Investigating user intention on usage frequency of e wallet in vietnam

VIETNAM NATIONAL UNIVERSITY, HANOI INTERNATIONAL SCHOOL GRADUATION PROJECT Investigating user intention on usage frequency of e-wallet in Vietnam Student’s name: Tran Thi Minh Anh Hanoi – 25th May 2020 1|Page VIETNAM NATIONAL UNIVERSITY, HANOI INTERNATIONAL SCHOOL GRADUATION PROJECT Investigating user intention on usage frequency of e-wallet in Vietnam SUPERVISOR: Dr Nguyen Thi Kim Oanh Student: Tran Thi Minh Anh Student ID: 16071009 Major: International Business Hanoi – 25th May 2020 2|Page ABSTRACT Purposes: Nowadays, E-wallet, a new payment gateway, has gained its popularity in e-commerce and retail market This study investigates factors impacting user intention on E-wallet usage frequency in Vietnam Design/Methodology: Structure Equation Modeling (SME) was used to test and validate the research model In particularly, PLS-SEM measurement model was applied to ensure validity and reliability of the latent constructs Structural model was undertaken to determine the significant of paths and predictive power of the model Findings: The result found that users achieve high awareness of e-wallet and prefer portability of e-wallet is more likely to perceived usefulness of e-wallet than their counterparts Moreover, users who are more knowledgeable on e-wallet tend to perceived more ease of use As a result, perceived usefulness and perceived ease of users is positively associated with attitude towards e-wallet This attitude enhances user trust of e-wallets, which subsequently leads to user intention on usage frequency of e-wallets At the same time, e-wallets with high security are more likely to gain user trust, which also results in more frequency of e-wallet use Originality/Value: Firstly, the study provides insights into a mechanism of user intention on usage frequency of e-wallet in emerging markets like Vietnam The findings support e-wallet providers to enhance aspects of e-wallet services to response to customers‘ needs Key words: E-wallet, user intention on usage frequency, Vietnam 3|Page ACKNOWLEDGE The research would not have been possible without the exceptional support of Dr Nguyen Thi Kim Oanh, my supervisor, who gave me the opportunity to research and providing invaluable guidance throughout this research Her enthusiasm, knowledge and exacting attention to detail have been an inspiration and kept my work on track It was a great privilege and honor to work and study under her guidance I would like to say thanks to my friends in the university and research colleagues for their constant encouragement They always assist me to overcome panic moments and motivate me to finish all tasks on time Especially, I am extremely grateful to my parents for their love, prayers, caring and sacrifices for educating and preparing me for my future Lastly, I would like to show deep gratitude for all my teachers in IS-VNU With more than years to study, it is the first time to show my honor and appreciated to them Their passionate, their enthusiasm provided me to all knowledge and skills in applying practical environment With the end of my task that finished my thesis will be remarked my excellent version at the present and better in the future 4|Page Letter of Declaration I hereby declare that the Graduation Project ―Investigating user intention on usage frequency of e-wallet in Vietnam” is the results of my own research and has never been published in any work of others During the implementation process of this project, I have seriously taken research ethics; all findings of this project are results of my own research and surveys; all references in this project are clearly cited according to regulations I take full my responsibility for the fidelity of the number and data and other contents of my graduation project Hanoi, 25th May 2020 Student Tran Thi Minh Anh 5|Page Table of Contents ABSTRACT ACKNOWLEDGE Letter of Declaration List of Figures List of Tables 10 Chapter 1: Introduction 11 1.1 Background of study 11 1.2 Research objectives and research question 14 1.3 Research methods 14 1.4 Research findings: 15 1.5 Structure of Study 15 Chapter 2: Literature Review 16 2.1 Definition E-wallet: 16 2.2 The usage of E-wallet 16 2.2.1 The usage of