile wallets and some opting to reject the service altogether.
Gender: In the sample size of 182, there are 104 relatively 57% female respondents and
Age: The participants were from under 18 to over 50 years old, of which the most popular age group was between the ages of 18 and 29, accounting for 86.81%
The research reveals the educational attainment of participants, showing that 10.44% hold a high school degree, 70.33% possess an undergraduate or equivalent degree, 16.48% have a postgraduate degree, and 1.65% have completed junior high school.
Occupation status: 59 respondents relatively 32.42% are working for companies, 96 respondents relatively 52.75%, are students at distinct levels, 7 respondents relatively 3.85% are business owner and the rest of 20 relatively 10.99% do other jobs
A recent survey on mobile wallet usage revealed that 23.08% of respondents have utilized mobile wallets for less than six months, while 14.29% have used them for six months to one year The majority, 53.3%, reported using mobile wallets for one to three years, and 9.34% have been users for over three years When it comes to the number of mobile wallets used, 31.87% of respondents use one, 28.02% use two, and 40.11% use more than two wallets Notably, 52% of the 95 respondents indicated that Momo is their most frequently used mobile wallet, followed by Airpay at 34% The remaining 14% reported using other mobile wallets such as Viettelpay, Moca, and Zalo Pay.
Assessing PLS-SEM model
The analysis of the measurement model was based on suggestions of (F Hair Jr, Sarstedt, Hopkins, & G Kuppelwieser, 2014; Hair et al., 2019), includes testing reliability, convergent and discriminant validity
Exogenous constructs Abbreviations Exogenous constructs Abbreviations
Promotional benefit PROMO Facilitating condition FC
Social influence SI Affective experience AEXP
Compatibility COM Actual use behaviour BEHAV
Figure 4.1 The measurement model (PLS algorithm)
The initial PLS algorithm revealed that the outer loadings of the observed variables exceeded 0.7, except for two items, COM2 and BEHAV4, which had loadings below this threshold Consequently, these two items were removed from the analysis Following their elimination, a subsequent PLS algorithm was conducted, resulting in all outer loadings being greater than 0.7.
Table 4.2 Item loading, Cronbach’s alpha and composite reliability of the constructs
The study's findings demonstrated that all factors exhibited strong reliability, with Cronbach's Alpha (CA) values ranging from 0.782 to 0.924, all exceeding the acceptable threshold of 0.7 Additionally, the Composite Reliability (CR) for all observed variables also met the criteria, with values between 0.865 and 0.946, confirming their robustness.
The study's findings indicated that the average variance extracted (AVE) for all constructs exceeded the threshold of 0.5, with values ranging from 0.575 to 0.766 (Hair et al., 2014) This demonstrates that the constructs achieved convergent validity.
Table 4.3 Convergent validity among constructs
The Fornell and Larcker Criterion, as shown in Table 4.3, indicates that all square roots of the Average Variance Extracted (AVE) range from 0.785 to 0.927, exceeding the threshold of 0.5 Furthermore, within each factor, the square root of AVE surpasses the correlation coefficients of other factors within the same column, demonstrating strong discriminant validity.
Table 4.4 Discriminant validity: Fornell- Larcker Criterion
AEXP BEHAV COM FC INTENT PROMO SI
Additionally, the HTMT values of the elements are all less than 0.85 Therefore, it can be observed that all constructs attained discriminant validity
Table 4.5 Discriminant validity: Heterotrait - Monotrait Ratio (HTMT)
AEXP BEHAV COM FC INTENT PROMO SI
Table 4.6 illustrates the correlation matrix of various constructs, revealing several positive relationships among the variables Notably, there is a positive correlation between PROMO and INTENT (0.337), PROMO and SI (0.394), and PROMO and COM (0.317) Additionally, the correlation between COM and INTENT stands at 0.527, while the relationship between SI and INTENT is 0.453 Furthermore, INTENT shows a positive correlation with BEHAVE (0.516), as does FC with BEHAVE (0.462), and AEXP also correlates positively with BEHAVE.
The correlations observed support a linear relationship between the variables, as noted by Taylor (1990), and this was further validated through structural model analysis for enhanced data interpretation.
AEXP BEHAV COM FC INTENT PROMO SI
Source: PLS algorithm 4.2.2 Analysis of structural model
The structural model was evaluated using the 5000 times Bootstrapping technique after the measurement model's reliability and validity were assessed
Figure 4.2 Structural model (PLS Bootstrapping one tail) h
Before formulating hypotheses, multicollinearity was assessed, revealing that the variance inflation factor (VIF) values indicated no violation of multicollinearity assumptions All VIF coefficients fell within the acceptable range, with values ranging from 1 to 1.891, well below the threshold of 3.
