FPT UNIVERSITY

Department of Business Administration

  

Bachelor of Business Administration Thesis

Exploring factors that affect acceptance of using e-wallet/

fin-tech apps (Momo/Timo/Zalo Pay)* of gen-Y-customers in

Ho Chi Minh City

Group Members Nguyen Thi Diem Chi* SB61016

Nguyen Thi Khanh Huyen SB61133

Nguyen Thi Cuu SB61151

Tri Ngoc Mai Thanh SB60943

Supervisor M.A. Phi Van Anh

Ho Chi Minh, April 2019

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 TABLE OF CONTENTS
ACKNOWLEDGMENT ............................................................................................................................................... 5
ABSTRACT ................................................................................................................................................................ 6
LIST OF TABLES ........................................................................................................................................................ 7
LIST OF FIGURES ...................................................................................................................................................... 8
LIST OF ABBREVIATION ........................................................................................................................................... 9
CHAPTER 1: INTRODUCTION ................................................................................................................................. 11
1.1. Reason for this research ............................................................................................................................ 11
1.1.1 Background........................................................................................................................................... 11
1.1.2 Practical problem. ................................................................................................................................ 13
1.2. Research question ...................................................................................................................................... 14
1.3. Research Objective..................................................................................................................................... 15
1.4. Research Scope .......................................................................................................................................... 15
1.4.1 Location ................................................................................................................................................ 15
1.4.2. Time ..................................................................................................................................................... 16
1.5. Research Method ....................................................................................................................................... 16
1.6. Significance of Research ............................................................................................................................ 16
1.6.1. Theoretical Significance ...................................................................................................................... 17
1.6.2. Practical Significance........................................................................................................................... 17
1.7. Research Structure ..................................................................................................................................... 18
2.1. Theoretical model ...................................................................................................................................... 20
2.1.1. TRA....................................................................................................................................................... 20
2.1.2. TPB ....................................................................................................................................................... 21
2.1.3. TAM ..................................................................................................................................................... 22
2.1.4. The Unified Theory of Acceptance and Use of Technology (UTAUT) ............................................... 23
2.1.5. Self- Determination Theory (SDT) ...................................................................................................... 24
2.2. Related research ........................................................................................................................................ 24
2.3. Background Definitions.............................................................................................................................. 25
2.3.1. E- commerce ........................................................................................................................................ 25
2.3.2. E-wallet ................................................................................................................................................ 27
2.3.3. Generation Y........................................................................................................................................ 29
2.3.4. Exploring factors and Research Hypotheses. ..................................................................................... 30
2.3.5. Proposed model ...................................................................................................................................... 38
2.4. Summary .................................................................................................................................................... 39
CHAPTER 3: RESEARCH DESIGN ........................................................................................................................... 40
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 3.1. Research process ........................................................................................................................................ 40
3.2. Research approach ..................................................................................................................................... 40
3.2.1. Qualitative research ............................................................................................................................ 40
3.2.2. Quantitative research ......................................................................................................................... 46
3.3. Design Questionnaire................................................................................................................................. 46
3.3.1. Questionnaire Structure ..................................................................................................................... 46
3.3.2. Scale Construction............................................................................................................................... 47
3.4. Sampling Design ......................................................................................................................................... 51
3.4.1. Sampling Techniques .......................................................................................................................... 51
3.4.2. Sample Size.......................................................................................................................................... 51
3.5. Data collection methods ............................................................................................................................ 52
3.5.1. Secondary Data ................................................................................................................................... 52
3.5.2. Primary Data ....................................................................................................................................... 52
3.6.1. Descriptive Statistics ........................................................................................................................... 53
3.6.2. Scale of reliability ................................................................................................................................ 54
3.6.3. Exploratory Factor Analysis (EFA) ....................................................................................................... 54
3.6.4. Pearson Corelation Analysis ............................................................................................................... 55
3.6.5 Test Regression Model ......................................................................................................................... 55
3.6.6. Independent T-Test ............................................................................................................................. 55
3.6.7. One way ANOVA ................................................................................................................................. 56
3.7. Pilot Test ..................................................................................................................................................... 57
3.7.1. Cronbach’s Alpha ................................................................................................................................ 57
3.8. Summary .................................................................................................................................................... 58
CHAPTER 4: ANALYSIS ........................................................................................................................................... 59
4.1. Demographic Describing ............................................................................................................................ 59
4.2. Testing Reliability ....................................................................................................................................... 60
4.3. Exploratory Factor Analysis (EFA) .............................................................................................................. 65
4.3.1. Independent Variables........................................................................................................................ 65
4.3.2. Dependent Variable ............................................................................................................................ 68
4.4. Pearson Correlation Analysis ..................................................................................................................... 69
4.1.1. Pearson Correlation Analysis .............................................................................................................. 69
4.5. Test Regression Model ............................................................................................................................... 69
4.6. Test the relation of Behavioral Intention to demographic factors .......................................................... 72
4.6.1. Gender ................................................................................................................................................. 72
4.6.2. Occupation .......................................................................................................................................... 73
4.6.3. Age ....................................................................................................................................................... 74
4.6.3. Income ................................................................................................................................................. 74
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 4.7. Summary .................................................................................................................................................... 75
CHAPTER 5: FINDINGS AND RECOMMENDATIONS .............................................................................................. 76
5.1. Key Finding ................................................................................................................................................. 76
5.2. Recommendations ..................................................................................................................................... 76
5.2.1 Effort Expectancy ................................................................................................................................. 76
5.2.2. Performance Expectancy .................................................................................................................... 78
5.2.3. Social Influence ................................................................................................................................... 79
5.2.4. Perceived Security ............................................................................................................................... 80
5.2.5. Trust ..................................................................................................................................................... 81
5.2.6. Perceived Enjoyment .......................................................................................................................... 83
5.6.7. Reward................................................................................................................................................ 84
5.3. Limitations and Future Researches ........................................................................................................... 86
5.3.1. Limitations ........................................................................................................................................... 86
5.3.2. Future Researches ............................................................................................................................... 87
REFERENCES........................................................................................................................................................... 89

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 ACKNOWLEDGMENT

First and foremost, the authors are so grateful to all lecturers of Business Administration
at FPT University in Ho Chi Minh City, for their instrumental lessons and valuable
experiences that lecturers give us since our beginning to help and support us complete our
graduation thesis.

On another note, we would like to give big thanks to our supervisor Ph.D. Phi Van Anh,
for teaching and helping us during the process of completing our dissertation. This advice and
comments are beneficial for us to accomplish one of the most crucial turning points in our life.

Besides, it is a pleasure for us to express our gratitude to the respondents who have
supported and assisted us in completing the data collection for our graduation thesis. Thank
their valuable information and suggestions. We had a lot of ideas to achieve our objectives.

However, because of the limited time and experience, our report cannot avoid
shortcomings. Therefore, we are expecting to receive advice and comments from lecturers to
help us gain better knowledge and awareness for serving the practical work in the future.

Once again, we hope the lecturers and respondents have good health and success for both
life and career.

Best Regards,

Ho Chi Minh City, 15th April 2019

Authors of Thesis

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 ABSTRACT

Recent time, electronic payment has been emerged as a supreme key, results in being
developed more throughout the world in the next years as a prediction. Fiercely, an electronic
wallet is the most remarkable one in the automated payment system as it helps transaction
between seller and buyer smoothly. On the other hand, this kind of payment is not far familiar
to Vietnamese and cannot wholly replace cash although it has been intensely paid attention and
invested sharply from foreign. Therefore, this paper is an investigation to find out factors
which uplift customer especially millennial to use e-wallet in Ho Chi Minh. To make this thing
came out, the authors used both quantitative and qualitative analyses with 388 samples. In
particular, the authors originally applied the unified theory of acceptance and use of
technology (UTAUT) model with three constructs: Performance Expectancy, Effort
Expectancy, and Social Influence and continuously expand it thee more constructs: Trust,
Perceived Enjoyment, and Reward. Then apply their effects to discover factors that affect
customer acceptance to try e-wallet. From this model, researchers had the closest answer of
how elements of demographic (gender, income, occupation, age) and the factors which
contribute to customer intention to utilize e-wallet as well as had appropriate suggestions to
improve customer acceptance. Then, the research team will give proper suggestions to improve
customer acceptance. In another word, the authors hope that the results of this research paper
will contribute to helping service providers have better understand the importance of factors on
approaching and building a relationship with customers as well as gain more knowledge about
the role of those elements to planning out suitable strategies to increase productivity and
profits.

Keywords: UTAUT, Generation Y, Behavioral Intention, Effort Expectancy,

Performance Expectancy, Social Influence, Perceived Security, Trust, Perceived Enjoyment,
Reward.

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 LIST OF TABLES

Table 1-1: Research Time ................................................................................................................16

Table 3-1: Result of adjusted Qualitative Research’s scales ..........................................................42

Table 3-2: Five-level Likert Scale ...................................................................................................47

Table 3-3: Scale Measurement ........................................................................................................48

Table 3-4: Cronbach’s Alpha of eight components (Pilot test) .......................................................57

Table 4-1: Descriptive Statistics ......................................................................................................59

Table 4-2: Before Cronbach’s Alpha of Components .....................................................................60

Table 4-3: After Cronbach’s Alpha of Components ........................................................................64

Table 4-4: Summary Result of EFA for Independent Variables ......................................................65

Table 4-5: Rotated Component Matri .........................................................................................66

Table 4-6: Summary Result of EFA for Dependent Variable ..........................................................68

Table 4-7: Rotate component matrix ...............................................................................................69

Table 4-8: Result of Correlation ......................................................................................................69

Table 4-9: The result of regression analysis ...................................................................................70

Table 4-10: Independence T-test for Gender ...................................................................................73

Table 4-11: Means of group statistics .............................................................................................73

Table 4-12: Table Anova Test result of Grouping Variable ............................................................74

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 LIST OF FIGURES
Figure 1-1: The internet users in Viet Nam .....................................................................................11

Figure 1-2: E-commerce market in Vietnam ...................................................................................12

Figure 1-3: Factors which consumer concentrates when shopping online.....................................13

Figure 1-4: Global payment methods ..............................................................................................14

Figure 1-5: Digital payment services adoption ...............................................................................18

Figure 2-1: The Theory of Reasoned Action ...................................................................................20

Figure 2-2: The Theory of Planned Behavior .................................................................................21

Figure 2-3: The Technology Acceptance Model .............................................................................22

Figure 2-4: The Unified Theory of Acceptance and Usse of Technology ......................................24

Figure 2-5: The Self- Determination Theory ...................................................................................24

Figure 2-6: Proposed Model ...........................................................................................................38

Figure 3-1: The Research process...................................................................................................40

Figure 4-1: Income ..........................................................................................................................75

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 LIST OF ABBREVIATION

ANOVA Analysis of variance

B2B Business to business

B2C Business to Consumer

B2G Business to Government

BI Behavioral Intention

C2B Consumer to business

C2C Customer to Customer

CAGR Compound annual growth rate

COD Cash-on-Delivery

EDI Electronic Data Interchange

EE Effort Expectancy

EFA Exploratory Factor Analysis

EM Perceived Enjoyment

EVBN EU-Vietnam Business Network

e-wallet Electronic- Wallet

G2C Government to citizens

GSO General Statistics Office of Viet Nam

KMO Kaiser-Meyer-Olkin

m-commerce Mobile commerce

PE Performance Expectancy

PS Perceived Security

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RW Reward

SDT The Self- Determination Theory

SI Social Influence

SPSS Statistical Package for the Social Sciences

TAM The Technology Acceptance Model

TPB The Theory of Planned Behavior

TR Trust

TRA The Theory of Reasoned Action

The Unified Theory of Acceptance and Use of

UTAUT
Technology

Vietnam Electronic Commerce and Information

VECITA
Technology Agency

VECOM Viet Nam E-Commerce Association

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 CHAPTER 1: INTRODUCTION
1.1. Reason for this research
1.1.1 Background
Since the internet’s transition into a global interconnection network for sharing and
delivering information, it has come up as a useful marketing tool to create platforms for
domestic and international transaction. According to Hootsuite and We are social (2018), the
number of Internet users is 4.021 billion, increasing approximate 7 percent year-on-year that
made up 53% population all over the world. In Viet Nam, the Internet users count for 64
million, 66.5% population of Vietnam in comparison with 52 million Internet users in 2017, or
a 54% Internet penetration rate, which is higher than the global’s average of 46.5%. Hootsuite
and We are social (2018) also pointed out that Vietnamese users spend about 6 hours and 51
minutes a day using the internet. Besides, according to the report of We are social (2018) with
adult respondents, the number of smartphone and laptop or desktop users also has made up a
large percentage with the figure 72% and 43% respectively.

Figure 1-1: The internet users in Viet Nam

Source: Hootsuite and We are social (2018).

With the active development of the Internet and the increasing of smartphone and technology
device users, many kinds of organizations gradually moved into using it for their purposes. Besides,
both businesses and customers found that they can take advantage of using the Internet to get high
profit and enhance their domestic and international transaction. The explosion of information
technology and the Internet has set the stage for the development of e-commerce. With rapid growth
over the years, the Internet has become a popular platform for communication, service, and trade
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(Narges Delafrooz et al. 2010). On the other hand, with nearly 72% of the Vietnamese population use a
smartphone and 43% of laptop or desktop users, these high technology devices are essential to
conducting E-commerce activities online, the rise of smartphone ownership will have a profound effect
on the E-commerce landscape. According to EVBN (2018), Vietnam currently is one of the fastest
growing country regarding to B2C E-commerce industry in Southeast Asia, with a 32.3% CAGR from
2013-17, translating to a market size of 5.5 billion EUR in 2017 increased 23% in comparison with
2015 and being counted for 3% online retail sales across the board. The E-commerce market in
Vietnam is forecasted to continue overgrowing with a forecasted CAGR of 14% during 2017-20f,
accounting for 5.2% of total retail sales. As stated by VECOM (2018), the growth of e-commerce in
2017 compared to the previous year reached over 25% and was estimated to remain at the same level in
2018. E-commerce is the field attracting domestic and foreign investors to pour capital into Vietnam
market. One of the factors promoting the development of this field is the emergence of supporting
platform systems such as E-commerce platform, online payment gateway, express delivery... forming
the vital ecosystem of electronic business become quick, more convenient and more comfortable to
promote.

Figure 1-2: E-commerce market in Vietnam

Source: EVBN (2018)

Internet and e-commerce have changed the traditional purchasing method of consumers.
Consumers no longer are limited by time and place where they can buy products and services
anywhere and anytime (Hasslinger et al. 2007). Along with the development of information
and digital technology has changed the business environment in the world, so business
transactions also vary from cash transactions to cashless transactions or electronic payment
transactions (Mohamad, Haroon & Najiran 2009). According to World Pay (2017), cashless
payments have become a popular payment method in some countries around the world, and the
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volume transactions have increased the most in the past decade, in mainly it increased 11.2%
from 2014 to 2015 and reached 433.1 billion USD. In Asia, the growth of cashless payment is
43.4%. Most countries have implemented the reform of modern payment system to satisfy the
increasing payment demand of customers.

In Viet Nam, VECITA report (2017) indicated most of the factors which consumer
concentrates when shopping online. According to this research, there are of 81% respondents
showing that they care about Service/Product quality, Price Seller credibility in buying online
are the selection of 78% and 69% respondents, respectively. In the other hand, the Payment
method is also one of the factors that customers pay attention to when they shop online. In
conclusion, customers not only focus on quality, prices but also the convenience of payment
method.

Figure 1-3: Factors which consumer concentrates when shopping online

Source: Vietnam E-commerce Report 2017 by VECITA

1.1.2 Practical problem.

Cashless payment is a worldwide trend currently. For modern customers, this payment
method is widely used to replace or support the traditional payment method because of its
speed, convenience, and safety. In Vietnam, electronic payment appears as with the first model
was e-wallet in 2008. However, from 2009 to 2013 e-wallet developed very slowly because
Vietnamese users were still quite strange to this payment method, businesses were also
reluctant to participate in this form of payment. According to The State Bank of Vietnam, there
were only about 1.84 million e-wallets, the total volume of transactions in 2013 is 23,350
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billion dongs (1.1 billion USD). Meanwhile, the number of cards was 66 million and
equivalent to 52 billion USD.