E-wallet in some countries 16 2.2.2 The usage of E-wallet in Vietnam 17 2.3 The benefit of E-wallet 18 2.4 Prior studies on E-wallet 19 2.5 TAM model 20 2.6 Hypothesis formulation and conceptual framework 22 2.6.1 Awareness (AW) and Perceived Usefulness (PU) 22 2.6.2 Portability (PO) and Perceived Usefulness (PU) 22 2.6.3 Knowledge (KN) and Perceived Ease of Use (PEOU) 23 2.6.4 Perceived Usefulness (PU) and Attitude Towards (AT) 24 6|Page 2.6.5 Perceived Ease of Use (PEOU) and Attitude Towards (AT) 24 2.6.6 Security (SC) and Trust (TR) 25 2.6.7 Trust (TR) and User Intention on Usage Frequency 26 2.6.8 Attitudes Towards (AT ) and Trust (TR) 27 2.6.9 Attitude Towards (AT) and Intention on Usage Frequency (IOFU) 27 2.6.10 Conceptual framework 28 Chapter 3: Methodology 30 3.1 Research method 30 3.1.1 Quantitative method 30 3.2.1 Questionnaire development 30 3.2 Sample and data collection 31 3.3 Measurement development 31 3.4 Partial Least Squares- Structural Equation Model (PLS-SEM) 35 Chapter 4: Data analysis and results 37 4.1 Demographics of respondents 37 4.2 Descriptive statistics of these variables 41 4.3 Measurement model result 48 4.3.1 Assessing reliability and validity of constructs 48 4.3.2 Hypotheses testing 53 Chapter 5: Discussion and Conclusion 57 5.1 Discussion of the findings 57 5.2 Conclusion and limitation 58 5.2.1 Conclusion 58 5.2.2 Limitations 58 5.3 Implications 59 REFERENCES: 61 7|Page APPENDIX A: 68 APPENDIX B: 74 8|Page List of Figures List of figure Figure 2.1:The earliest technology acceptance model Figure 2.2: Technology Acceptance model Figure 2.3: Conceptual framework Figure 4.1: Gender of respondents Figure 4.2: Age group of respondents Figure 4.3: Educational background of respondents Figure 4.4: Industry major of respondents Figure 4.5: E-wallet applications usage Figure 4.6: Measurement model Figure 4.7: Structural model 9|Page Page 18 19 24 30 31 31 32 33 38 43 List of Tables List of tables Table 3.1: Variables of factors in construct model Table 4.2: Descriptive Statistic of attitude toward of e-wallet Table 4.3: Descriptive Statistic of trust of e-wallet Table 4.1: Descriptive Statistic of perceived usefulness of e-wallet Table 4.2: Descriptive Statistic of perceived ease of use of e-wallet Table 4.3: Descriptive Statistic of security of e-wallet Table 4.4: Descriptive Statistic of awareness of e-wallet Table 4.5: Descriptive Statistic of portability of e-wallet Table 4.6: Descriptive Statistic of knowledge of e-wallet Table 4.7: Descriptive Statistic of intention on usage frequency of e-wallet Table 4.8: Items loading and Cross loading Table 4.9: Validity and reliability estimates of the constructs Table 4.10: Correlation Matrix among Construct Scores (Discriminant validity) Table 4.11: Collinearity statistics (VIF) of exogenous variables paths and hypotheses results Table 4.12: Influence paths and hypotheses results 10 | P a g e Pages 28 33 34 35 36 36 37 37 38 38 40 41 42 43 45 Koivisto, M and Urbaczewski, A (2004) 'The relationship between quality of service perceived and delivered in mobile Internet communications', Information Systems and e-Business Management, KPMG (2010) Consumers and Convergence IV Liébana-Cabanillas, F and Lara-Rubio, J (2017) 'Predictive and explanatory modeling regarding adoption of mobile payment systems', Technological Forecasting and Social Change Liébana-Cabanillas, F., Marinkovic, V., Ramos de Luna, I and Kalinic, Z (2018) 'Predicting the determinants of mobile payment acceptance: A hybrid SEM-neural network approach', Technological Forecasting and Social Change, 129, pp 117130 Liébana-Cabanillas, F., Sánchez-Fernández, J and Muñoz-Leiva, F (2014a) 'Antecedents of the adoption of the new mobile payment systems: The moderating effect of age', 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điện tử Việt Nam Ví điện tử tài khoản online, có chức toán trực tuyến, giúp bạn toán loại phí Internet tiền điện nước, cước viễn thơng, bạn mua hàng online từ trang thương mại điện tử Lazada, Tiki ví Hình thức tốn vơ đơn giản, nhanh gọn, tiết kiệm thời gian, tiền bạc.Theo khảo sát Ngân hàng Thế giới, 47 phần trăm người dân Việt Nam sử dụng Ví điện tử hàng ngày thơng qua hàng loạt tính tiện ích Đây lý tơi muốn tiếp cận nghiên cứu để tìm hiểu chấp nhận