Table 4.7 Collinearity statistics (VIF) of exogenous variables
AEXP BEHAV COM FC INTENT PROMO SI
The evaluation of the inner path model relies on the accuracy of the outer model estimations, with the coefficient of determination (R²) of the endogenous latent variables serving as a key metric (Henseler et al., 2009) The findings indicate that the R² values for the use intention model and the use behavior model are 0.357 and 0.351, respectively, reflecting a moderate level of R² in the PLS path models (Henseler et al., 2009).
The significance of exogenous constructs in influencing endogenous constructs is highlighted by the effect size f² (Hair et al., 2019) As shown in Table 4.9, the predictor constructs exhibit weak to medium effects on the endogenous construct, except for the path from PROMO to INTENT A "weak" or "medium" effect indicates that removing an exogenous construct from the model will result in a slight to moderate change in the R² value, reflecting its small to medium impact on the endogenous construct For instance, the exogenous constructs INTENT, FC, and AEXP demonstrate a small effect size on the endogenous construct BEHAV, with f² values between 0.02 and 0.15 Conversely, the exogenous construct COM shows a medium effect size on the endogenous construct INTENT, with f² values ranging from 0.15 to 0.33.
The estimated coefficients and p-value were computed to test the significance of the proposed hypotheses The empirical evidence supported 8 of 9 hypotheses, as seen in table 4.8
The study's findings indicate that promotional benefits do not significantly affect the intention to use mobile wallets, as evidenced by hypothesis H1 (β = 0.116, p > 0.05) However, the results support hypothesis H2, showing a positive relationship between promotional benefits and compatibility (β = 0.317, p < 0.01) Additionally, hypothesis H4 is validated, indicating that compatibility positively influences the intention to use (β = 0.389, p < 0.01) Consequently, it can be concluded that compatibility serves as a mediator in the relationship between promotional benefits and the intention to use mobile wallets.
The study confirms the significant relationship between compatibility and social influence in mobile wallet usage, with a β value of 0.313 and p < 0.01, thereby validating hypothesis H3 Furthermore, the findings support hypotheses H5 (β = 0.295, p < 0.01) and H6 (β = 0.250, p < 0.01), demonstrating that promotional benefits influence the intention to use mobile wallets through the mediating effect of social influence Collectively, these factors account for 34.6% of the variation in the intention to use mobile wallets.
The study's findings support hypothesis H7, indicating that intention to use (β= 0.320, p < 0.01) is the strongest predictor of actual use behavior Additionally, hypothesis H8 is confirmed with a β of 0.231 and p < 0.01, highlighting the significance of facilitating conditions as a key factor influencing use behavior Furthermore, hypothesis H9 is validated (β= 0.163, p < 0.05), demonstrating that affective experience significantly impacts use behavior Together, these three variables account for 34% of the variance in use behavior.
Table 4.10 Results of the hypothesis testing from the structural model
Original Sample (O) T Statistics P Values Conclusion
PROMO → INTENT 0.116 1.426 0.077 H1 is not supported
Source: PLS Bootstrapping one tail h
DISCUSSION AND CONCLUSION
Discussion
This study suggests interesting findings of the relevance of promotional benefit in intention to use mobile wallet
The study revealed that promotional benefits do not directly influence the intention to use mobile wallets, aligning with the findings of Aydin and Burnaz (2016) This conclusion contrasts with the results reported by Deka (2020) and Li and Shen (2019), as well as K M R Yadav.
Demographic factors such as income, age, education, and culture significantly influence the effectiveness of promotional techniques Research by Fam et al (2019) highlights that cultural differences, particularly in location, affect how sales promotions are perceived; for example, New Zealanders value discounts more than other countries but rate samples lower Additionally, a lack of success in sales promotions can stem from misunderstandings of the cultural context or poorly designed promotions Nitzl, Roldan, and Cepeda (2016) emphasize that overlooking mediating variables can lead to biased interpretations of results, particularly regarding the indirect effects of promotional benefits on the intention to use mobile wallets, which may explain inconsistencies in prior research findings.
The study revealed that the influence of promotional benefits on the intention to use mobile wallets is mediated by factors such as compatibility and social influence Previous research, including a study by H Hoang and Le (2020), highlighted that habit and perceived usefulness partially mediate the relationship between promotional benefits and mobile wallet usage intention Additionally, while promotional benefits were found to statistically impact social influence, the latter did not positively affect the intention to use mobile wallets, indicating that social influence does not serve as a mediator in this context.