By 2014, many e-wallets providers appeared, and until now there are about 25 non-bank
organizations licensed to provide e-wallet services. According to statistics of The State Bank
of Vietnam, the value of transactions via e-wallet in 2016 reached VND 53,109 billion,
increased 64% in comparison with 2015. The proportion is significantly growing year after
year. However, up to now when compared to other forms of payment, the role of wallet
Electronics is still very modest. Besides, reported by Google and Temasek (2018), currently
only 25% of Vietnamese consumers choose to pay online when shopping online, the remaining
75% still use cash payment. However, according to Statista (2018) e-wallet is predicted as
potential method in future with the highest percentage (43%) in 2023. In addition, according to
Decision No. 2545 /QD-TTG by The Prime Minister by approving the non-cash payment
development project in Vietnam for the period 2016-2020. The authors nocite that there is a
huge oppoturnity of e-wallet market’s development in Vietnam in near future. That is also
reason why the research team chooses this topic. Besides, offering solutions to improve and
develop the form of e-wallet to attract consumers to use this payment and catch the worldwide
trend.

Figure 1-4: Global payment methods

Source: Statista 2018

1.2. Research question

Q1: What are factors that affect the acceptance of using e-wallet of gen Y-customers?

Q2: To what extent do these factors influence on acceptance of using e-wallet of gen Y-
customers?

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 Q3: How different do demographic characteristics play an important part in customer
acceptance of using e-wallet/fintech?

Q4: What can be suggestions to enhance acceptance of using e-wallet of gen Y-

customers in Ho Chi Minh City?

Q5: What are lessons learning for other researchers to improve in the same field of
study?

1.3. Research Objective

This study aims to build a model of factors affecting the intended use and behavior of
using e-wallets in Ho Chi Minh City. Specific goals are defined as follows:

To systematize and determine elements that impact on the acceptance of using e-wallet
of gen Y-customers.

To evaluate how these elements contribute to the recognition of using e-wallet of gen Y-
customers.

To assess how different demographic characteristics affect acceptance of using e-wallet

of gen Y-customers

To propose recommendations to increase the intention use and behavior of using e-wallet
of gen Y-customers in Ho Chi Minh City.

To find out lessons learning which may help further researches.

1.4. Research Scope

This research topic has a proper scope and scale to solve the problems of this research.
The main subjects of the research team are the students, officers, and people who belong to
Gen Y while live in Ho Chi Minh City. The valid survey sample is 388 people.

1.4.1 Location
For Ho Chi Minh City area, the team focused on sampling in areas where have a big
amount of students and officers, also these places are easy to approach such as Quang Trung
Software Park, Aeon Mall and LotteMart Trade Centers, Hutech University, Bach Khoa
University. In this study, the data includes both online and offline questionnaires.

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 1.4.2. Time
During the time of research, the authors started to collect the data from experts and
particular components from 15th February to 10th March 2019. The table below shows the
specific time of the research.

Table 1-1: Research Time

Research type Method Technique Time Place

Interview Qualitative In-depth February, 15th 2019 to In Ho Chi Minh

Interview City
February, 20th 2019

Preliminary Quantitative Questionnaire February, 25th 2019 to March, Offline

1st 2019
Survey

Official Survey Quantitative Questionnaire February, 25th 2019 to Both online and
offline
March, 10th 2019

Source: Authors

1.5. ReseFarch Method

At the beginning of research, the team started with conducting qualitative research by in-
depth interviews and focus on potential customers and actual customers of e-wallet. In the in-
depth interviews, the authors asked 14 people who have heard about or used e-wallet. Notable,
one of them is an expert who has been working in the IT field for over ten years. Based on
their answers, the research team can systematize and identify the factors and develop the
questionnaires. In the second stage, the researchers used offline surveys to do a preliminary
test to ensure the idea of the inquiry that every people can understand. Non-probability
sampling method was used in this study. The respondents will be selected randomly that helps
the researchers can save time and bubget. Next, quantitative data will be collected and

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analyzed by SPSS 20. Finally, the research team will propose some suggestions to help the e-
wallet founders improve their number of users.

1.6. Significance of Research

Electronic payment has been overgrowing and becoming a priority payment method.
One of these is e-wallet. E-wallet is quite popular in many countries while this is still a little bit
strange to Vietnamese because as reported by Google and Temasek, currently only 25% of
Vietnamese consumers choose to pay online when shopping online, the remaining 75% still
use cash payment when receiving goods. Although e-wallet visibly helps users can carry out
fee anytime from anywhere, it cannot spread all its effects into the corner of the single because
of unpopularity and lack of acceptance. It is a reason triggers the researchers to do this paper to
bring a better understanding of e-wallet for people as well as dig into causes and factors affect
customer acceptance to use e-wallet by finding out which factors contribute to increasing
intention use and behavior of using e-wallet in Ho Chi Minh city. Therefore, the customer will
realize that how positively they should use an e-wallet, also service providers get to know what
they should do to improve service so that they retain existing users and gain more customers,
result in having a leading position in the payment market. To be specific, the significance of
this paper consists of two points: theoretical importance and practically significant.

1.6.1. Theoretical Significance

Add some more factors which are suitable for the practical situation for Vietnamese
users based on other previous research papers and in-depth interview results, also may
contribute to customer acceptance to use technology into original UTAUT model.

Determine the latest and most suitable scale of factors related to customer acceptance to
use technology based on available theories in the world.

1.6.2. Practical Significance

Investigate the intention of customers deeply, and then predict the behavior of using e-
wallet in HCM city towards the context of not only e-commerce development but also other
indirect transactions in recent years. Therefore the researchers comprehend relatively customer
insight in using e-wallet of Vietnamese and as a result, proposing practical solutions for e-
wallet service providers in Vietnam to increase productivity and profits. From that, they are
adapted to the Decision No. 2545 /QD-TTG by The Prime Minister by approving the non-cash
payment development project in Vietnam for the period 2016-2020. The aim is to create a
definite shift in non-cash payments in the economy, gradually change the use of payment

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facilities in society, reduce social costs related to cash, reduce cash ratio in circulation and cash
on total payment facilities.

Figure 1-5: Digital payment services adoption

Source: Google and Temasek (2018)

1.7. Research Structure

Chapter 1 - Introduction

Research team introduce general research information such as background information,

practical problem, research objective, methodology and data overview, topic relevance of
research question, research scope, a summary of research structure.

Chapter 2 - Literature Review

In this part, the authors examine the literature related to the research questions as well as
find connection between literature and research questions. Next, research theory model is also
included in this chapter.

Chapter 3 - Research Design

The research methodology and process to collect data and introduction of the
characteristics of research sample are presented in this chapter 3. Afterwards, the authors give
some methods of data analysis and subsequently display the results of the Pilot Test to
demonstrate the reliability of the study.
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 Chapter 4 - Data Analysis

In the chapter, the research team analyze and consider about the literature review as a
solution to this research results which clarify all critical factors affecting the benefits of using
e-wallets

Chapter 5 - Findings and Recommendations

Finally, all crucial factors affecting the benefits of e-wallets are stressed in a clear way
and problems e-wallet are cope with provided practical solutions.

1.8. Conclusion

In the first chapter, the authors give an overview about internet, e-wallet, e-commerce
background and practice problems in Viet Nam. Moreover, the research team list purposes and
objectives of research topic, mention the main research questions to examine and recognize the
influence of factors on the acceptance of using e-wallet in Ho Chi Minh city.

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 CHAPTER 2: LITERATURE REVIEW
2.1. Theoretical model
2.1.1. The Theory of Reasoned Action (TRA)
In 1975, Ajzen and Fishbein developed The Theory of Reasoned Action (TRA)
depending on Theory of Proposition Control Theory (1968) of Dulany as well as social
psychology. In both offline and online context, TRA considered as one of the classic models
in well-researched intention. Besides, TRA also acknowledged as a way to find out the
relationship between factors attitudes, subjective norms, intentions and behaviors of
individuals, especially customers.

Figure 2-1: The Theory of Reasoned Action

Source: Ajzen and Fishbein (1975)

This theory is applied to demonstrate a person’s intention and behavior. On the authority
of Ajzen and Fishbein (1975), an individual’s plan to carry out a particular action that means
persons' intention determines their behavior since it is hard to measure the actual behavior.
Intention comprises two main factors, respectively subjective norms and attitudes. For more
detail, the subjective norm is a person’s judgment concerning others’ support and preference
for a particular behavior (Werner 2004). The subjective norm is used to analyze the influence
of notable others on an individual’s communication of organization or online social network
(Moore & Benbasat 1991; Monsuwé, Dellaert, & Ruyter 2004).

Besides, attitudes refer to a theoretical construct that stands for a person’s level of like or
not for something. In other words, belief is the individual’s perception that includes favorable
or unfavorable toward specific behavior (Werner 2004).

The Theory of Reasoned Action is considered as an ethical theory of individual behavior

and has been used to analyze the study of customer behavior when shopping online. Therefore,
the research team mentions this TRA as a very first and general theory to investigate factors
that affect customer intention to use an electronic payment method.

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 Advantages: This model of the theory is similar to the Three-Component model;
however, there are differences between Three-Component model, and The Reasoned theory
Action (TRA) measured the attitude factor similarly to multi-attribute attitude model, but it
explained with more detail because of adding of subjective norms.

The limitation of TRA is it is not enough to get rid of the importance citizen elements
that could be a determinant for one’s behavior in real life (Grandon & Mykytyn 2004; Peterson
& Bredow 2009). Factors of society refer to all influences of the environment surrounding a
person (for example norms) which may affect the behavior of the individual (Ajzen 1991).
Thus, in the opinion of Venkatesh and Davis (2000), the TRA model should be expanded to be
more detail and particular.

2.1.2. Theory of Planned Behavior (TPB)

To solve the problem of TRA, Ajzen (1991) suggested an extra factor is Perceived
Behavioral control to determine behavior in theory of Planned Behavior. Perceived behavioral
control means a personal perception of how an actual response is performed easily (Ajzen
1991).

Figure 2-2: The Theory of Planned Behavior

Source: Ajzen (1991)

Advantages: The TPB model has improved TRA’s weakness in predicting and
describing the behavior of the customer in the same situation and context since it adds a
sensory behavior factor.

Disadvantages: There are some limitations of the TPB model; it includes the determinant
of intention not to limit attitudes, subjective norms and perceived behavioral control (Ajzen,
1991). Besides, a considerable time gap between investigating between the plan and actual

21
behavior may be other limitation of this model (Werner 2004). Time by time, there will be
changes in an individual’s intention. Finally, the actual behavior may be different compared
with what was predicted by the TPB model (Werner 2004).

2.1.3. The Technology Acceptance Model (TAM)

In 1989, Davis proposed a model from the rational and behavioral model of behavior
was The Technology Acceptance Model (TAM) to predict the acceptance of individual toward
IT systems and online service. This model recommends that perceived usefulness and
perceived ease of use affect the use of attitude or perspectives. The point of use affects the
users’ intention. The intention that influences the acceptance of customers shows in perceiving
real information systems and online services.

Davis (1989) declared that the primary purpose of TAM is to explain the broad
determinants of acceptance of computer or technology. These elements describe customer
behavior through some types of community use and computer technology. The TAM model
modeled as follows:

Figure 2-3: The Technology Acceptance Model

Source: Davis (1989)

(1) External variables (or exogenous variables): Perceived usefulness (PU) and perceived
ease of use-(PEU). For examples: ideas, training, different concepts in system use.

(2) Perceived usefulness: People who use technology acknowledge that when using
application systems will help to improve their productivity.

(3) Perceived ease of use: How easy to use the method that is expected by users.

(4) Attitude toward use: trust in usefulness and the ease of use create the attitude toward
use.

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 (5) Intended Use: refers to the intent of the user to use a system. There is a close
relationship between Intention and actual use

2.1.4. The Unified Theory of Acceptance and Use of Technology (UTAUT)

In addition to TAM, The Unified Theory of Acceptance and Use of Technology
(UTAUT) has been proposed to determine the acceptance of users toward the technical
information. This model is used to find out the motivation to use technology that was
developed by Venkatesh et al. (2003).

The Unified Theory of Acceptance and Use of Technology (UTAUT) model (Venkatesh
et al. 2003) is standout amongst the latest work in such a manner. This theory proposed
through many syntheses and integration of methods such as TRA, RAM, MM, TPB, C-
TAMTPB, MPCU, IDT, SCT and coordinated of those models’ components into a single,
unified model that is more cautious than any of the individual models alone. There are four
factors of UTAUT namely performance expectancy, effort expectancy, social influence, and
facilitating conditions that affect the intention and use of technology. Specifically, based on
UTAUT of Venkatesh (2003), performance expectancy, effort expectancy, social influence
have a positive relationship with behavioral intention while facilitating condition and
behavioral plan have a positive impact on user behavior. Also, those relationships have
moderated by Age, Gender, Experience, and Voluntariness of use.

23
 Figure 2-4: The Unified Theory of Acceptance and Usse of Technology
Source: Venkatesh (2003)

2.1.5. Self- Determination Theory (SDT)

In a social context, Ryan and Deci (2000) from the University of Rochester developed
the Self- Determination Theory as an approach to human motivation and personality. On the
opinion of SDT, the need for autonomy, the need for relatedness and the need for competence
are three basic psychological needs that satisfy intrinsic motivation and initial extrinsic origin
(Ryan & Deci 2000).

Theory supposed that motivation related energy, direction, persistent and equifinality -
all aspect of activation and intention. In real life, motivation is one of the most significant
things since it brings a lot of results. Besides, substantial external factors also impulse people
as a kind of motivation. The SDT defines intrinsic motivation as doing activities for
satisfaction than separable effects. Thus, intrinsic motivation is interest, enjoyment or pleasure.
Besides, extrinsic motivation includes external regulation, introjected regulation, identified
regulation, and integrated regulation.

Figure 2-5: The Self- Determination Theory

Source: Ryan and Deci (2000)

To conclude, this SDT theory finds that motivation is a significant factor that leads
people to some intention and actual behavior. This theory is still right and applied to analyze
the decision of choosing online payment of customers though it developed 20 years ago.

2.2. Related research

There were a majority of studies worldwide which related to the current topic. Four of
them has found by the authors; three studies conducted in different and one study in Vietnam.

Firstly, it is the journal named “Millennials’ Perception of Mobile Payment Services in

Malaysia” was composed by Yeow Pooi Mun et al. (2017). After examined fully, the authors

24
certainly declaimed that perceived usefulness, perceived ease-of-use, perceived credibility and
social influence all have an exceedingly positive relationship with customer intention to use
mobile payment services in Malaysia. Secondly, in 2015 Junadi and Sfenrianto had an official
investigation called “A Model of Factors Influencing Consumer’s Intention To Use E-payment
System in Indonesia.” To be more precise, the following elements: culture, perceived security,
performance expectancy, effort expectancy, social influence was ended up to have an extreme
impact on acceptance to operate e-payment technology. Thirdly, Salva Daneshgadeh and Sevgi
zkan ld r m looked deeply at internet banking usage in 1 with the research “Empirical
investigation of internet banking usage: The case of Turkey.” In the end, two researchers gave
people satisfied answers which exhibited five factors confidently have a substantial effect on
internet banking usage. These are compatibility, usefulness, ease of use, personalization and
alliance service.

To be closer to our status, also in the field of using internet banking service, Ph.D. Le
Hoang Ba Huyen and Le Thi Huong Quynh issued an excellent study namely “Nghiên cứu
nhân tố ảnh hưởng đến quyết định sử dụng dịch vụ mobile Banking của khách hàng tại Ngân
hàng Nông nghiệp và Phát triển nông thôn, chi nhánh tỉnh Thanh Hóa” in 18. Findings let
people realize that performance expectancy, effort expectancy, trust, transaction fee, social
influence, and compatibility all play an essential role in the relationship with internet banking
usage.

Whole the mentioned papers had their usefulness which could give solutions to online
payment context. On the other hand, obstacles still would be found out if applied international
researches into the current situation of Vietnam due to some differences. They are primarily in
the extent of time, culture, customer insight, consciousness and economy, result in changing
customer behavior. Although two types of research in Vietnam are tightly associated with the
Vietnam context, its subject was not nearly the same as an ongoing study. Therefore, it could
not reflect accurately. To tackle with matters, the authors decide to gather a wide of
information systematically and timely, link with reality and openly refer customer opinion to
get a rational paper.