người dùng dịch vụ Tôi đánh giá cao thời gian bạn dành để hỗ trợ phân tích tơi hồn tồn cam kết việc sử dụng thông tin thu để phục vụ cho nghiên cứu Tồn thơng tin đảm bảo bảo mật cho người trả lời Tôi biết ơn bạn đóng góp thời gian quý báu, thông tin trung thực gợi ý chu đáo bạn Phần 1: Thông tin người trả lời Giới tính: Nam – Nữ Độ tuổi: Dưới 16 tuổi Từ 16 tuổi tới 25 tuổi Từ 25 tuổi đến 49 tuổi Từ 49 tuổi đến 65 tuổi Trên 65 tuổi Trình độ học vấn: Trung học phổ thông Cao đẳng Đại học Thạc sỹ 68 | P a g e Tiến sĩ Khác Cơng việc: Lĩnh vực: Tài – Ngân hàng Du lịch – Khách Sạn Giáo dục Tổ chức kiện Công nghệ viễn thông Công nghiệp thực phẩm Kiến trúc xây dựng Kinh doanh Khác Ban có sử dụng internet banking khơng? Có Khơng Phần 2: Thơng tin việc sử dụng ví điện tử người trả lời 1.Bạn sử dụng ví điện tử điện thoại chưa? Đã sử dụng Chưa sử dụng 2.Những loại ví điện tử bạn sử dụng (Đối với người sử dụng)? Momo Moca 69 | P a g e Zalopay Airpay Internet Banking Loại hình khác Chuyển sang phần 3: 3.Bạn có ý định sử dụng ví điện tử thời gian tháng chưa? ( Đối với người chưa sử dụng) Có ý định Chưa có ý định 4.Những loại ví điện tử bạn có ý định sử dụng thời gian tháng tới? Momo Moca Zalopay Airpay Internet Banking Loại hình khác Khơng có ví điện tử Chuyển sang phần Phần 3: Đo lường nhân tố tác động đến việc sử dụng thường xuyên người dùng ví điện tử Đây yếu tố để đo lường chấp nhận người dùng Trong câu hỏi, có mức độ để lựa chọn, từ mức độ hồn tồn khơng đồng ý (1 điểm) đến hoàn toàn đồng ý ( điểm) Các mức độ đưa có nhìn toàn diện ý kiến người mức độ lựa chọn họ 70 | P a g e Vui lịng đánh dấu vào trong câu hỏi Cảm ơn bạn ! Sự hữu ích ví điện tử 1.Sử dụng ví điện tử giúp tăng hiệu suất lao động 2.Sử dụng ví điện tử giúp tơi nâng cao hiệu cơng việc Sử dụng ví điện tử cho phép tơi tiết kiệm thời gian cho lần tốn Sử dụng ví điện tử giúp tơi thực giao dịch dễ dàng trước Theo tơi dịch vụ ví điện tử lựa chọn tốn hữu ích Nhìn chung, ví điện tử có ích cho cơng việc tơi 5 5 5 Tính dễ sử dụng ví điện tử Việc học tính tốn ví điện tử dễ dàng với Tôi cảm thấy bối rối sử dụng ví điện tử Tơi cảm thấy khó chịu sử dụng ví điện tử Cách sử dụng ví điện tử rõ ràng dễ hiểu với tơi Tơi gặp lỗi sử dụng ví điện tử Tơi cảm thấy thật dễ dàng sử dụng dịch vụ ví điện tử để làm tơi muốn làm 1 1 2 2 3 3 4 4 5 5 5 Thái độ Tơi mong muốn sử dụng ví điện tử Tơi cảm thấy sử dụng ví điện tử ý tưởng hay Tơi có thái độ ủng hộ đối việc sử dụng ví điện tử Sử dụng ví điện tử đem lại lợi ích cho tơi Tơi thích ý tưởng sử dụng ví điện tử 1 1 2 2 3 3 4 4 5 5 Ý định sử dụng thường xuyên Tôi dự định tiếp tục sử dụng ví điện tử thường xuyên tương lai 71 | P a g e Khả nhận thức Tơi có biết mục đích sử dụng ví điện tử Tơi hiểu chức ví điện tử Tơi cảm thấy quen thuộc với tính ví điện tử Tôi hiểu chế hoạt động ví điện tử 1 1 2 2 3 3 4 4 5 5 Sự tin tưởng Ví điện tử bảo vệ quyền riêng tư người dùng Ví điện tử ln cung cấp dịch vụ tài cách xác Ví điện tử ln cung cấp dịch vụ tài cách đáng tin cậy Ví điện tử ln cung cấp dịch vụ tài cách an tồn 5 5 Bảo mật Tôi an tâm gửi thơng tin nhạy qua ví điện tử Tơi cảm thấy an tồn phải cung cấp thơng tin cá nhân tơi ví điện tử Tơi khơng lo lắng việc sử dụng ví điện tử người khác truy cập vào tài khoản 5 Tính di động Tơi hài lịng tơi cần điện thoại mà khơng cần đem theo ví tiền bên Tơi chí khơng cần thẻ tơi có thiết bị di động 5 Sự hiểu biết Tơi sử dụng Ví điện tử mà khơng cần hướng dẫn chi tiết 72 | P a g e cách sử dụng Tơi có kỹ / kiến thức cần thiết để thực việc mua sản phẩm qua ví điện tử 3.Tơi cảm thấy tự tin thực mua sản phẩm qua ví điện tử Nhìn chung, tơi thành thạo việc sử dụng dịch vụ ví điện tử 73 | P a g e 5 APPENDIX B: E-wallet is account online that can be payment function, pay electronic charges such as utility bills, telecommunications charges, purchase online from ecommerce websites such as Lazada, Tiki This form of payment is extremely simple, fast, saving both time and money As survey in World Bank, 47 percentage of residents in Vietnam were utilized e-Wallet in daily with huge of features That is the reason i would like to approach to investigate user's acceptance in this service I am very appreciative of the time you have taken to assist in our analysis, and commit to utilizing the information gained to contemplate