The study explores how various factors influence the intention to use mobile wallets among users and non-users, highlighting the mediating role of attitude in the relationship between promotional benefits and usage intention Notably, the findings reveal that social influence and compatibility significantly mediate this relationship, particularly for users, suggesting that effective promotional strategies should focus on enhancing social influence and aligning with consumer compatibility to drive mobile wallet adoption.
Research by H Hoang and Le (2020) indicates that promotional benefits significantly enhance social influence Attractive promotions encourage consumers to recommend mobile wallets to their friends and family, as they believe their loved ones can also benefit from these offers This highlights the importance of word-of-mouth recommendations, where consumers reciprocate the value they receive from service providers, as noted by Casaló and Romero (2019).
Promotional benefits significantly enhance perceived compatibility in the mobile wallet context by creating utility value and fostering enjoyment These advantages resonate well with younger customers who seek innovative experiences Additionally, promotions aligned with regulatory focus orientations—both promotion and prevention—are likely to boost mobile wallet usage frequency and encourage customers to engage with both promoted and unpromoted services This insight is crucial for providers, as they can effectively tailor their promotions by integrating “gain” and “non-loss” messages to align with individual regulatory orientations, thereby increasing promotional effectiveness.
Compatibility is a key factor influencing the intention to use mobile wallets, aligning with previous research on mobile banking and payment adoption by Chen and Nath (2008), Schierz, Schilke, and Wirtz (2010), and S Singh and Srivastava (2014).
Compatibility is a crucial factor influencing mobile wallet acceptance, serving as a strong predictor in technology adoption (Aydin & Burnaz, 2016; Chawla & Joshi, 2019, 2020) When new technologies align with users' existing behaviors and values, it significantly enhances their willingness to adopt these innovations Increased compatibility not only aligns with user preferences but also enriches their experiences, ultimately fostering a greater intention to embrace mobile wallet technology (Chawla & Joshi, 2019).
Interestingly, the research found a significant effect of compatibility on social influence The finding consistently supports the previous emergence by Fu et al (2017) and M.-J
J Lin et al (2009) Individuals preferred to share contents that were consistent with their motives because they intended to satisfy both personal and social needs by sharing information (Fu et al., 2017) Members who use information sharing as a competent, superior, and compatible means of achieving personal goals demonstrate a strong desire to share their expertise (M.-J J Lin et al., 2009)
Social influence plays a crucial role in encouraging the intention to use mobile wallets, aligning with earlier research by Phutela and Altekar (2019) and Soodan and Rana (2020) Numerous studies, including those by V Venkatesh et al (2003), emphasize the significant impact of social influence in disseminating new information technologies.
In 2012, it was noted that opinions from family, friends, peer groups, and virtual communities on social networks serve as reliable references, significantly impacting consumer behavior Positive word-of-mouth from these sources can greatly motivate individuals to either embrace or dismiss new technologies (K M R Yadav, 2016).
The study identified intention to use, facilitating conditions, and affective experience as key factors influencing user behavior Notably, the intention to use emerged as a significant predictor of actual usage, supported by research from Davis (1989) and V Venkatesh and colleagues (2003, 2012).
This study reaffirms that promotional benefits, compatibility, and social influence significantly impact mobile wallet adoption Notably, compatibility and social influence mediate the relationship between promotional benefits and the intention to use mobile wallets Additionally, facilitating conditions emerge as a crucial factor driving user behavior.
Research by Thu Nguyen et al (2020) and V Venkatesh et al (2012) highlights that the availability of essential resources enhances user access and confidence in mobile wallets The study also confirms a statistically significant positive impact of affective experience on user behavior, aligning with Rose et al (2012), which indicates that increased behavioral frequency often results from positive affective experiences Furthermore, the findings reveal that consumers value both cognitive and affective aspects when using mobile wallets.
Contribution and implications
This study enhances the understanding of factors influencing the intention to use mobile wallets in Vietnam by incorporating the often-overlooked promotional benefit into the conceptual model While it confirms previous findings that promotional benefit does not directly affect usage intention, it reveals that this effect is mediated by social influence and compatibility Previous research has established the significance of social influence and compatibility in shaping mobile wallet usage intentions This study further underscores their critical role as mediators between promotional benefits and the intention to use mobile wallets.
The study highlights key variables that positively influence actual mobile wallet usage, emphasizing the role of affective experience alongside intention to use and facilitating conditions Affective experience, previously shown to impact consumer behavior in online shopping (Barari et al., 2020), is crucial in predicting mobile wallet utilization These findings offer significant practical implications for practitioners in the field.