2.3. Background Definitions

2.3.1. E- commerce
2.3.1.1. Definition
EVBN affirmed E-commerce activity involves in conducting partially or entirely the
operation of commercial activity using electronic linked to the Internet, a mobile
25
telecommunications network or other open networks. In the same meaning, e-commerce
relates to business communication and transmission via internet and through technological
devices, focusing buying and selling of products and services, and the transaction of funds
through digital communications. Correspondingly, E-commerce is an approach to do business
in specific markets with target customers, which may enlarge sales volume, lessen cost or
generate more updated information to customers (Hutt & Speh 2004). With the help of e-
commerce, the users no need to go outside the door all the time as traditional way did.
Flexibility, customers can search for information online before making their purchase offline
(Slevin 2000). In another aspect, Ngai and Wat (2005) interpreted e-commerce as a definition
of modern business methodology that handles the demands of organizations, merchants, and
customers to decrease the costs while maintaining the high quality of goods and services and
increase the speed of service delivery.

2.3.1.2. Types of E-commerce

As stated by Turban et al. (2011), categories of E-commerce are deviced into ten main
types.

 Business – to – Business (B2B) is the model of E-commerce activities when all

participants are the firm or organization. The firm can introduce their products or
services, seek to potential customers, order and sign contract through using E-
commerce.

 Business – to – Consumer (B2C) is the model that the providers can supply their
products and services to directly customers. They are able to compare among many
products and services before deciding to order, payment; and customers will receive
their products or servies through E-commerce. B2C is also called by e-tailing or E-
commerce websites.

 Business to – Government (B2G) is a kind of E-commerce which the participant are

the government and providers. In this situation, the government plays a role as the
clients of the firm. And all transaction is done through E-commerce.

 Consumer – to – Consumer (C2C) is the model where the consumer can exchange,
sell and buy products and services to direct consumer through E-commerce.

26
  Other kinds of E-commerce: Consumer – to – Business (C2B); Intrabusiness (EC);
Business – to – Employees (B2E); Business – to – Business – to – Consumer
(B2B2C); Collaborative Commerce; E-Government.

2.3.2. E-wallet
2.3.2.1. Definition
Junadi and Sfenrianto (2015) defined e-wallets is first similar to a physical wallet, but its
function is to hold information such as credit card numbers, e-cash, the identity of the users
about the information that relates to contact, shipping or billing consist of customer address
and other information that is applied when making a payment on e-commerce sites. Via e-
wallets, the news needs to type one time; those information will be automatically recorded for
the next transactions on any website. Similarly, journal ‘Acceptance of e-wallet service: A
study of customer behavior’ in 16, authors named R. Varsha and M.Thulsiram determined
succinctly e-wallet is an online prepaid account where the money is kept and used when people
are in need. Correspondingly, Mohamad Salah Uddin and Afroza Yesmin Akhi (2014)
accounted that an electronic wallet is a system or web services, authorize users to stock and
monitor their online shopping information and credit card in one central location.

2.3.2.2. Benefits of using E-wallet

It comes as no surprise that e-wallet brings many practical advantages. To the more
precise views about benefits of using electronic payment, speaking at the workshop “Towards
a cashless society” in 19, Deputy Governor Nguyen Kim Anh analyzed some specific
benefits of e-payment for subjects in the economy, thereby showing a direction towards a non-
cash society as an irreversible process.

For consumers, e-payment brings more convenience and higher security because they are
now not bothered with holding, handling cash, quickly accessing the money in the bank
account and obtain confidential protection of better personal financial information from
payment transaction network networks that provide services.

For merchants, e-payment gives them the convenience, efficiency and risk reduction,
most of which obtained because these units no longer have to bear the costs of handling.
Manage cash holdings, make transactios safer, more secure and reach more customers.

The government also benefited from the shift to e-payments through strengthening the
economy's transparency and narrowing the underground economy with inadequately reported

27
or incomplete cash transactions. Besides, with a comprehensive financial expansion to the area
where people do not have a bank account or ability to access to full banking services.

Finally, payment service providers like banks and switching organizations also benefit
from this positive trend by improving processing efficiency and increasing revenue through a
series of supply.

2.3.2.3. Some well-known E-wallet Brands in Vietnam

Momo

Momo is the first mobile payment service in Vietnam which found in 2010 and
empowered by the State Bank of Vietnam. At that moment, it is the leading company in
Vietnam in providing application services for cash transfer service at transaction point (OTC)
and payment platform (payment platform), especially Momo e-wallet (MoMo, 2019)

In particular, MoMo owns a network of financial transaction points spread across the
country, even remote areas where banking and smartphone services are still unpopular.

On the other hand, MoMo wallet is outstanding which now linked with 15 banks such as
Vietcombank, Vietinbank, ABbank, to give users an excellent option to pay daily utilities such
as electricity, water, internet bill or by air, train and movie tickets, etc. There are some service
providers or sales points allow customers to pay by e-wallet. Those are Gongcha, The Coffee
House, Al Fresco's, Mon Hue, Hoang Yen, Co.op Mart, Circle K, and Ministop…

As of November 2018, Momo had 10 million users who are a 10-fold increase over the
previous two years. This application has attracted very early foreign capital with $ 28 million
from Goldman Sachs and Standard Chartered Private Equity in 2016 (MoMo, 2019)

Zalopay

Zalmay is the electronic payment application of ZION Joint Stock Company - a member
of the Vietnam Banking Association developed and launched since 2016, with the ability to
pay electricity, water, Internet and television bills; Direct payment between accounts or
services supporting ZaloPay via QR code as well as linking to bank accounts to withdraw
money and deposit ...

Currently, many large chain stores have accepted ZaloPay payment, including Mobile
World, FPT Shop, Telecommunications A, Nguyen Kim, Circle K, Family Mart, 7 Eleven, B's
Mart, Lotte Cinema, Galaxy Cinema, BHD Cinema, Viettravel, Tiki ...
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 Currently, Zalopay users can connect with Visa, Mastercard, JCB and 6 ATMs of banks
such as Vietinbank, Eximbank, Sacombank, BIDV, SCB, and Vietcombank bank accounts.

Moca pay

Moca was founded in 2013 by senior people of Microsoft, Google and famous experts in
the finance and banking industry at Vietnam. Succeedingly, Moca built a mobile application to
help users make online or direct payment safely and conveniently with ATM cards, Visa /
Mastercard / JCB cards.

On February 25, 2016, the State Bank of Vietnam granted a license to provide
intermediary payment services for Moca. Presently, Moca is cooperating with leading
Vietnamese banks and large sales units to supply users with an abundant and advantageous
ecosystem for daily payment (Dung & Huan, 2018).

2.3.3. Generation Y
2.3.3.1. Definition
According to Oxford Living Dictionaries describes a millennial as a one who reaches
young adulthood in the early 21st century. Millennials or Generation Y or Gen Y, are the
demographic cohort following Gen X and preceding Gen Z. There are many researchers who
typically use the early 1980s as starting birth years and the mid-1990s to early 2000s as ending
birth years of Gen Y. In an earlier article, it was also proposed by Black (2010), Gen Y is
defined here as those born between the years 1981 and 2001, they are often seen as the
"everyone gets a trophy" (or an "A") generation, following upon the heels of generation X, this
new generation has been called Generation Y, Gen Y, or millennial for the sake of consistency,
they will be referred to here as Gen Y.

2.3.3.2. Personality of Gen Y

Moreover, about EBVN, Millennial representing 30% of the population (approximately

29 million people in 2017), is currently the largest group of online shoppers in Vietnam. They
characterized by their changing lifestyle and willingness to pay more to improve their lives.

There are a number of opinions about the personality of the Gen Y group. However, in
general for the group of people at this age, (Hobart & Sendek 2014) has introduced the
characteristics that the research team thinks are most suitable for commenting on this group of
people.

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 Firstly, Tech / Web Savvy is a prominent feature because people in the Gen Y age group
are born in a new technology world with the development of smart devices like phones,
watches, tablets... In that period of time, their lifes associated with technology and
technological devices that became an integral part of everyday life. Therefore, Generation Y
likes to communicate faster and more effectively via email, social networks, or messages
contrary to traditional communication facilities. It is aslo the reasons why technology firms
have gained the first attention from this age group. They expect many smart technology tools,
applications, and software that make life more comfortable and more convenient.

Secondly, Family Orientation is also the other characteristics of Gen Y. They have a lot
of chances to work with technological tools to help them balance life. Thank for those devices,
they can reduce their working time to spend more time with their families. Gen Y lives in
families with their parents who are in generation X who have worked a lot for living. Thus,
their children may have different perceptions about working. Therefore, to create an exciting
and productive working environment, they combine and look for many combinations in life.

Thirdly, Gen Y is very confident and ambitious. They look forward to better life, work,
and surrounding relationships. They may not hesitate to change jobs or work environments if
they cannot meet their needs. Positively, Gen Y people do not wait to challenge and change.
Therefore, they happily embrace the changes to achieve the best results for their lives.

In addition to the above characteristics, Gen Y also likes to work in Team. They have
high on teamwork. They expect to join their popular group with a close colleague. Moreover,
they are very responsive to communication. With social networking applications, they can
reply to a message in seconds. This for one call is a few minutes. They prefer to send a text
message rather than a phone call (Livescience 2017). In short, Gen Y is a sensitive and fast
generation for every change of technology-related life. Thus, any technology product offered is
natural to receive by people in this age group and share it widely.

2.3.4. Exploring factors and Research Hypotheses.

2.3.4.1. Effort Expectancy (EE)
Based on model UTAUT of Venkatesh et al. (2003), effort expectancy is one of four
factors that they mentioned to measure customer acceptance. They explained what mean like
the level of perceived ease of customers when they use e-wallet in transactions on the
applications. It also makes people easy to understand and use competently without any
particular skill. Any people approach the e-wallet service too easy to understand and use.

30
 The definition of effort expectancy (EE) is “the extent of ease of users when having
manipulation with technology” (Venkatesh et al. 2012, p. 159). Also, EE considered by giving
the perceived ease of use (PEOU) of the Technology Acceptance Model with items conquering
usage complication and general ease of use. Truthfully, there are different prior papers have
publicized commonly that the positive effect of PEOU on the adoption of m-commerce
(Khalifa & Ning Shen, 2008; Tsu Wei et al. 2009) and especially e-wallet is nearly similar. In
insightful approach, perceived ease of use (PEOU) plays an essential role in the initial stages
of adoption of new technology and is found to impose a significant effect on the desire to try
online payments (Kim et al. 2014). There was a study in the past asserted that BI receives an
excellent positive relationship of EE to use mobile apps (Hew et al. 2015).

Furthermore, in the case of research by Chan and Chong (2013), perceived ease of use
(PEOU) fully employs a significant positive effect on diverse new technology devices.

Similarly, a paper on user acceptance of mobile internet services accurately claimed

effort expectancy (EE) a credibly positive impact on behavioral intention to use (Wang &
Wang, 2010). Teo et al. (2015) again proclaimed an above finding in the context of e-
payments. Thus, the researchers have:

H1: Effort expectancy has a significant positive effect on Behavioral Intention of using
an e-wallet.

2.3.4.2. Performance Expectancy (PE)

How consumers feel when they use e-wallet systems is defined as performance
expectancy. That means this system will help and give benefits in conducting online
transactions such as speed, security, the convenience of transacting. The user needs more from
the new application like an e-wallet. This factor also is mentioned on UTAUT model by
(Venkatesh et al. 2003).

Performance expectancy (PE) in communication technology stresses that users firmly

believe that mobile applications are useful because it empowers them to complete goal-
oriented tasks successfully (Venkatesh et al. 2003). In an aspect of measurement, PE makes the
concept of perceived usefulness (PU) broader than its original description of the Technology
Acceptance Model (TAM). That why this study was adjusting PE suits slightly to the context
of e-wallet apps reveals how users consider the good they gain due to the apps permit them to
manipulate various online payment transactions. Afterward, in the TAM context involving
transactions, perceived usefulness (PU) was mentioned as a significant ancestor of m-shopping
31
intention (Manzano et al. 2009) and the usage intention towards mobile financial services (Lee
et al. 2012). In the abundance of cultural contexts, scholars (Chong 2013; Lai & Lai 2014)
concluded that Performance Expectancy expressed an enormous positive relationship with the
Behavioral Intention to adopt electronic payment. Significantly, pointed out in a study in
China, Lu and Su (2009) witnessed that performance expectancy has a profound power on
each of person using mobile services. Accordingly this cause, the researchers put forth a final
hypothesis the provisions that e-wallet supply to consumers such as convenience and fast
checkout (e.g., through mobile payment integration and quick login through the mobile device)
would highly accumulate customer intention to use e-wallet apps. Thus, the research team has:

H2: Performance Expectancy has a significant positive effect on Behavioral Intention of

using an e-wallet.

2.3.4.3. Social influence (SI)

Prior research Gholami et al. (2010) significantly suggested that social impact is the
influence over a person of famous people who stimulate consumers to have electronic payment
systems in the transaction. Likewise, after adding more accuracy than a version of 2003,
Venkatesh et al. (2012) updated social influence is the degree to which an individual is
affected by significant others (e.g., family and friends, idols) to use new technology.

Previous researchs explored how social control changed people’s decision to use an e-
wallet. According to Venkatesh et al. (2003) displayed that social influence carefully helps
people to know how environmental factors such as opinions of a user’s friends, relatives, and
superiors have an impact on behavior and in case they are positive it possibly induces the user
to adopt electronic payment services.

Similarly, there is the fundamental presumption that shows that individuals prefer to ask
their social network for more information to lessen their concerns which emerge caused by the
uncertainty of new technology. As one of four original UTAUT constructs, social influence
has become the most tested in the context of mobile payment, and things are devoted to
behavioral intention has gained more support (Shin, 2010; Hongxia et al. 2011; Yang, Lu,
Gupta, Cao, & Zhang 2012; Wang & Yi 2012; Tan et al. 2014). Since non-users of Near Field
Communication, perhaps mobile payment systems worried about financial risks accompanied
with a new payment system, thereby they are open to seeking reassurance from significant
others.

32
 In another study in China, Yang et al. (2012) saw a positive effect of social influence on
adoption intention of mobile payment service. Notably, social control was studied to be
significantly and positively correlated to the plan to use e-payment in a study in Malaysia (Tsu
Wei et al. 2009). As a result, the behavioral intention to use e-wallet of customers is probably
to impact by colleagues, friends, family members, other experienced users, and celebrities is
hypothesized

H3: Social Influence has a significant positive effect on Behavioral Intention of using an
e-wallet.

2.3.4.4. Perceived Security (PS)

The security consists of procedures, mechanisms and application programs to guarantee

the data of information, the integrity, and privacy so that they can help to prevent the source
and the network from troubles. As stated by Pantano and Pietro (2012), perceived security is
the degree that a user supposes that using a particular technology will be secure. It relates to
the privacy and perceived risk in the transaction, especially when the customer has not to
experience with the electronic payment. Besides, security regarded as how the e-wallet system
capably covers consumer transactions at best. Deeply, perception of safety is affected by
several factors, though the most notable testimony that security indeed found by consumers, as
well as special protection of consumer privacy, disturbs resistant to strangers. In addition,
security is also associated with regulatory and legal protection perceived by consumers. The
publisher will make the terms that are considered to be a commitment to the user and them.
After that, they ensure the rights to consumers.

Following with the previous studies, the current research approaches perceived security
from a broader perspective that includes not only technical aspects such as confidentiality and
authentication Flavian and Guinaliu ( 6) but also the customer’s overall sense of security
and well-being. Of e-wallet, it can agree that customers’ perceptions of security cannot be the
same with real security levels. Although a scientific assessment of security based on
technological solutions, it is the consumers’ perceptions of security that influence trust and
intention (Linck et al. 2006). If this transaction does not give any indication of the dangerous,
consumers will not need to take the precautions even deny using this method of payment.
However, a highly insecure transaction can give the wrong idea or impressions to customers
that trust is the inclination of customers to do online wallet transactions. It is important to
establish measures of perceived security and its relationship to trust in the mobile context. The

33
hypotheses regarding perceived security aim to determine how perceived security influences
the intention to use a mobile wallet.

H4: Perceived Security has a significant positive effect on Behavioral Intention of using
an e-wallet.