and implement worthwhile improvements All of information would be ensure to keep in confidence and private for respondents Once again, i am extremely grateful for your contributing your valuable time, your honest information, and your thoughtful suggestions Part 1: Respondent demographic What is your gender? Female-Male What is your age? Under 16 years From 16 to25 years From 25 to 49 years From 49 to 65 years Over 65 years What is your ethnicity? High school degree College degree Bachelor degree 74 | P a g e Master degree Doctoral degree What is your job? What is your major? Financing-banking Travel and tourism Education Event Coordinator Telecommunication Food and Beverage Architecture and Construction Business administration Others Have you used internet banking? Yes No Part 2: Status of respondents using e-wallet Have you used e-Wallet on your phone? Yes No What kind of e-Wallet have you used? ( Respondents used) Momo Moca 75 | P a g e Banking payment Air pay Zalo pay Others Above e-wallet Move to part 3 Have you intended to use e-wallet in the future? (Respondent have not used eWallet yet) Yes No What kind of e-Wallet are you intent to use in months later? Momo Moca Banking payment Air pay Zalo pay Others No use e-wallet Move to part Part 3: Measurement these factors effect on investigation frequency usage These are these factors to measure users intention frequency on usage In each question, there are options to choice which range from strongly disagree (representative as point) to strongly agree (representative point) These options 76 | P a g e can get a holistic view of people's opinions and their level of agreement Please tick one of these box in each question Thank you! Perceived Usefulness (PU) Using e-wallet increases my productivity Using e-wallet enhances my effectiveness on the job Using e-wallet would enables me to accomplish tasks e.g payments more quickly Using e-wallet makes it easier to my job such as conduct transactions I would find e-wallet services a useful possibility for paying Overall, I find e-wallet useful in my job 5 5 5 Perceived Ease of Use (PEOU) Learning to use E Wallet service is easy for me I rarely get confused when I use E Wallet I rarely get frustrated when I use E Wallet My interaction with E Wallet service is clear and understandable I rarely make errors when using the E Wallet I find it easy to use e-wallet services to what I wanted to 5 5 5 Attitudes Toward (ATT) In my opinion, it is desirable to use e-Wallet I feel using e-Wallet would be a good idea I feel I would have a generally favorable attitude toward using e-Wallet I feel using e-Wallet would be beneficial for me I like the idea of using e-Wallet Intention Frequency on Usage (IFOU) 77 | P a g e 5 5 I intend to continue using mobile e-wallet more frequently in the future Awareness (AW) I am aware of e-Wallet objects I am aware of e-Wallet I am familiar with e-Wallet objects I understand what e-Wallet 1 1 2 2 3 3 4 4 5 5 1 1 2 2 3 3 4 4 5 5 Trust (TR) I could use the system if the system protects the privacy of its users E-wallet always provides accurate financial services E-wallet always provides reliable financial services E-wallet always provides safe financial services Security (SC) I would feel secure sending sensitive information across the ewallet I would feel totally safe providing personal private information over the e-wallet I’m not worried about using e-wallet because other people may be able to access my account 5 Portability (PO) It is satisfying, because i can just use my phone, i not actually need my wallet I don’t even need a card because I have a mobile device Thanks again! 78 | P a g e 5 ... hypothesizes that the perceived ease of use of e- wallet has positive influences on the consumer‘s perceived usefulness and behavioral intention of e- wallet service H5: E- wallet perceived ease of. .. excellent version at the present and better in the future 4|Page Letter of Declaration I hereby declare that the Graduation Project ? ?Investigating user intention on usage frequency of e- wallet. .. intention on usage frequency of e- wallet in Vietnam? To what extent those factors impact user intention on usage frequency of ewallet in Vietnam? 1.3 Research methods Questionnaire method is employed