FINANCIAL TECHNOLOGY AND OTHER RELATING ISSUES
2. Literature review and theoretical framework
E-wallet is a technological innovation in the consumer payment process. Personal reactions to technology use directly affect individuals' intention to use, which in turn affects actual use. Therefore, the integrated use and technology acceptance model - UTAUT (Venkatesh et al., 2012) is used as the theoretical basis for this study. UTAUT is the combination of theories from rational action theory, technology acceptance model, planned behavior theory, innovation spillover theory, and social cognitive theory. This model has been used to test different technologies and online payment instruments (Williams et al., 2011;
Junadi & Sfenrianto, 2015; Slade et al., 2015).
In the 4.0 technology revolution, all areas of the economy and society become digitized, and online payment inevitably develops due to convenience and ease of use. E- wallets are provided for storing cryptocurrencies and paying for online purchases (Ajmera &
Bhatt, 2020). The study of user intent and behavior towards e-wallets is very necessary for e- wallet providers to expand market share and retain customers (Venkatesh et al., 2012). Using the model ATAUT, Shankar & Datta (2018) proposes and evaluates the influence of ease of use, perceived usefulness, perceived reliability, social influence, and individual innovation on usage electronic wallet. Chandra & Kumar (2018) demonstrated that perceived usefulness, ease of use, social influence, and trust bias have influenced behavioral intentions to use mobile banking services. Factors influencing e-wallet usage behavior include not only consumer factors (perceived usefulness, ease of use, and perceived reliability) but also influence by external factors (social influences, facilitation, and lifestyle compatibility) to enhance user intent. Therefore, this study focuses on examining the influence of factors (Security and privacy; Expected usefulness, Ease of use, Social influence, Experience, intention to use) on the actual behavior of using Momo and Moca e-wallets in Ha Noi and then comparing them.
2.1. Security and Privacy
Security is the restriction of the potential for misuse of resources and assets.
Confidentiality is ensured by authentication, information verification, and data security (Chen, 2008). For electronic wallets, security is the level of security when using the wallet to pay through mobile applications (Donald & Rémy, 2012). Customers using e-wallets have the
right to keep their information and transactions confidential (Chen, 2008). All information must be kept intact, not allowing access and not using personal information for other purposes. It requires the technology system to be secure. Safety and security will positively affect behavioral intentions (Donald & Rémy, 2012). When users feel that the provider is reliable and safe, they will trust the mobile payment method, and increase their intention to use this method (Liu & Tai, 2016).
Hypothesis H1: Security and Privacy have a positive influence on the behavior of using Momo and Moca e-wallets.
2.2. Performance Expectancy
When adopting a technology, users expect its use to be helpful in their work (Venkatesh et al., 2003). That is the user's perception of the system's functionality and efficiency. If they believe that new technology helps them do a better job, they are likely to adopt it more (Liébana-Cabanillas et al., 2014). Usefulness is the degree to which a person believes that using a particular system will enhance their job performance" (Davis, 1989).
Digital infrastructure contributed to the information delivery system, thereby enhancing the effect of the performance expectancy of the system on intention to use technology.
Performance expectancy has been shown that it has a positive effect on the intention to use electronic payments under uncertain conditions (Liu & Tai, 2016). For digital wallets, expected usefulness is the degree to which the user will improve their job performance.
Consumers believe that using e-wallets will bring them many benefits in payment. Previous studies have demonstrated expected usefulness to be a strong predictor of the behavioral intention of e-wallet users (Intarot & Beokhaimook, 2018).
Hypothesis H2: Performance Expectancy has a positive effect on Momo and Moca e- wallet usage.
2.3. Ease of use
Some technology applications that are easier to use are more acceptable to users (Davis, 1989). The easy application of technology makes e-wallets a widely used payment method. Empirical studies have demonstrated that ease of use is an important factor influencing acceptance and behavioral intention to a technology (Chawla & Joshi, 2020). The experience of using an e-wallet application is reported as easy to use by many consumers (Hamid et al., 2016). The perceived level of comfort and ease in using technology leads to an enjoyable experience. According to Chau & Ngai (2010), Abbad (2013), comfortable feeling when using will lead to customer's intention to use
Hypothesis H3: Ease of use has a positive influence on the behavior of using Momo and Moca e-wallets.
2.4. Social influence
Social factors are intrinsic to the subjective culture of the reference group, and specific interpersonal agreements have been made in specific social situations (Thompson et al.,
1991). In the UTAUT model, an individual find that significant others around them believe that they should use new technology (Venkatesh et al., 2012; Junadi & Sfenrianto, 2015). In payment via e-wallet, the degree to which members have close relationships in society (friends, family, colleagues, ...) influences the intention and behavior of using payment services. Payment via e-wallets in the early stages of using technology when there is not enough experience and trust. At the same time, the continuous development of technology and communication also makes technology users more and more influenced by the community (Nguyen et al., 2014; Han, 2020).
Hypothesis H4: Social factors have positive influence on the behavior of using Momo and Moca e-wallets.
2.5. Experience
The role of experience was empirically tested using the analysis of Davis (1989).
Những trải nghiệm của người dùng tạo ra những phản ứng chủ quan riêng. Hành vi tương lai sẽ được xác định bởi những kinh nghiệm trước đó. The experience reflects the opportunity to use a target technology and is often run by the time since an individual first used the technology (Venkatesh et al., 2012). Many studies have suggested that experience highlights the influence of factors such as ease of use (Davis, 1989; Szajna, 1996), perceived usefulness (Taylor & Todd, 1995), behavioral intention (Karahanna et al., 1999; Venkatesh et al., 2012).
Purnama et al.(2021) shows that transaction experience affects e-wallet user satisfaction.
Hypothesis H5: Experience has a positive effect on the behavior of using Momo and Moca e-wallets.
2.6. Behavioral Intention
Attitude-to-behavior modeling is a key model for understanding human behavioral predictors for potential technology acceptance or rejection (Wijayanthi, 2019). The intention is the user's willingness to use, including the intention to use, the usage plan, and the prediction of the use of the electronic wallet (Venkatesh et al., 2003). The higher the consumer intention, the higher the actual behavior (Ajzen & Fishbein, 1975). Nikou and Economides (2017) studied cognitive and user-interface feedback to predict the relationship between intention-to-use behavior of e-wallets to discover a positive effect of behavior intention to use e-wallets.
Hypothesis H6: Behavioral intention has a positive influence on the behavior of using Momo and Moca e-wallets.
2.7. Actual Behavior
The actual behavior of using e-wallets in payment is a dependent variable in the research model (Legris et al., 2003) because the use of information systems is considered as a indicator of success in technology application (Al-Gahtani, 2001; Davis, 1989). To examine the actual behavior of using e-wallets, previous studies have analyzed aspects such as
frequency of use (Kim & Gyo, 2008; Jiajun & Carl, 2005; Mohamed & Tarek, 2013), comfort comfortable and active when using e-wallets (Al-Gahtani, 2001).
The purpose of this study is to examine whether the online payment method via e- wallet is accepted by consumers with the two most popular e-wallets today, Momo and Moca.
Therefore, this study compares which is more acceptable to users of e-wallets, and which factors influence the difference in usage behavior between these two types of e-wallets.
Research is developed from theoretical research models of technology user behavior. Based on the application of the technology acceptance model and the unified use of UTAUT in the study of user behavior for e-wallets, the factors that are considered and evaluated are the Level of Security and Privacy; Usefulness, Ease of Use, Social Influence, Experience, Intention to Use.
The proposed theoretical model is as follows:
Figure 1. Proposed research model
Source: Recommendation of the authors.