2.3.4.5. Trust (TR)

Firstly, in an earlier article, it was proposed Lu et al. (2011) that trust is a subjective
belief which means a party is going to meet their obligations fully as well as it is an integral
part in uncertain financial transactions where users are open to attack to financial loss.
Eventually, Yousafzai, Foxall, and Pallister (2010) once terminated that trust is acceptably
described as customers desire to implement online-banking transactions, hope that the bank
will wholly keep its promises no matter what their capacity to overseer or command bank’s
activities. Also, trust defined as “A psychological state involving the intention to accept the
vulnerability of positive expectations o another behavior” (Pantano & Pietro 1 ).

As stated by Suh and Han (2002), users pay more attention to security and safety when
they have to process more sensitive personal information because trust is more critical and
needs when users implement their transaction online.

Besides, specialists in the field of marketing have proved the causal relationship between
trust and intentional behavior. There is a positive effect on the relationship qualification on
future interaction between customers and firms (Crosby et al. 1990). According to them, trust
considered as one of the most important elements of the quality of the relationship. Doney and
Cannon proved that consumer trust had a very close relation to the intention to use any
technology, while it was not directly related to rational behavior among firms’ relationship.
Similarly, Gefen recommended that trust in an E-commerce context will increase an
individual’s intention to use that website.

In the opinion of Han and Jin (2009), Somali et al. (2009), Alsajjan and Dennis (2010),
trust is one of the essential keys for transaction process, especially in an e-commerce context,
where the trade of buyers and sellers influenced by uncertainty, dependence, and risk.

In both online and offline context, many researchers (Sultan & Mooraj 2001; Fusaro et
al. 2002; Grewal et al. 2003) found that there is a significant relationship between trust and
intention to buy or use any product or service. Moreover, McKnight and Chervany (2002)
stated that confidence affects customers’ decision to use or purchase stuff, especially in the

34
online context as it is a critical subject addressed before making any buying decisions. As a
result, it can be concluded that trust will affect customer intention positively.

Among literatures have been published, there are many researches stated that trust is a
central construct in customer intention because it reduces the feeling of uncertain. Suh and Han
(2002) have a study to prove the effecting of trust on customer acceptance of online banking.
While Belanche, Casaló, Flavián, and Schepers (2014) stated that when customers trust in the
online service, they tend to use it continually.

The factor trust mentioned in the users’ attitude with E-payments reliability and security;
they include attitude toward the bank’s safety and their belief in their Walter's store of
consumer’s data.

The significance of including trust has been carried out by Polatoglu and Ekin (2001) in
their qualitative research, besides Kardaras and Pathanassiou (2001), who researched corporate
customers had a similar opinion. Daniel (1999) stated that security to be one of the main
factors that affect customer acceptance of electronic payment. Customers appear to pay more
attention to the safety of online payment than they are with that of the traditional method
(Minjoon and Shaohan 2001). To measure the significance of trust, the research team chose to
include it in our study.

H5: Trust has a significant positive effect on Behavioral Intention of using an e-wallet.

2.3.4.6. Perceived Enjoyment (EM)

Only, as Venkatesh (2000) affirmed shortly enjoyment is the degree to which the user
finds a particular technology as pleasurable. In the study “User acceptance of hedonic
information systems,” exercise can be interpreted as the area to which manipulating an app is
enjoyable in its own right, except for any anticipated performance consequences (Heijden
2004). Afterward, Zhang (2013) pointed out that perceived enjoyment is a process-based
affective construct which relates to the range which feeling enjoyable whenever using the
technology. In the opinion of Pantano and Pietro (2012), Enjoyment is the degree that
customers find it pleasant with a particular technology. This represents an emotional state or an
intrinsic motivation capable of encouraging customers in considering or continuing using
technology if customers find it exciting or feel pleasure while considering or actual using tends
to stay longer and more frequent using.

35
 Another important feature that affects users’ acceptance of technology-based relates to
Enjoyment. Enjoyment refers to the degree of pleasure that customer perceived (Venkatesh
2000). This defined as an emotional state or intrinsic motivation of encouraging users in using
technology (Chang 2010) and is considered an important factor of behavioral intention to use
technological devices. Accordingly, they represent that enjoyment encompassed with
usefulness is a powerful explanation of the customer’s behavioral intentions.

Some previous reports have emphasized the enjoyment of online retailing context
(Pantano and Corvello 2010). Several proofs indicated the positive impacts of pleasure on
attitudes toward using online service (Eighmey and McCord 1998; Childers et al. 2001;
Heijden and Verhagen 2004; Lee et al. 2005; Mathwick et al. 2001). Besides, there are many
types of research stated that entertaining dimensions have a strong impact and motivate user in
using online technology (Ha and Stoel 2009; Cheung et al. 2011; Lee et al. 2005). Thus,
customers tend to consider using a technological device if they perceived pleasure when using
it (Ha and Stoel 2009). Davis, Bagozzi, and Warshaw (1992) have developed the ideas of
perceived enjoyment to model as the role of intrinsic motivation and noticed that perceived
satisfaction has a significant impact on the behavioral intention of customers to use a
technological devices.

Moreover, Childers et al. (2001) discovered that there is a significant relationship

between enjoyment and attitudes toward using online services and suggested that creating
interactive features would differentiate electronic payments from the traditional method. While
Lee et al. (2005) report stated that more luxurious technology leads to higher enjoyment for
achieving a better effect on consumers’ attitudes toward online context. Therefore, enjoyment
is positively related to the user’s intention to use with specific technology products (Pantano
and Servidio 2012; Woszczynski et al. 2002). For this reason, enjoyment considered as a
causal variable on acceptance of customer on using e-Wallet.

H6: Perceived Enjoyment has a significant positive effect on Behavioral Intention of

using an e-wallet.

2.3.4.7. Reward (RW)

Rewards, under a form of tangible benefits (monetary incentives, coupons, free sample
gifts, sweepstakes, etc.), can push consumers positively. Accordance to (Davis et al. 1992),
this kind of motivation belongs to external factors and applies to distinct customer behavior to

36
reach specific endings. Furthermore, reward occupies an extreme vital in human decision-
making and action and verifies our physical, mental, and social well-being (Liu et al. 2011).

It is a fact that consumers were not afraid to attempt limitless to take these
rewards/tangible promotion (Varnali, Yilmaz, & Toker 2012; Kim & Han 2014). When it
comes to marketing communication and advertisements, Kim & Han (2014) believed this ends
up that customers will intentionally focus on advertising as long as it gives them certain
benefits. Remarkably, scholars supposed that the extrinsic motivation components internalized
(taking in values and goals as one’s own) in the long term (Deci, Vallerand, Pelletier, & Ryan
1991; Ryan & Deci 2000). In this way, the exteriorly regulated behavior (Ryan & Connell,
1989) may internally be adjusted by consumers through the application of penalties or rewards.
Profoundly, in the aspect of mobile payment, the physical benefits presented for downloading
and using mobile wallets (i.e., free value-added services, discounts, internet access, etc.) may
steer consumers to reinforce positive attitudes and boost use intentions. Acceptance to this
standpoint, the rewards construct was integrated into the model to reflect the real incentives
and assumed to impose a positive effect on attitudes and use intentions. Genuinely, rewards
bring consumers a feeling of pride, intelligence, genius, and accomplishment (Collins et al.
2014). When thinks of e-commerce consumer cashless payment service, consumers have
specific opportunities to earn monetary or non- financial rewards, as well as they, agree to
apply the function. For example, discount coupons can give to users for their next payment in
case they use the service. These rewards are considered as a stimulus to drive consumers into
utilizing cashless e-commerce payment. Combining this point with the extrinsic motivation of
self-determination theory “an activity is done to obtain some separable outcome, such as
receiving rewards or avoiding punishment” (Vallerand 1997). Thus:

H7: Reward has a significant positive effect on Behavioral Intention of using an e-wallet.

2.3.4.8. The acceptance of using e-wallet.

The concept of accepting of using technology or service came from behavioral

psychology theories. Researchers have tried to develop methods and models to predict the
behavior of individuals. Accordingly, each's actions are a series of psychological reactions due
to internal and external motivation (Ryan & Deci ). The acceptance’s studies used in
technology areas stem from the development of TRA, TPB, SCT, to build and predict adoption
of uses such as TAM (Davis 1993; Venkatesh et al. 2000), UTAUT (Vankatesh et al. 2003).

37
 According to the Theory of Planned Behavior proposed by Ajzen (1991), what shows us
that there is a gap between how people are from intention to behavior. In detail, behavior
intention is known to be determined by the particular act of individual subjectively, and it
reflects that someone is ready to implement a specific behavior. This theory mentions that
behavior intention directly determines whether or not somebody is willing to adopt a particular
action. The researchers also believed that all the factors that possibly affect behaviors also
indirectly affect individual behavior through behavior intention. Also, specifically, behavior
intention is the best method to estimate customer' behavior. Kuo et al. (2009) believe that
behavior intention is a part of the purchase behavior and that it is consumers’ degree of
awareness for a product. Thus, when the companies provide a product or service, the
customer’s behavior intention studied for the product must be clear. Hellier et al. ( 3)
presume that behavior intention is the perception or opinion about repurchasing a particular
product from the same supplier under the current or possible ability and condition of an
individual. Hence, consumers tend to create purchase targets base on their behavioral intention.
Genuinely, it is also an essential signal for predicting consumer behavior.

2.3.5. Proposed model

Figure 2-6: Proposed Model

38
 Source: Authors

Based on the analysis of the relationships of factors affecting the acceptance of using a
technology from different research models (TRA, TPB, TAM, UTAUT, SDT), refer to
previous researches (Sultan & Mooraj 2001; Fusaro, et al. 2002; Grewal et al. 2003;Vankatesk
et al. 2003; Liu et al. 2005) combining with the results of qualitative research, the authors
proposes research model about exploring the factors that affect to the acceptance of using e-
wallet in Ho Chi Minh City.

2.4. Summary
In this chapter, the research team focuses on presenting theories including definitions of
E-commerce, e-wallet, Gen Y, Theoretical modes, Factors. Based on the results of this study, a
model of eight components has proposed; these are components may include: Effort
Expectancy, Performance Expectancy, Social Influence, Trust, Perceived Security, Reward,
Perceived Enjoyment, Behavioral Intention. Also, the authors investigated the relationship
between these components through previous researches. As a result, the model with eight
hypotheses proposed base on these credible theories and prior studies. The next chapter will
show methods to adjust the model and scale. Later in this research, the authors will
demonstrate relationships in the proposed model by qualitative and quantitative research
methods then analyzing the results in Chapter 4 and 5.

39
 CHAPTER 3: RESEARCH DESIGN
3.1. Research process
According to Creswell (2012), conducting research happens through a distinct set of
steps, and the foundation of the steps for study include: Identify a research problem, literature
review, specify a purpose for research, collect data, analyze and interpret the data, report and
evaluate research. This research conducted following the research process offered by Creswell
(2012) and also be modified to fit the study. First of all, the research team will clarify and find
out the research problems and objectives. Then is the literature review step which helps us
build hypotheses and propose a model for the graduation research.

After that, the authors choose the methods of this research. Then, constructing the initial
measurement scale; before creating the final questionnaire survey, the research team needs to
conduct the in-depth interview and pilot test. Next is sampling design; thanks to the sample
that the research team can identify the research object for data collection. Data analyzed by
using the SPSS and Amos Program. From the results of the analysis, the research team will
evaluate and come up with solutions. Finally, the result will write in a report form. The
research process is shown in Figure 3 - 1 below

Figure 3-1: The Research process

Source: Authors

3.2. Research approach

3.2.1. Qualitative research
In opinion of Strauss and Corbin (1990), qualitative research is explained as a research
which creates findings that do not use statistical procedures or other means of quantification.

40
 Moreover, Qualitative research is identified as process of interpretive techniques which
try to obtain the informationcome to terms with the meaning, not the frequency, of certain
more or less naturally occurring phenomena in the social world by describing, decoding and
translating (Creswell 2003).

According to Clissett (2008), qualitative research including the way of approaches for
the exploration of human experience, perceptions, motivations, and behaviors and is related
with the collection and analysis of words whether in the form of speech or writing. By doing
this, the authors are going to collect these data in the way of text by using open-ended
questions or individual interviews (Hair et al., 2010). This method requires interviewers to
create a comfortable atmosphere for interviewers. As a result, the research team can collect
more accurate data. Besides, to obtain appropriate information, the authors can adjust this
information if there is new information appear. In this paper, the research team will use
Content analysis as a method to analyze the result of quantitative research; According to
Bowen and Glenn (2009), Content analysis defined as the process of arranging information or
data into categories that referred to the central questions of the research. Besides, Downe -
Wambolt (1992) explained that content analysis is not only a counting process, as the purpose
is to link the results to their context or to the environment where they were generated: "Content
analysis is a research method that provides a systematic and objective means to make valid
inferences from verbal, visual, or written data in order to describe and quantify specific
phenomena" (p. 314).

Hair et al. (2010) supposed the in-depth interview or individual interview starts by the
authors conducts asking Qualitative questions are prepared before (Appendix A: Qualitative
Research Questionnaire). During this process, the authors also get their opinion about the
factors that affect the customer intention of using e-wallet. Besides, the respondents also help
the authors develop and adjust variables that are suitable for the scale, adding, subtracting or
changing the wording for the official survey.

Qualitative research result helps the research team get the corrected scale as the table
below:

41
 Table 3-1: Result of adjusted Qualitative Research’s scales

Qualitative
Construction scale Adjusted scale
results

Kỳ vọng nỗ lưc – EE

Tôi cảm thấy dễ dàng khi học Tôi cảm thấy dễ dàng khi học
Agree
cách sử dụng ứng dụng ví điện tử. cách sử dụng ứng dụng ví điện tử.

More Tôi cảm thấy dễ dàng khi thao

Tôi cảm thấy dễ dàng thao tác
specific and tác trên ứng dụng ví điện tử (MoMo,
trên ví điện tử.
edit words. Zalopay…).

Tôi cảm thấy dễ dàng để sử

Tôi cảm thấy dễ dàng để sử
Agree dụng thành thạo ứng dụng ví điện
dụng thành thạo ứng dụng ví điện tử.
tử.

Kỳ vọng hiệu quả - PE

Tôi cảm thấy giao dịch của tôi

Tôi cảm thấy giao dịch của tôi
More và người bán trở nên hiệu quả (dễ
và người bán trở nên hiệu quả khi tôi
specific dàng, đầy đủ và kịp thời hơn) khi tôi
sử dụng ví điện tử.
sử dụng ví điện tử.

Tôi cảm thấy sử dụng ví điện tử Tôi cảm thấy sử dụng ví điện
làm quá trình thanh toán diễn ra nhanh Agree tử làm quá trình thanh toán diễn ra
hơn. nhanh hơn.

Tôi cảm thấy sử dụng ví điện

Tôi cảm thấy sử dụng ví điện tử tử cung cấp cho tôi thêm phương
More
cung cấp cho tôi thêm phương thức thức thanh toán thay thế (so với
specific
thanh toán thay thế. phương pháp truyền thống như tiền
mặt, chuyển khoản).

Edit Tôi cảm thấy nhờ sử dụng ví

Tôi cảm thấy nhờ sử dụng ví
điện tử mà tôi không cần thiết lúc
điện tử mà tôi không cần mang tiền word
nào mang tiền mặt hoặc thẻ thanh

42
mặt hoặc thẻ thanh toán khác. and more toán khác.
specific

Ảnh hưởng từ xã hội –SI

Người thân trong gia đình, họ Người thân trong gia đình, họ
hàng và bạn bè của tôi đã sử dụng ví Agree hàng và bạn bè của tôi đã sử dụng ví
điện tử. điện tử.

Người thân trong gia đình, họ Người thân trong gia đình, họ
hàng và bạn bè của tôi ủng hộ tôi sử Agree hàng và bạn bè của tôi ủng hộ tôi sử
dụng ví điện tử. dụng ví điện tử.

Nhân viên bán hàng nhà cung Nhân viên bán hàng nhà cung
ứng… khuyến khích tôi nên sử dụng Agree ứng… khuyến khích tôi nên sử dụng
ví điện tử để thanh toán giao dịch. ví điện tử để thanh toán giao dịch.