The findings reveal that the impact of promotional benefits on the intention to use mobile wallets is mediated by social influence and compatibility, highlighting important implications for improving promotional effectiveness.
44 promotion campaigns should be designed to promote positive word of mouth and create awareness about the compatibility with consumer lifestyles
Service providers can enhance social influence by offering promotions such as gifts, vouchers, and coupons when users refer mobile wallets to friends Utilizing social media as a key communication channel, they can implement promotional programs that reward users for engaging with or sharing fan pages, thereby fostering social interaction within virtual communities These strategies are expected to significantly boost the effectiveness of promotional campaigns Additionally, to improve user perception of compatibility, promotional messages should be tailored to reflect both "gain" and "non-loss" perspectives, aligning with customer regulatory orientations Furthermore, mobile wallet providers can diversify their promotional efforts by combining personal promotions with community-oriented initiatives, ensuring they resonate with users' individual and social values.
To enhance the intention to use mobile wallet services, it is essential to focus on social influence and compatibility Generating positive word-of-mouth among consumers is crucial, requiring attention both online and onsite Additionally, mobile wallet processes must align with consumers' consumption patterns and cognitive processes to encourage acceptance Integrating user-friendly features that simplify transactions and eliminate the need for complex steps or additional equipment is vital Furthermore, mobile wallets should be designed to be engaging and align with the consumer's lifestyle image.
To enhance the frequency of mobile wallet usage, service providers must prioritize upgrading facilitating conditions and enriching the customer experience This includes ensuring that technical and informational support is readily accessible, enabling customers to receive timely assistance Additionally, focusing on the emotional aspects of customer interactions is crucial for improving overall satisfaction.
In order to improve customer experience, the service providers should develop features that increase interactivity and enhance the positive affective experience.
Limitation and direction for future research
The study's primary limitations stem from issues related to sample size and its characteristics, focusing on mobile wallet users in Vietnam With only 182 responses, the sample is significantly smaller than the actual user base, and the majority of respondents are concentrated in Northern Vietnam, which may not meet distribution requirements Additionally, the low representation of high-income participants could skew the results Factors such as the nature of the study and the COVID-19 pandemic further hindered the ability to gather a larger sample size Future research should aim for a more extensive and geographically diverse participant pool, along with a thorough demographic analysis, to enhance the reliability and validity of the findings.
This study acknowledges limitations related to the questionnaire, particularly the potential for common method variance To mitigate this, measurement items were sourced from highly cited references Additionally, the behavior frequency scale developed by the author meets both reliability and validity standards Consequently, the findings of this study are considered valid within the designed survey framework and context.
The integration of promotional benefits into mobile wallet research models is limited, despite their significance in marketing and technology adoption This study highlights that promotional benefits influence mobile wallet intentions through social influence and compatibility, yet it does not explore the interaction of latent constructs Additionally, the connections between promotional benefits and factors like perceived usefulness, attitude, and habit remain untested Therefore, further qualitative and quantitative research is crucial to gain deeper insights into how promotional benefits impact mobile wallet adoption and to validate their relationships with other constructs.
Conclusion
The empirical study successfully met its objectives and addressed the research questions by formulating a theoretical framework for analyzing the intention to use mobile wallets Utilizing the PLS-SEM method, the study rigorously tested the developed hypotheses and yielded significant findings.
Promotional benefits do not directly influence the intention to use mobile wallets; however, this intention is mediated by social influence and compatibility Among the three factors examined, compatibility emerges as the strongest predictor of mobile wallet usage intentions and significantly affects social influence Additionally, the intention to use mobile wallets has a strong positive correlation with the frequency of their use Furthermore, both facilitating and affective experiences are found to positively impact usage behavior.
To enhance consumer acceptance of mobile wallets, practitioners should tailor promotional campaigns to align with consumer lifestyles and foster positive word-of-mouth through suggestions and social interactions Given the significant influence of compatibility on mobile wallet adoption, it is essential to design these wallets in harmony with users' consumption patterns and cognitive processes Additionally, addressing consumers' emotional experiences and providing accessible support channels are crucial for assisting users with any challenges they may encounter related to mobile wallets.
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Nguyen Thi Ha, a Business Administration student at Vietnam Japan University, National University, is conducting a survey to assess the intention to use mobile wallet services.
Please take a moment to complete this brief survey, which will take about 5 minutes Your honest and accurate responses are crucial, and rest assured that all information will remain confidential and used solely for research purposes.
I sincerely thank you for your precious support/cooperation!