Tôi sử dụng ví điện tử vì

Tôi sử dụng ví điện tử vì nhiều Edit
những người có kiến thức và uy tín
người nổi tiếng quảng cáo. word
giới thiệu.

Cảm nhận về sự bảo mật – PC

Tôi nghĩ những thông tin cá

Tôi nghĩ những thông tin cá
More nhân của tôi trên ví điện tử được bảo
nhân của tôi trên ví điện tử được bảo
specific mật (tên, số điện thoại, số tài khoản
mật.
ngân hàng…)

Tôi nghĩ rằng các bên không

Tôi nghĩ rằng các bên không
liên quan không thể xem được
liên quan không thể xem được những
Agree những thông tin tôi đã cung cấp
thông tin tôi đã cung cấp trong quá
trong quá trình sử dụng ứng dụng ví
trình sử dụng ứng dụng ví điện tử.
điện tử.

Tôi nghĩ rằng hacker không thể Tôi nghĩ rằng hacker không
can thiệp đến quá trình sử dụng ứng Agree thể can thiệp đến quá trình sử dụng
dụng ví điện tử của tôi. ứng dụng ví điện tử của tôi.

43
 Tôi cảm thấy an toàn khi sử
dụng ví điện tử để thanh toán
Sự tin tưởng – TR
Tôi tin rằng những giao dịch
trên ví điện tử là đáng tin cậy.
Tôi tin rằng nhà cung ứng sẽ
thông báo cho tôi biết mỗi khi có bất
cứ vấn đề nào xảy ra với giao dịch của
tôi.
Tôi tin rằng tất cả những giao
dịch trên ví điện tử là minh bạch
Tôi tin rằng ứng dụng ví điện tử
cung cấp những gì họ cho là tốt nhất
đối với khách hàng.
Tôi tin rằng ví điện tử đáp ứng
những nhu cầu của tôi
Sự thích thú – EM
Tôi cảm thấy hứng thú với việc
sử dụng ví điện tử.
Tôi cảm thấy thú vị trong suốt
quá trình thao tác trên ví điện tử
Tôi có niềm vui khi sử dụng ứng
ví điện tử.
Tôi cảm thấy hào hứng với việc
thanh toán bằng ví điện tử.
Khuyến mãi – RW
Tôi cảm thấy được lợi từ các
Tôi cảm thấy an toàn khi sử
Agree
dụng ví điện tử để thanh toán.
Tôi tin rằng những giao dịch
Agree
trên ví điện tử là đáng tin cậy.
Tôi tin rằng nhà cung ứng sẽ
thông báo cho tôi biết mỗi khi có bất
Agree
cứ vấn đề nào xảy ra với giao dịch
của tôi.
Tôi tin rằng tất cả những giao
Agree
dịch trên ví điện tử là minh bạch.
Tôi tin rằng ứng dụng ví điện
Agree tử cung cấp những gì họ cho là tốt
nhất đối với khách hàng.
Tôi tin rằng ví điện tử đáp ứng
Agree
những nhu cầu của tôi
Tôi cảm thấy hứng thú với
Agree
việc sử dụng ví điện tử.
Tôi cảm thấy thú vị trong suốt
Agree
quá trình thao tác trên ví điện tử
Tôi có niềm vui khi sử dụng
Agree
ứng ví điện tử.
Tôi cảm thấy hào hứng với
Agree
việc thanh toán bằng ví điện tử.
Agree Tôi cảm thấy được lợi từ các
44
chương trình khuyến mãi ví điện tử chương trình khuyến mãi ví điện tử
đưa ra. đưa ra.

Ví điện tử có nhiều hình thức Add Tôi cảm thấy ví điện tử có

khuyến mãi hấp dẫn Subject nhiều hình thức khuyến mãi hấp dẫn

Những chương trình khuyến mãi Những chương trình khuyến

hấp dẫn tôi sử dụng ứng dụng ví điện mãi hấp dẫn tôi sử dụng ứng dụng ví
Agree
tử mà trước đó tôi không thường điện tử mà trước đó tôi không
xuyên dùng. thường xuyên dùng.

Tôi sẽ dùng ví điện tử để thanh Tôi sẽ dùng ví điện tử để

toán nếu tôi có thể nhận được thêm thanh toán nếu tôi có thể nhận được
Agree
điểm thưởng từ những chương trình thêm điểm thưởng từ những chương
dành cho thành viên. trình dành cho thành viên.

Ý định sử dụng của khách hàng – BI

Nếu có cơ hội, tôi sẽ xem xét Nếu có cơ hội, tôi sẽ xem xét
việc thanh toán những giao dịch bằng Agree việc thanh toán những giao dịch
ví điện tử. bằng ví điện tử.

Tôi có ý định sử dụng ví điện tử Tôi có ý định sử dụng ví điện

Agree
cho những giao dịch hằng ngày. tử cho những giao dịch hằng ngày.

Tôi ước tính sẽ thường xuyên Tôi ước tính sẽ thường xuyên
chuyển qua sử dụng ví điện tử cho Agree chuyển qua sử dụng ví điện tử cho
những giao dịch hằng ngày những giao dịch hằng ngày.

Tôi có ý định giới thiệu cho Edit Tôi có ý định gợi ý cho người
người khác sử dụng ví điện tử. words khác sử dụng ví điện tử.

Sử dụng ví điện tử có thể trở Sử dụng ví điện tử có thể trở

thành 1 trong những phương thức Agree thành 1 trong những phương thức
thanh toán điện tử mà tôi yêu thích. thanh toán điện tử mà tôi yêu thích.

Source: Authors

45
3.2.2. Quantitative research
Cohen (1980), quantitative research is a social report that makes use of empirical
methods and empirical statements. He states that a practical comment described as a clear
statement about what “is” the situation in “actual place” the rather than what “should” to be the
case. Empirical reports conveyed in numerical expression. Another factor in quantitative
research is that experimental evaluations are applied. The practical assessment defined as a
form that is looking for determining the extent to which a specific program or policy
empirically fulfills or does not fulfill a particular standard or norm.

The quantitative research’s purpose is to gather necessary data to forecast the

relationship between factors and behaviors accurately, relationships validating, and test the
hypothesis (Hair et al. 2010). Also, Goulding (2002) also exposed that quantitative research
methods used by most of the researchers.

Creswell (1994) has given a clear explanation of quantitative research the research that is
explaining phenomena by gathering statistical information that is analyzed using
mathematically based methods. The result obtained through a questionnaire survey from
customers then researchers used SPSS software to carry out the analysis.

3.3. Design Questionnaire

3.3.1. Questionnaire Structure
The questionnaire is a research medium for storing a series of questions to collect data
from respondents was offerd by Dudovskiy (2013). In the paper, the census has four parts:
introduction, screening question, survey questions, and demographic information.

Introduction

The introduction is to give participants not only necessary information but also the
purpose of the official survey. Thus, they have a good overview and get out of suspicion.
Correspondingly, this part keeps a note to clarify everything in case the respondents may get
wrong. Additionally, the introduction part demonstrates it is significantly delighted for the
researcher to partner with respondents as well as there is no evil intention to take
respondents’s information, except for research purposes.

Screening Question

Refining and selecting the suitable respondents meeting the need for research is this
part’s functions. Notably, this raises three questions: the first one is “Are you living in Ho Chi

46
Minh city?”, The second one is “Are you aware of e-wallet” the last one is “Which e-wallet
names of following have you ever heard?”. Due to the above three questions, the researchers
can easily remove participants whose answer are not suitable matches to accomplish the
survey. Noticeably, if the respondents say yes in all three items, they will be switched to the
survey question collection. On the other hand, if participants answer either no or wrong to at
least one question, their responses are going to be erased.

Survey Question

This is the core content of the questionnaire as Appendix B. Following the Literature
Review belonging to chapter 2 and the scales of each factor; the authors propose questions that
categorized in the specific group including

Thanks to the reference scales of previous studies, the authors applied the five-level
Liker Scale in the research which is developed by Rensis Likert (1932) to measure attitudes or
opinions by asking people to respond to a series of statements about a topic. Equivalent to
every comment, the participants object to answering by choosing a certain level from 1 to 5, to
show the degree of agreement and respectively from 1 to 5 is the degree of understanding
increasing steadily from “Totally disagree” to “Totally agree.”

Table 3-2: Five-level Likert Scale

1 2 3 4 5

Totally Disagree Disagree Neutral Agree Totally Agree

Source: Rensis Likert (1932)

Demographic

The demographic part is to be answered to private information of respondents. To be

more explicit, participants in the survey will be asked to complete fours questions which direct
at gender, job, age, monthly income in turn.

3.3.2. Scale Construction

After conducting the Pilot Test (result in 3.7), the research teams got the final
questionnairs (Table 3-3) that adapted requirements to convey the Official Survey.

47
 Table 3-3: Scale Measurement

FACTORS MEASUREMENT SCALE References

EE EE1 I find that learning how to use e-wallet is Adapted from

easy for me Venkatesh et al.
(2003).
EE2 My interaction with e-wallet would be
clear and understandable

EE3 It is easy for me to become skillful at

using e-wallet

PE PE1 I find that using e- wallet payment during Adapted from

purchasing products or services could enhance the Cristian and Agnes
effectiveness of my interactions with the seller (for (2016).
example, offline or online)

PE2 I find that using e-wallet payment would

allow me to access products/services faster during
the purchase

PE3 I find that using e- wallet payment would

provide me with a more secure method of payment

PE4 I find that using e- wallet payment would

lower the need to carry multiple methods of
payment with me when purchasing things

SI SI1The important people (family/ relatives/ Adapted from

friends) use e- wallet system Venkatesh et al.
(2003).
SI2 The important people (family/ relatives/
friends) support the use of e-wallet

SI3 I will use e-wallet because there are

seller’s advices.

SI4 I will use e-wallet because of the influence

48
 of advertising.

PS PS1: I think the information relating to user Adapted from

and e-wallet secure. Kim et al. (2010).

PS2: I believe inappropriate parties will not

be able to view the information I provide during a
transaction on e-wallet.

PS3: I do not fear hacker invasions into e-

wallet.

PS4: I perceive e-wallet as secure.

TR TR1: I think that my transactions with e- Adapted from

wallet site are likely to be reliable. Kim et al. (2010).

TR2: E-wallet site will promptly inform me if

any problems occur with my transaction.

TR3: I think that my transactions with e-

wallet site will be transparent.

TR4: They keeps customers' best interests in

mind

TR5: I think e-wallet is concerned with the

present and future interests of users

49
EM EM1 I think that using the system to be Adapted from
enjoyable. Venkatesh (2000).

EM2 I believe that the actual process of using

the system is pleasant.

EM3 I believe that I will have fun using the

system.

EM4 I enjoy using the e-wallet application

RW RW1 I have / would like to benefit from Adapted from

promotions offered by the e- wallet Aydın and Burnaz
(2016).
RW2 I would like to use/continue to use e-
wallet as long as promotions are offered

RW3 A promotions/rewards has allowed me

to use e-wallet service which I do not regularly use.

RW4 I am more likely to use e-wallet if I can

earn extra rewards points for my membership
program.

BI BI1 I would intend to use e-wallet in my daily Adapted from

work as often as needed in the future. Wu et al. (2007).

BI2 Whenever possible, I plan to use e-wallet

in my daily job in the future.

BI3 I would estimate/predict that my chances

of using e-wallet in my daily job are frequent in the
future.

BI4: I will recommend e-wallet applications to

another.

BI5: Given the opportunity, I would consider

purchasing products from e-wallet site in the

50
 future, e-wallet payments would be one of my
favorite technologies for payment in the future.

3.4. Sampling Design

3.4.1. Sampling Techniques
Saunders et al. (2009) depicted the sampling method is a particular principle that
supports researchers to pick up both members of the population to be taken in the study and
lessen the overload collected information. In the same way, a sample design also understood as
an exact plan determined before any data collected for achieving a sample from a given
population. Basing on Hair et al. (2010), sampling methods consist of probability sample
(which including random sampling, systematic sampling, stratified sampling, cluster/area
sampling) and non-probability sample (which including convenience sampling, judgment
sampling, and quota sampling techniques).

In this approach, the research will choose the non-probability sampling method is to
select sampling group members in the non-random way. It implies that not every single
population member is chosen to contribute to the study (Hair et al. 2010). As mentioned, many
sampling techniques present in non-probability sampling methods, and this study employed the
convenience sampling method. As stated by Hair et al. (2010), convenience sampling defined
as a method which takes samples on the ease of access and at the conveniences of the
researchers. Luckily, when applying this kind of sample method, the researchers definitely can
save time and cost (John Dudovskiy 2013). According to the requirement of the research topic,
the authors will concentrate on respondents who are from 18 to 39 years old as well work and
live at the place where the research team can easily approach and collect the results.

In term of qualitative research, the authors used the Snowball Sampling Technique.
Snowball sampling (also known as chain-referral sampling) is a non-probable sampling
method used when unusual and difficult-to-find samples own properties.

3.4.2. Sample Size

To conduct this study, the people who live in Ho Chi Minh City are the main objects.
According to Hair et al. (1998) and Trong et al. (2008) to ensure the accuracy of the results,
the sample size must be at least five times the number of observed variables. For the above
reasons, with 33 items, this paper needs to confirm assuredly that the minimum number of

51
subjects should be at least n= 33*5=165. In 1996, Tabachnick B.G and Fidell L.S once
declared that only if the minimum sample size was calculated by the formula N > 8m +50,
with N, m meant the sample size and the number of independent variables respectively, the
multiple regression analysis could run well. As included in this research, there are eight
components; therefore, the minimum sample size obviously will be 106 (n=8*7+50).

Furthermore, Tabachnick and Fidell L.S (1996), Comrey and Lee (1992) stated that
sample sizes give similar results: 50 is extremely poor; 100 is poor; 200 is fair; 300 is good;
500 is extremely good; 1000 is outstanding. Then, time and cost saved while results are still
reliable; the research team recommends the sample quantity within 300-400. The research
group has produced a total of 430 surveys include offline and online. However, 42 reviews
excluded because some reasons such as they do not live or work in Ho Chi Minh City; they
have never heard about e-wallet; unsuitable age. Finally, only 388 qualified surveys for
analysis.

3.5. Data collection methods

3.5.1. Secondary Data
Secondary data is a kind of data which has produced in books, newspapers, magazines,
journals, website and other sources (Frankenberger and McCaston 2015). To be specific,
secondary data exactly has two main categories, raw data, and already processed data. As a
result, the secondary information is collected indirectly by researchers.

Secondary data helps researchers positively because of its availability, time and money
saving (Surbhi 2016). In contrast, it naturally has some drawbacks; they are the unsuitableness
of the data and lack of data quality control (Perez and Lopez 2013).

To intensify the reliability of the study, the authors took data from articles, scientific
studies which are highly appreciated and authentic. By doing this, the research will be
persuasive and may apply for its uses.

3.5.2. Primary Data

In 2004, Kothari once affirmed that primary data is information which is created by
collecting directly for specific purposes of research. Afterward, researchers utilize this
information to examine and determine solutions for the issue. Precisely, the primary data can
collect through numerous methods, for instance, surveys, online questionnaires, in-depth
interviews, telephonic interviews, focus groups, etc. (Surbhi 2016). Under this circumstance,

52
the researcher team make use of detailed interview method, focus group and questionnaire on
collecting information from respondents.

The research team executed in-depth interviews with each person, totally 14 people who
have used or had knowledge of e-wallet, workers and university students can be those people.
Subsequently, the authors entirely recorded all dialogs and carried out the analysis. The
conclusion comes out that factors as following: social influence, trust, enjoyment most
mentioned, would increase the capability of using an e-wallet.

By doing in-depth interviews, the research team entirely may re-examine The Unified
Theory of Acceptance and Self-determination in profoundly and understand the problem in
different aspects. Hence, we consider it as the platform for our study and application later.

When in-depth interviews were done, the researchers manipulated online survey to do
the preliminary test (called Pilot test) to weight up the questionnaire by constructing an online
poll and transfer it via the internet to around 50 people so that they can give responses
effortlessly through this link: https://forms.gle/B5uJBpFCUeHJZGhU9. The reasons why an
online questionnaire vastly appreciated for research are because of having restrictions on cost,
time, transportation.

After fulfilling the Pilot Test, the authors execute an assessment and make some
adjustments if needed, then lead to the official questionnaire. Next, the research team applied
not only the paper questionnaire (Appendix B: Questionnaire of Quantitative Research) but
also the online questionnaires to collect data. To be specific, researchers meet in person and
send surveys under a form of Google Docs to friends; workers; businessman; officer, etc. who
both live in Ho Chi Minh City and used to hear of e-wallet or already use it to reply.
Successively, replies have been screened and put on quantitative analysis.

3.6. Data Analysis Methods

3.6.1. Descriptive Statistics
The essential data characteristics defined by using Descriptive statistics. It means that by
providing primary and essential summaries of scale and sample, the researcher can create a
foundation for every quantitative analysis of data. Accordingly, to summarize a quantity about
gender, age, occupation, income, the authors will use statistical parameters such as frequency,
percentage — besides, these data represented by a graph and descriptive table.

53
3.6.2. Scale of reliability
Cronbach’s Alpha ratio is used to judge the reliability of scale verifying. It is also
applied to estimate the correlation scale between observed variable-pairs.

Estimating reliability scale via Cronbach’s Alpha ratio:

.8 ≤ α < 1: Good measurement scale.

.7 ≤ α < .8: Usable measurement scale.

Α ≥ .6: Usable with new research conception.

Approximating the reliability of scale can be determined by Corrected Item-Total

Correlation to get rid of trash variables out of measurement scale. Corrected Item-Total
Correlation is a correlation ratio of a variable with the average point of other variables on the
same measurement scale. Thus, within group variables, the higher correlation has the higher
this ratio. As stated by Nunnally and Bernstein (1994), if variables have Corrected Item-Total
Correlation less than 0.3 will be ignored and views as trash variable.

3.6.3. Exploratory Factor Analysis (EFA)

To reduce observed variables to a smaller set but still keep almost necessary information
content and statistic meaning of the initial set of variables (Hair et al. 2010). All of observed
variables will be calculated a ratio named factor loading that allows researchers realize which
measured variables belong to which factors.

Factor analysis model is assumed to be appropriated when meet these criteria:

Factor Loading: are ratios which have a single correlation between variables and factors.
Factor loading is greater than 0.3 that is supposed to be suitable for sample scale of 350
observations. However, on this topic, because the sample scale is less than 350, therefore,
factor loading is 0.5.

Suitability of EFA (Kaiser-Meyer-Olkin): is the ratio used to observe the suitability of

factor analysis if .5 ≤ KMO ≤ 1.

Cumulative of variance: is total variance percentage extracted by factors, means that

with 100% variability, this value shows what percent condense and how many percent loss of
factor. The standard which accepts factor analysis has cumulative of variance greater than
50% with Eigenvalue must greater than 1.

54
3.6.4. Pearson Corelation Analysis
To quantify the degree of linear relationship among quantitative variables the authors
need to run Pearson Correlation analysis. Besides, the research team will determine the issue
while there is strongly correlated among independent variables. The multicollinearity signs
will be considered when we do regression analysis. In general, r is used for checking the
connection between the quantitative variables (distance or ratio).

According to Hair et al. (2010), it is shown that:

r > 0.8 => linear correlation is very strong

r = (0.6, 0.8] => linear correlation is strong

r = (0.4, 0.6] => linear correlation exist

r = (0.2, 0.4] => linear correlation is weak

r < 0.2 => linear correlation is very weak or does not exist

3.6.5 Test Regression Model

Independent variables

To determine whether how the independent variables (explanatory variables) defined the
dependent variable (the explained variables) the authors use Regression analysis. It helps to
predict the expected value of dependent variables after having independent variables.

Use Enter method to put all the variables in the model

(1) Testing the Adjusted R Square coefficient to consider the relevance of the model.

(2) Checking the value of Sig <0.05 and F coefficient in the ANOVA table to test the
suitability of regression models with overall.

(3) Checking the Durbin-Watson coefficients ranged from 0-4 to consider first-order
serial correlation in the model.

(4) Testing weather the Variance Inflation Factor ranged from (1,10) to consider the
multicollinearity.

3.6.6. Independent T-Test

By applying the independent-samples T-Test (or independent T-Test), the authors of this
paper could compare the means of two different groups in the same dependent variable. It
55
states that there two groups of variables that include independent and dependent variables were
divided into a model (Meyers et al. 2016).
In the opinion of Trong and Ngoc ( 8), based on the result whether the Levene’s Test
variance equal, the meaning will interpret:

The difference between two independent groups considered different if the sig value of
Levene’s Test for equality of variances is smaller than . 5. At that point, the sig value of
“equal variances not assumed” will be used. On the contrary, the variance of the two
independent groups is not different. Then, the sig value of “equal variances assumed” will be
valid.

In term of sig value of T-Test for equality of means, if it is smaller than 0.05, it has
significantly different between two independent groups. In contrast, it does not have
significantly different between two separate groups.

3.6.7. One way ANOVA

According to Hoang Trong and Chu Nguyen Mong Ngoc (2008), the one-way analysis
of variance (ANOVA) is used to determine whether there are any statistically significant
differences between the means of two or more unrelated. ANOVA helps researchers solve the
problem of Independent Sample T-Test. This method helps us compare the average of 3 or
more groups. For example, you could use a one-way ANOVA to understand whether exam
Customer Intention to use e-wallet among difference ages, dividing Age item into three
independent groups (e.g., 18-25; 26-35; 36-38).

After running one way ANOVA of SPSS, The first panel the research team cares about is
the Test of Homogeneity of Variances; the authors consider two situations of Levene
Statistic’s sig. This method of interpreting the results of oneway ANOVA was offerd by Field
(2009) and Samuel (2005).

If the sig of Levene Statistic >= 0.05, the variance between the options of the above
variable is not different, see the results in the ANOVA table.

In the ANOVA table if the Sig <0.05, the authors conclude: There is a statistically
significant difference in the Customer Intention to use e-Wallet level of respondents in
different groups. On the other hand, if sig > = 0.05, we conclude: There is no statistically
significant difference in the Customer Intention to use e-wallet level of respondents in different
groups.

56
 The case of Levene Statistic is less than 0.05, the homogeneous variance hypothesis
between groups of the qualitative variable has violated. That is, the variance between groups is
not equal. In this case, instead of using the ANOVA table, the research team will consider the
Welch test for the example of violating the assumption of homogeneous variance. To perform
the Welch test, we need to return to the One-way ANOVA options interface. In the Options
section, add Welch.

When considering the Output, we will notice the Robust Tests of Equality of Means
table. In Robust Tests table if sig <0.05, we conclude: There is a statistically significant
difference in the Customer Intention to use e-Wallet among groups. In contrast, if sig = in
Robust Tests table ≥ . 5, we conclude: There is no statistically significant difference in the
Behavioral Intention to use e-wallet level in different groups.

3.7. Pilot Test

Formerly, Lancaster et al. (2004) noted that a pilot test is a micro investigation to
examine research protocols, data collection instruments, and other research techniques before
officially taking a larger one. To be detailed, there are 50 respondents used for the pilot test in
this paper, and they are all required to take note things which make them confused or have
something wrong. This behavior attached to the questionnaire rationality, accuracy, layout, and
spelling grammar mistakes need to look over carefully. Brilliantly, the authors certainly have
much knowledge of doing the legitimate survey thanks to the pilot test.

3.7.1. Cronbach’s Alpha

Sampling techniques in Pilot-Test and sampling techniques in formal research were
considered homogeneous.

Table 3-4: Cronbach’s Alpha of eight components (Pilot test)

Component Code N of Cronbach’s Lowest Corrected Item-

items Alpha Total Correlation

Effort Expectancy EE 3 0.813 0.605

Performance PE 4 0.776 0.497

Expectancy

Social Influence SI 4 0.850 0.623

Perceived Security PS 4 0.764 0.516

57
Trust TR 5 0.841 0.577

Perceived Enjoyment EM 4 0.791 0.546

Reward RW 4 0.820 0.591

Behavioral Intention BI 5 0.823 0.514

Source: Authors

Regarding eight components’ scale including EE, PE, SI, PS, TR, EM, RW, BI, the
correlation of all items is over than .3 and Cronbach’s Alpha of this component is more than
0.6, so the construction scales are standard to implement official survey.

3.8. Summary
Chapter 3 presents the methods and results of qualitative research to adjust the
behavioral intention model and scale. After conducting preliminary verification, the
researchers changed the level of some components. Individually, all elements of the research
study have been adjusted after the results from the reliability test meet the criteria. Based on
the results of this study, a model for eight components has proposed. These are eight
components may include effort expectancy, performance expectancy, social influence,
perceived security, trust, perceived enjoyment, reward, the behavioral intention with 33 items.
The next chapter will show how to implement a quantitative study to test the constructed scale,
research model, and test results.

58
 CHAPTER 4: ANALYSIS
4.1. Demographic Describing
Researchers have chosen 100% of respondents who are living in Ho Chi Minh City.
With some differences in gender, age and income and occupation. They provided various
surveys that were very useful for the research team. Totally in this study, 388 people answer
the survey. It is shown below in Table 4-1.

After collecting the surveys, there are 175 Males, and 213 Females joined into these
surveys. The number of women participating in the majority with 54.9%. Table 4 – 1 also
shows that the majority of the respondents in this sample are students by 32.2%. The other jobs
also account for a significant amount. It revealed that the respondents are in Gen Y and it is
suitable for the researchers in this topic. The highest percent of group respondents (50.5%) are
from the age group of 26-35, followed by a relatively young generation from 18 to 25 (38.7%).
Notably, in 388 surveys that researchers collected, there has no teacher join in to answer.

As reported in Table 4.1, the most significant amount of income level (51.0%) is from
the group has the income level from 10 to 15 million VND, followed by the group income
level from 5 to 10 million.

Table 4-1: Descriptive Statistics

Demographic Frequency Percent

Features

Gender

Male 175 45.1

Female 213 54.9

Occupation

Students 125 32.2

Officers 89 22.9

59
 Businesses 79 20.4

Housewife 67 17.3

Teachers 5 1.3

Other 23 5.9

Age

18-25 years old 150 38.7

26-35 years old 196 50.5

36-38 years old 42 10.8

Income

Below 5 million 69 17.8

From 5 to 10 million 106 27.3

From 10 to 15 million 198 51.0

Over 15 million 15 3.9

Source: Authors

4.2. Testing Reliability

Cronbach’s Alpha of 8 Components

Table 4-2: Before Cronbach’s Alpha of Components

Component Code Corrected Item- Cronbach’s Alpha if

Total Deleted Item

60
 Correlation

Effort Expectancy Cronbach’s Alpha = .829

EE1 .707 .744

EE2 .665 .786

EE3 .691 .760

Performance Expectancy Cronbach’s Alpha = .874

PE1 .693 .802

PE2 .710 .795

PE3 .661 .816

PE4 .673 .811

Social Influence Cronbach’s Alpha = .841

SI1 .663 .804

SI2 .695 .790

SI3 .679 .797

SI4 .662 .804

Perceived Security Cronbach’s Alpha = .751

PS1 .647 .635

61
 PS2 .642 .637

PS3 .279 .821

PS4 .645 .637

Trust Cronbach’s Alpha = .850

TR1 .682 .814

TR2 .620 .830

TR3 .663 .819

TR4 .650 .823

TR5 0.691 .812

Perceived Enjoyment Cronbach’s Alpha = .848

EM1 .700 .800

EM2 .684 .808

EM3 .670 .813

EM4 .688 .806

Reward Cronbach’s Alpha = .826

RW1 .644 .784

RW2 .659 .777

62
 RW3 .644 .784

RW4 .656 .778

Behavioral Intention Cronbach’s Alpha = .835

BI1 .717 .782

BI2 .598 .813

BI3 .613 .808

BI4 .637 .802

BI5 .625 .805

Source: Authors

The results of Cronbach’s Alpha of all the components showed that all of Cronbach’s
Alpha is higher than .6. However, when considering four observed variables of “Perceived
Security,” the authors find out that PS3 item has the correlation lower than .3 and if we delete
that variables, the Cronbach’s Alpha is .8 1. Therefore, the research team will remove the
PS3 item and rerun the Reliability of this Factor with PS1, PS2, PS4.

63
 Table 4-3: After Cronbach’s Alpha of Components

Lowest Cronbach’s Alpha if

Component Code
Correlation Deleted Item

Cronbach’s Alpha = .829

Effort Expectancy
EE2 .585 .724

Cronbach’s Alpha = .87

Performance Expectancy
PE3 .661 .816

Cronbach’s Alpha = .841

Social Influence
SI4 .662 .804

Cronbach’s Alpha = .821

Perceived Security
PS4 .659 .760

Cronbach’s Alpha = .850

Trust
TR2 .620 .830

Cronbach’s Alpha = .848

Perceived Enjoyment
EM2 .684 .808

Cronbach’s Alpha = 0.826

Reward
RW1 .644 0.784

Cronbach’s Alpha = .835

Behavioral Intention
BI2 .598 .813

Source: Authors

64
 The results of Cronbach’s Alpha of all the components showed that all factors are more
significant than 0.6, so the scale used in this research has the reliability. Moreover, the
Corrected Item-Total Correlation of all observed variables are higher than 0.3, so we can
conclude all observed variables are satisfied. Besides that, Cronbach's alpha if deleted items of
every variable of all nine factors are smaller, the Cronbach's alpha of that factor and all of the
variables of these factors are kept. Since, we accept the factor “Effort Expectancy” with 3
observed variables, “Performance Expectancy” with observed variables, “Social Influence”
with observed variables, “Perceived Security” with 3 observed variables, “Trust” with 5
observed variables, “Enjoyment” with observed variables, “Reward” with observed
variables, “Behavioral Intention” with 5 observed variables.

Therefore, the scales used in our research meet the requirement of the reliability and all
of 32 variables kept for the exploratory factor analysis (EFA).

4.3. Exploratory Factor Analysis (EFA)

4.3.1. Independent Variables
After running EFA, the result also extracts to 8 components at Eigenvalues is 1.518 and
Extracted Variance is 68.813%> 50%. KMO value is 0.863 > 0.5; the Sig. value in Barlett Test
is 0.000 < 0.05, so the exploratory factor analysis is suitable for investigating officially.

Table 4-4: Summary Result of EFA for Independent Variables

Coefficient Value

KMO .863

Sig. in Barlett Test .000

Eigen values 1.518

Extracted Variance 68.813%

Source: Authors

65
 Table 4-5: Rotated Component Matri

Component

1 2 3 4 5 6 7

TR3 .799

TR1 .792

TR5 .785

TR2 .746

TR4 .715

PE1 .810

PE2 .805

PE4 .781

PE3 .778

EM4 .832

EM1 .804

EM2 .796

EM3 .749

SI3 .818

66
SI2 .817

SI4 .788

SI1 .775

RW3 .795

RW2 .793

RW4 .775

RW1 .768

PS1 .837

PS2 .823

PS4 .808

EE1 .848

EE3 .825

EE2 .785

Extraction Method: Principal Component Analysis.

Rotation Method: Varimax with Kaiser Normalization.

a. Rotation converged in 6 iterations.

Source: Authors

67
 The EFA’s result shows 7 observed variables is classified into 7 different groups, and
the Factor Loadings of all variables are more than 0.5 which meets the conditions to
investigate officially.

4.3.2. Dependent Variable

After running EFA, the result also extracts to 1components at Eigenvalues is 2.517 and
Extracted Variance is 50.346% > 50%. KMO value is 0.746 > 0.5; the Sig. value in Barlett
Test is 0.000 < 0.05, so the exploratory factor analysis is suitable for investigating officially.

Table 4-6: Summary Result of EFA for Dependent Variable

Coefficient Value

KMO .798

Sig. in Barlett Test .000

Eigen values 3.033

Extracted Variance 60.670%

Source: Authors

Besides, the Eigenvalues is 3.033>1 indicates the variability explained by each factor
and that factor can represent for the whole group (Table 4 – 6). In addition, the extracted
variance is 60.670%>50% means the model is standard for factor analysis (Hair et al. 1998).

68
 Table 4-7: Rotate component matrix
Component Matrixa

Component

BI1 .839

BI4 .777

BI5 .770

BI3 .765

BI2 .740

Source: Authors

4.4. Pearson Correlation Analysis

4.1.1. Pearson Correlation Analysis
Table 4-8: Result of Correlation

EE PE SI PS TR EM RW

Pearson Correlation .519

B .516 .580 ..477 .422 .458 .557
BI

Sig. (2-tailed) .000 .000 .000 ..000 .000 .000 .000

Source: Authors

From the result of correlation analysis in the table 4 – 8, the sig. value of 7 factors is
lower than 0.05 and Pearson Correlation are from 0.422 to 0.580, so there are the correlation
between these factors with factor BI, thus, the independents have a relation with dependent.
This is an advantage for next step (Regression analysis).

4.5. Test Regression Model

The regression equation built to defining the affected level of every factor to Behavioral
Intention. There are different regression methods, but the Enter method used in this research.
69
The dependent factor is Customer Intention, and eight independent factors include Effort
Expectancy, Performance Expectancy, Social Influence, Perceived Security, Trust, Enjoyment,
Rewards.

Regression equation:

BI = β1.EE+ β2.PE+ β3.SI +β5.PS+ β6.TR+ β7.EM+ β8.RW

H1: Effort Expectancy has a significant positive effect on Behavioral Intention of using
e-wallet.

H2: Performance Expectancy has a significant positive effect on Behavioral Intention of

using e-wallet.

H3: Social Influence has a significant positive effect on Behavioral Intention of using e-
wallet.

H4: Perceived Security has a significant positive effect on Behavioral Intention of using
e-wallet.

H5: Trust has a significant positive effect on Behavioral Intention of using e-wallet.

H6: Perceived Enjoyment has a significant positive effect on Behavioral Intention of

using e-wallet.

H7: Reward has a significant positive effect on Behavioral Intention of using e-wallet.

Table 4-9: The result of regression analysis

Model Unstandardized Standardized Sig. Tolerance VIF

Coefficients Coefficients

B Beta

(Constant)
1 .115 .312

EE .114 .177 .000 .783 1.277

PE .147 .212 .000 .780 1.282

70
 SI .230 .331 .000 .844 1.185

PS .115 .175 .000 .820 1.220

TR .069 .095 .002 .825 1.212

EM .079 .115 .000 .787

1.271

RW .189 .265 .000 .816

1.225

Adjust R Square .711

F (Sig = 0.00) 137.147

Durbin Watson 2.109

Source: Authors

The brief result of regression analysis in table 4 – 7 presented the Adjust R Square of
.711 that explains that 71.1% variation of BI disclosed by seven factors EE, PE, SI, PS,
TR, EM, RW. The sig. value of all independent variables is lower than 0.05 which prove
that the result is statistically meaningful. The above regression model does not detect the
presence of autocorrelation because the Durbin – Watson coefficient equals 2.109 to which
belongs the interval from 0 to 4.

F testing in the analysis of variance (ANOVA) is hypotheses examine the relevance

level of linear regression models to consideration that dependent variable associated
linearly with the entire independent variables. In this case, the analysis of variance
ANOVA’s result of 137.1 7 which have statistic meaning (sig < 0.05). Therefore, the
regression equation that considered to BI suitable for research data. Besides that, there is
no multicollinearity among factors in the model (Tolerance > 0.0001 and VIF < 10).

Results of multiple regression analysis showed seven independent factors with 95%
reliability (sig. < 0.05, including EE, PE, SI, PS, TR, EM, RW. The beta coefficient of 7

71
independent factors indicates their levels of influence on the dependent factor BI, which is
expressed clearly through the following equation:

Regression Equation:

BI = 0.177EE+0.212PE+ 0.331SI+0.175PS+ 0.095TR+ 0.115EM+ 0.265RW

Therefore, the research team can conclude our Hypotheses:

H1: Effort Expectancy has a significant positive effect on Behavioral Intention of using
e-wallet.

H2: Performance Expectancy has a significant positive effect on Behavioral Intention of

using e-wallet.

H3: Social Influence has a significant positive effect on Behavioral Intention of using e-
wallet.

H4: Perceived Security has a significant positive effect on Behavioral Intention of using
e-wallet.

H5: Trust has a significant positive effect on Behavioral Intention of using e-wallet.

H6: Perceived Enjoyment has a significant positive effect on Behavioral Intention of

using e-wallet.

H7: Reward has a significant positive effect on Behavioral Intention of using e-wallet.

4.6. Test the relation of Behavioral Intention to demographic factors

4.6.1. Gender
Firstly the researchers want to make sure that the test of variance equality must not be
violated through Levene’s test for Equality of Variances, which mean that the sig .7 5 > . 5
they can conclude that there is an equality of variance as the table shown below:

72
 Table 4-10: Independence T-test for Gender

Sig. of
Test Grouping
Levene Sig. of T-Test
variables variable
Test

Equal
Behavioral
Gender .705 variance .020
Intention
assumed

Source: Authors

In this table, we can clearly see that the sig of Levene test is greater than .05. Therefore,
equal variance is the condition to analyze T-test for equality of Means. The sig. of T-test for
equality of Means is 0.020< 0.05 which means that: There is a difference between Male and
Female in Behavioral Intention of using e-wallet.

Table 4-11: Means of group statistics

Number of gender Mean

Gender

Male 175 3.4103

Female 213 3.5690

Source: Authors

As the table describes, Female tends to accept using e-wallet more than Male.

4.6.2. Occupation

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 Table 4-12: Table Anova Test result of Grouping Variable

Grouping Variable Test of Homogeneity of Variances ANOVA analysis Robust Test

OCCUPATION 0.639 0.222

AGE 0.006 0.942

INCOME 0.000 0.012

Source: Authors

First of all the researchers want to make sure that the test of variance equality must not
be violated through Levene’s test for Equality of Variances, which mean that the sig.
0.639>0.05, the researchers can continue use the result of Anova test. According to Table 4-10,
we can clearly see that the Sig. of Anova test is 0.222>0.05. Therefore, we can conclude:
There is no difference in mean of Behavioral Intention between groups of occupations.

4.6.3. Age
In term of Age, from the result showed in table 4-1 , Sig Levene’s Test of Age equals to
0.006 < 0.05. Thus, that the test of variance equality is violated through Levene’s test for
Equality of Variances Then, next step is to use result of sig test in Robust of Welch.
Obviously, it is seen that sig test equal to 0.942>0.05. Therefore, the authors can assume:
There is no difference among ages in Behavior Intention to use e-wallet.

4.6.3. Income
Regarding the Income of the respondents, the above table reveals sig levene’s test of
Income is 0.000 > 0.05. Then, we consider the sig of Robust Test is 0.012< 0.05. Therefore,
the authors can conclude that there is a significant difference in mean of Behavioral Intention
between groups of Income. It is shown in the figure 4-1 below:

74
 Figure 4-1: Income
Source: Authors

The figure demonstrates people whose income 5-10 million VND has strongest
intention to use following by that of 10-15 and under 5 million VND respectively. In the
meanwhile, income under 5 million is far less strong than 10-15 mil VND. At last, people with
income above 15 million VND has the weakest intention to use that type of e-payment.

4.7. Summary
This chapter shows that the test results of the scale model. After the preliminary test
from chapter 4, the Testing analysis was examined in this chapter. The results show that there
are significant impacts of EE, PE, SI, TR, PS, EM, RW on BI. In addition, the team has
conducted Indepent T-test and One-way ANOVA to assess the difference of demographic
factors on BI. Then, the research team will continue with chap 5.

75
 CHAPTER 5: FINDINGS AND RECOMMENDATIONS
5.1. Key Finding
The researchers already applied qualitative research by undertaking in-depth interviews
with 15 people who have knowledge and expertise in using e-wallet payment, such as officer,
university student, business, etc. Simultaneously, he executed a survey with exact 388 samples
in the entire Ho Chi Minh City. Relying on the outcome in chapter 4, the research team
discover how significant components impact on using e-wallet of Gen Y customers in HCM
city. It is listed in descending order: SI (Beta = 0.331), RW (Beta = 0.265), PE (Beta = 0.212),
EE (Beta = 0.177), PS (Beta=0.175), EM (Beta=0.115), TR (Beta = 0.095).

Again, outcomes from analysis state that there are all seven of eight components
affecting behavioral intention to use e-wallet: SI, RW, PE, PS, EE, EM, and TR. In the reverse
direction, factors namely facilitating does not include in customer intention to use an e-wallet.
From this finding and figure of beta above, authors determine factors that affect customer
acceptance to use e-wallet (objective 1) and how different they are about the behavior of using
e-wallet (actual 2). Logically, suggestions are building in the next part (5.2) to makes those
factors stronger (object 3)

Over and above that, demographic characteristics gender, age, occupation, and income
are found to have a significant influence on intention-behavior toward using an e-wallet and
their different effects in such behavior are demonstrated clearly (object 4).

Lastly, the authors raise barriers during thesis performance process, and things are
capable of doing in future research (in 5.3). From that, other researchers will draw experience
and avoid repeating the same mistakes whenever do study topics related to “Exploring factors
that acceptance of using e-wallet” (object 5).

5.2. Recommendations
5.2.1 Effort Expectancy
As stated by the table 5-1 (Appendix C), means of three variables from 3.57 (EE2) to
3.61 (EE1 and EE3) which all demonstrate influencing citing customer acceptance to use an e-
wallet. Precisely, the distance from the highest mean to lowest is negligible. Thus degree
customer intention affect by them is relatively equal. Fantastically, EE1 and EE3 are “I find
that learning how to use e-wallet is easy for me” and “It is easy for me to become skillful at
using e-wallet” make customers consider most before getting to use an e-wallet. To be
specific, they long for a user-friendly e-wallet service to adapt effortlessly, and e-wallet does

76
not trick them into being skillful at using. For EE “My interaction with e-wallet would be
clear and understandable” is also essential in customer intention to use an e-wallet, but slighter
than EE1 and EE3, it means that customers prefer to have visible transactions or manipulation.
Eventually, effort expectancy ultimately helps customer to decide if they want to use an e-
wallet or not.

The result is not astonished that Effort Expectancy effects on Behavioral intention to use
an e-wallet. It is also consistent with the opinions of many previous researchers that Effort
Expectancy positively affects Behavioral Intention (Wang & Wang 2010; Teo et al. 2015). The
fact that this factor has ranked fourth with the beta is 0.177. Furthermore, the average mean of
this factor is 3.59, which means that most of the respondents agree about how easy the service
is. In this period, Gen Y is the explosion of technology use. They quickly grasp and absorb
new technology applications. However, if using e-wallet is too tricky, and it takes a long time
to master, the behavioral intention of using e-wallet will be reduced. It's not too hard to realize
that service providers should make e-wallet apps familiar and friendly to manipulate. There are
two ways the researchers mention below can help service providers can achieve that.

Recommendations.

Firstly, the authors recommend service providers have to assure it is not too
complicated to get used to or be expert in using e-wallet apps. To be the consideration, the
interface of e-wallet apps must be eye-catching and straightforward to excite customers,
mainly to warm e-wallet apps up, steps are quick and not taking any barriers, just a password
requirement is enough. Afterward, apps tools or items inside apps are arranged systematically
and logically so that people can pick up what they want quickly and avoid choosing the wrong
subjects. Also, appliances or items is named succinctly to prevent users from anxiety and
depression. Ultimately, perform things above will give people comfort to use an e-wallet.

Secondly, unless the customer finds interactions between them and e-wallet apps
transparent and understandable, they do not believe the quality of e-wallet and start to use it.
Therefore, e-wallet apps let customers know the result of their every single action or move
with e-wallet apps in the best way of understanding. Take an example, when finishing a
transaction of payment, users will receive an announcement such as "Your transaction has
done successfully" (or something like that). Such an inform re-confirm that transaction was
done and reassure the customer. By doing this, e-wallet apps bring obvious response against
customer interaction.

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 To nurture effort expectancy factors, service providers have an abundance of options
to choose. From the point of view, authors dedicatedly suggest two ways as sharing above.
Consequently, these will meet practical customer need in using an e-wallet.

5.2.2. Performance Expectancy

Basing on table 5-2 (Appendix C), means of four performance expectancy
variables spread from 3.54-3.59 which state that the majority of respondents have a really
careful look at performance expectancy before deciding to use e-wallet. In the same meaning,
they all agree that performance expectancy is a considerable factor for them to think of using
e-wallet. Meticulously, PE “Using e-wallet payments would lower the need to carry multiple
methods of payment with me when purchasing things” reach peak of mean with 3.59, get
35.3% and 24.5% of agreeing and strongly agreeing respectively. Usefully, it discloses that
people desire to use e-wallet for paying the bill when buying things because of avoiding
bringing other methods of payment at the same time. To end up, almost respondents believe
performance expectancy moderately contributes to their intention to use e-wallet.

As Venkatesh's previous statements (2003) in the UTAUT model, researchers also found
the similarity of Performance Expectation in the context of the article. The evidence is that the
performance expectancy is searched out; it has a broad meaning to Behavioral intention to use
e-wallet, just lower than Social Influence factor (estimate of 0.254). Truthfully, performance
expectancy factor works well in case use of e-wallet able to perfectly meet customer desires,
give their certain benefits. Hence, it will be still highly appreciated and spread out further if its
effects are explored and reinforced endlessly.

Recommendation

To achieve the purpose, firstly providers should cover e-wallet around the
country by promoting it in each of shopping center, mall, leisure center, mean of
transportation, e-commerce site, make it becomes a popular payment gate as much as they can.
By doing this, every single person conveniently approaches to a new method of payment and
no longer needs to have money in the pocket all the time. As a result, they have a quick
payment and lessen the risk of losing money. Secondly, service providers necessarily facilitate
association between it and banks by turning a complicated procedure with too many steps into
simple one to people not quit their intention to use e-wallet just due to sophistication. Such an
easy process will save time and prevent the customer from confusing. Thirdly, the association
between only one e-wallet account and two bank accounts simultaneously need to be allowed
so that customer has more options and flexibility in using. This solution is better off than not
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permit connection between one e-wallet account and two bank accounts happens at the same
time as present service providers (MoMo) has been doing. Actually, omitting the restrictions
give inspiration and help users comfortably use that payment service. To be clearer, the
customer may have other substitution in order that their transaction will not be interrupted
when any bank account is invalid. For instance, the situation is one person has an e-wallet
connected with two bank accounts Sacombank and Agribank, if Sacombank account expired or
had something wrong with the system, Agribank account would be replaced immediately.

There are many ways to make performance expectancy factor better, the authors
objectively recommend three mentioned ways which have a good match to improve customer
approval to use e-wallet. Expectantly, it may have positive repercussions of directing the
customer to use e-wallet.

5.2.3. Social Influence

It viewed in table 5-3 (Appendix C) fours social influence variables possess a mean of
3.56 at least and 3.62 at best. These figure exhibit people are primarily affected by social
influence towards their intention to use an e-wallet. In general, all four social influence
variables have a minimal difference in their effects on purpose. Tremendously, SI3 ‘I use e-
wallet because of sell’s advice” has the severest impact on that of people with mean of 3.6
and percent of agreeing and agreeing to take up 36.3 and 25.5 in turn. Besides, others of
society greatly influence customer as well. In conclusion, social influence is one of the most
critical factors for people to consider whether they should use an e-wallet.

Although in different time and environment, after analyzing the researchers agree with
Venkatesh (2003) in his famous model UTAUT that Social Influence has the positive impact
of Behavioral Intention. It is not too surprising to see that social influence imposes the most
potent effect on Behavioral Intention to use e-wallet (beta of 0.331) of people in Gen Y in Ho
Chi Minh City. The fact is conspicuous because the young in Vietnam is most affected by
people around who are their friends, relatives, family, celebrity, especially seller. Therefore,
customer intention towards using e-wallet is just remarkably improved if only social influence
must be focus intensely, mainly close people in their family due to their high-frequency
meeting users directly.

Recommendations.

It comes as an undependable recommendation that people in families can share the

convenience of using an e-wallet. To improve that, the publishers can offer group benefits like

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sharing gift code of family, friend, and colleague. This direction looks like improve Rewards
factor. However, if suppliers want to enhance the number of users by interacting outside from
the community, they need to show the users their benefits of sharing the application for
another.

Beside the sellers need to consult and convince every individual customer to use e-wallet
by listing its ease to them. To accelerate the process, service providers should publicize several
users or soar growths up to latest time to make people trust more (taking an example from
MoMo whose users are 10 million, being the best provider in Vietnam in 2018) (momo.vn,
2018). Then, they will have no reasons to refuse trying e-wallet. Furthermore, it is necessary
for service providers to reinforce campaigns using images of well-known people who have
knowledge of e-payment or catch up with new technology so that they attract customers to use
an e-wallet. Finally, the forum is required for people who have similar interests in using e-
payment, is a private and spacious place to exchange idea, support, and inspire others. After
that, non-users find truly motive to use an e-wallet.

To end up, promote social influence is the most productive way to increase the number
of e-wallet users. In general, practicing seller’s advice, celebrity and creating the forum as
referred are feasible and appropriate to customer psychology at this moment. Ultimately, three
methods will bring a good result for customer acceptance to use an e-wallet.

5.2.4. Perceived Security

Based on the information displayed on table 5-1 (Appendix C), it realized that variables
from PS1, PS2 and PS4 have their mean values located from 3.59 to 3.62. This result reflects
that most respondents “agree” with Perceived Security items. The difference between the
highest value and the lowest one is 0.03 which is not a significant number. Therefore, it can
conclude that Perceived Security is one of the factors that affect the Customer Intention of
using an e-wallet.

Recommendations

Base on the research analysis, it is easy to find out that the security or safety factor has a
significant impact on the intention of customer to use new electronic payment methods like an
e-wallet. It is similar to what the authors received from an in-depth interview that the
perceiving of the customer about the security of services plays a vital role in the acceptance of
customers. Therefore, the business should do more to get more attention to customer as well as
avoid insecure transaction can give the wrong idea or impressions to customers that trust is the

80
inclination of customers to do online wallet. The research will suggest business
recommendations to advance the perceived security for their customers.

As the research team has mentioned in chapter 2, security consists of procedures,

mechanisms and application programs to guarantee the data of information, the integrity, and
privacy so that they can help to prevent the source and the network from troubles. The
providers should pay more effort into building the secure process as well as programs to serve
their users and protect them from things that are harmful to customers. All of the users’
transaction need to be cover in the best way. Also, users are allowed to know how their
transaction is, to that reason the providers should make customers’ deals transparent, clear and
integrated.

Besides, the personal information and account of customers have to protect from the
third party. The perception of the customer about security is a perception of how their data and
their money kept from harms and strangers. The providers ought to offer mechanisms or
systems that can identify unauthorized login, inconstant transaction and inform users to
confirm their deals in the situation of doubt about whether they are the owner of an e-wallet
account besides a usual way to identify the owner of the report by passwords or OTP number.
The business should encourage their customers to use other methods like
anthropomorphization program likes fingerprint.

Finally, the publisher will make the terms that are considered to be a commitment to the
user and them in a legal way because security is also associated with regulatory and judicial
protection perceived by consumers. Genuinely, the providers should have a clear policy that
clarifies terms and commitment between the business and their customers. The research team
believes that the application of perceived security as the above recommendation is an excellent
way to ensure customers and grab their attention to use an e-wallet.

5.2.5. Trust
According to 5-5 (Appendix C), the five items of Trust also have relatively good mean
value with the highest mean value of 3.57 which belongs to “My transactions with e-wallet site
are likely to be reliable.” and the lowest one of 3. which belongs to “E-wallet site will
promptly inform me if any problems occur with my transaction.” All five items’ mean is
higher than 3.0; it means that most of the respondent agree that Trust a noticeable factor is
encouraging customers to consider using e-wallet method. Thus, the research team can
conclude that most of the respondents meet their basic expectation about the credibility or
trustworthy of service providers.
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 The result of the analyzing about there is a positive relationship between Trust, and
Behavioral Intention is similar to the past researches of authors Sultan and Mooraj (2001) or
Suh and Han (2002), the researchers find out that the trust significantly impacts intention to
use new technology such e-wallet. This fact proves despite context and time gap; trust still
maintains a vital role in customer intention to use an e-wallet. To reinforce that of customers,
confidence should be enhanced to ensure customers completely feel safe and encourage them
to use e-wallet as well.

Recommendations

Similar to other factors mentioned in this paper, trust also affects the customer intends to
use new information technology services. In the context of paying mostly by cash, to let the
customer keep eyes one-wallet services, providers need to get their attention then make the
customer feel what business provide for them is trustworthy. First and foremost, the suppliers
of e-wallet service should have the reliable and suitable policy to protect their users from an
unexpected situation by public their privacy policy on their site and application to ensure the
safety for customers. All transaction of users will perform transparently; customers are allowed
to know the process of sales. These business’s clear commitments are significant in permitting
potential customers to become their actual customers or even loyal customers shortly.

Regarding pushing ability to protect customers, the providers should strengthen the
system to restrict errors happen when using an e-wallet. Currently, some detects still found
because of technical mistakes, typically the situation of being not responsive. For instance,
again for MoMo, sometimes transfer money from bank account to e-wallet, it may be
interrupted and cannot be completed or take a long time to finish. Therefore, it not only raises
concerns for the customer especially money loss but also wastes their time. Truthfully, the
boosting system is not easy to do in the short term, but it needs to be enhanced to be
professional and give customer belief so that they are secured to use an e-wallet.

Another way to help the customer feel secured is business should allow their customers
to ask for information or post feedback site of providers without providing their data.
Furthermore, the company also guarantees that customer information such as their number,
their bank account will not be sold to let the customer feel private when interacting with their
services. It is essential for customers to perceive safety before and during using time. For that
reason, the business also needs to have a devoted attitude and appropriate action when any
problems come up to satisfy their users — supporting the customer at any case considered as
an excellent way to increase their intention to use an e-wallet. No matter how well service
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providers do, they still make mistakes. Sometimes, users create a mistake as well. These things
do not matter; the idea is that service providers have to present whenever customers need help
to solve their problems or let them know when having some issues with their transaction.
Subsequently, the customer feels being supported and become priory, lead to having a good
impression on that e-wallet service. Particularly, when something goes wrong, service
providers inform customers immediately so that they can be aware of the circumstance. That is
not enough; they must show out directions to deal with problems. Practically, repeating from
the case of MoMo in the above paragraph, if the transfer to e-wallet faces difficulties, they will
send users the message with content: “In hours, your transaction will restore, if not please
contact to…we apologize for that problem”. By doing this, providers can interact with their
users more effectively then they can understand more about customers’ expectations and
interest. As a result, they can have more campaigns to gain customers’ intention to use their
services.

It is not easy to get users’ trust, besides public policy that business provides in their site
to gain customer trust, they need to have accurate and reliable campaign to build and enhance
the image of providers. According to Fombrun and Shanle (1990); Spence (1973) It is
generally suggested that a company’s reputation or image is an important signal with the
potential to reduce customers’ risks and to motivate customers to adopt a product, it means that
customer seem to believe services if their providers has reputation in the market.

In conclusion, the business also needs to consider partners carefully that they work with
because if they cooperate with insecure or not quality enough partner, it may damage their
reputation and customer will not believe the provider because these services relate to their
money. By doing that, the business can bring their customer into their great services with
better experiences.

5.2.6. Perceived Enjoyment

According to table 5-6 (Appendix C), the means of four observed variables in Enjoyment
are from 3.57 to 3.62. It explained that most of the respondents take care of the feeling when
considering of using electronic payments like e-Waller and they almost agree that Enjoyment
is one of the factors that encourage them to use this new method. Besides that, the highest
mean is 3.62 that corresponds with variables EM1, EM3, EM4 by the percent of agreeing and
agree more top than 35% and 25% respectively. This points out that most respondents would
like to use online payments like e-wallet because they feel that using it is interesting. In

83
conclusion, almost respondents recognize the Enjoyment as a factor that impacts on their
intention of using an e-wallet.

The enjoyment factor is a very new factor in affecting customer to pay attention to e-
wallet. Surprisingly, these elements have a significant impact on customer acceptance to use an
e-wallet. After the research analysis, the authors can conclude the same as Venkatesh (2000)
and Zhang (2013) did which is perceived enjoyment is playing an essential role in stimulating
the potential customer to become an actual customer.

Recommendations

Nobody can deny that young Vietnamese users seem to be easily attracted by new and
exciting things. Therefore, the research team has some advice and suggestions for e-wallet
providers to help them get more attention from customers. Firstly, the business should do a
new interest way to drive new customer download their app as well as the method of payment,
such as “one-touch” QR like Samsung Pay or also Pay. These providers understand
Vietnamese users that are feeling better when using a new way to sell their daily work
(payment).

Also, the display of the e-wallet app is also essential to attract customers. To young
customers, the change of theme of their app may increase their interest in using online service.
On the other note, mini-games are becoming a common trend in the context of developing of
electronic commerce and online payment, such as “Lexi” and “Lacxu,” these simple mini-
games succeed in getting more attention of customers as well as their enjoyment when using
these e-wallet services.

Focusing on enjoyment is a way to gain the satisfaction of consumers so that they can
feel great to use e-wallet service. Every provider should have an excellent campaign to attract
their customers effectively.

5.6.7. Reward
As we can see from the table 5-7 (Appendix C), all means of four reward variables are
higher than three which refer e-wallet can meet customer demands to use e-wallet in term of
reward presently. Moreover, the distance among these variables is trivial; their effect donates
to the actual use of customer is nearly equal. In there, RW ‘I am more likely to use e-wallet if
I can earn extra rewards points for my membership program’ is outstanding with highest mean
of 3.75, 39.6% and . % of agreeing and agreeing respectively. On the other hand, RW3 ‘A
promotions/rewards have allowed me to use e-wallet service which I do not regularly use’ is
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variable own the lowest mean of 3.53 which is still accepted by customers, but not as higher as
others. Correspondingly, it is vital to change RW3 suitably so that reward can be more useful
in customer use.

Although previous studies did not include reward factor in their findings to influence on
customer use behavior, recently in 2014 Collins et al. claimed that reward contributes to
customer accomplishment in customer intention. In Viet Nam market, there are not strange
when Rewards (monetary incentives, coupons, discount, vouchers, etc.) are always attractive
to customers to accept something. People always tend to use something because it can bring
them some benefits. From the result of this study which is matching with the in-depth
interview before. All of them believe rewards is one of the critical factor affecting the behavior
of the customer for using an e-wallet.

Recommendations

In the opinion of Kim and Han (2014), they believed people willing to try their best to
get rewards or tangible incentives. Moreover, in term of marketing communication and
advertisements, Kim & Han ( 1 ) identified that that customers’ concentration on
publications increase when the message includes benefits. Also, the result of this research,
customers in Gen Y and live in Ho Chi Minh City also tend to be attracted and affected by
Rewards. Therefore, to achieve those purposes above, suppliers need to increase promotion
programs to encourage people to use their e-wallet application. First of all, the suppliers can
promote their tangible benefits like vouchers, a discount when conducting the transaction
through an online payment. For instance, in the first download e-wallet application. By letting
customer realize or get their first impression about benefits when using e-wallet is what they
get if they download or using an e-wallet.

Also, service providers have to give customers promotions which match to their
fundamental demands so that they can use it in daily life. It suggested that advertisements
about the free card, airline ticket, movie ticket, drinking, food, payment should perform.
MoMo has done this strategy successfully. Instead of buying a mobile voucher in person, the
customer will be restored 4% of card value into their e-wallet, or they receive money reduction
when ordering drinking in The Coffee House by e-wallet. Rewards strike on these activities
induces people to use usually. However, to maintain and strengthen the frequency of using an
e-wallet, service providers must expand promotions into a big range of events because of
development in customer needs. By doing this, customers are going to use e-wallet as much as
they need.
85
 On the other hand, the membership program considered as a very effective way to
achieve those purposes. Service providers should put members in priority to show members
that they are always superior to other users. For instance, only these members receive a
premium which the rest do not. Then they will attempt to use e-wallet more and more to get
higher points and receive special promotions from service providers. MoMo is an
exemplification. It often brings members a good development at holidays. Typically, in the
occasion of 20/10, the more users pay their bills by e-wallet, the higher point they get. As a
result, they can exchange location into presents. In summary, membership programs can
motivate people to use e-wallet intensely.

Last but not least, according to the Funnel marketing, the last step or the most important
step in that process is referral, that means, to win customers advantages and to be competitive,
entrepreneurs also need to know how to let their customers recommend their service to the
others, and obviously, referral reward is one of the most popular ways.

In conclusion, those tips are actionable that service providers can refer to support reward
as well as reinforce customer to use an e-wallet.

5.3. Limitations and Future Researches

5.3.1. Limitations
Frankly, even though the research team makes all efforts to get objectives of done by
completing the report regarding form and content, errors and limitations still exist.

First, all of, this is a time limitation; the researchers chose the most of survey participants
are the student in university and select the sample with non-probability. There is a limitation
about terms of sampling. Because the research team does not have enough time and budget to
choose the sample with probability. Besides, the authors face many difficulties because not
every respondent is sufficiently interested in filling in a questionnaire sheet. The root is
altogether 44 questions included in the questionnaire sheet; it takes more than 3 minutes for
each person to make the form full and certainly cause people to get tired and bored.
Furthermore, to meet the paper requirement, data must be taken from different respondents and
take up more than a week to be finished. In summary, time restricts the perfection of this
thesis.

Secondly, the research team has limitation about the budget, the experience of research.
So, the research conducted in some particular places in Ho Chi Minh City. Therefore, the

86
result may not be a comprehensive view of the issue for the whole Ho Chi Minh City and Viet
Nam as well.

Thirdly, because of the limitation of time and ability, surveying and evaluation of the
research mainly focus in general. So, the specific company needs to review and explore when
they want to use the research. Besides, the limited time and ability are the most primary
reasons lead to the research team cannot measure the acceptance of customers on both aspects:
Intention and Actual use as the original UTAUT model of Venkatesk (2003).

Finally, the researchers searched some information from the report in English; the
authors mainly have not been able to provide the document as well as complete knowledge of
the content. It leads to the review the previous studies may be incomplete and easy to
misunderstand. Even those studies may not be suitable with the Ho Chi Minh e-wallet market.
The researchers meet difficulties to find out the solutions. However, at the end of the research,
all members have to finish their part and combined to complete their project as best as
possible.

5.3.2. Future Researches

This study has certain limitations which could address in future research. The group of
authors believes that the result of their project has some specific advantages for students,
researchers or producers in the future.

Firstly, the later research should consider and select sample method, the target of the
survey needs to be explored in term of both quantity and quality to have a more precise
overview about this issue of the topic.

Secondly, The Scope of research needs to expand to many other locations such as Ha
Noi city, Da Nang city or any other big cities in Viet Nam where have highly index about e-
wallet to have a comprehensive view about research.

Also, in the future, other researchers can mention specific e-wallet suppliers or
companies to clarify the customer intention of their applications. The research team believes
that using e-wallet will be explored deeply in the future. Therefore, the enterprise can consider
it a new platform to serve their consumers.

Fourth, further studies may add more variable regarding factors that affect the
acceptance of using an e-wallet to develop the model. Primarily, they can measure the receipt

87
of the customer on both aspects: Intention and Actual Use as well as the moderating variable:
Demographics, Occupation, Education Level and Experience as the original UTAUT model.

Finally, in future research, it is necessary to investigate the causality between an

individual’s acceptance and outcomes and to demonstrate the long-term effects of e-wallet.
Hopefully, the researchers can help e-wallet providers in Ho Chi Minh City in general and
specifically e-wallet in Viet Nam next time in the better performance.

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 APPENDIX
Appendix A: Questionnaire of Qualitative Research – In-Depth Interview
PHIẾU KHẢO SÁT CÁ NHÂN

Xin chào! Chúng tôi là nhóm sinh viên của trường Đại học FPT, chuyên ngành
Marketing. Hiện nay chúng tôi đang thực hiện đề tài nghiên cứu “Khám phá những nhân tố
ảnh hưởng đế sự chấp thuận của khách hàng đối với việc sử dụng ví điện tử để thanh toán”.

Kính mong Anh/Chị dành chút ít thời gian để trả lời cho chúng tôi một số câu hỏi dưới
đây, theo quan điểm cá nhân của Anh/Chị. Do không có quan điểm nào là đúng hay sai, tất cả
quan điểm của Anh/Chị đều đóng góp vào sự thành công của nghiên cứu này nên rất mong
nhận được sự tham gia tích cực của các anh chị. Câu trả lời của Anh/Chị sẽ được bảo mật và
chỉ phục vụ cho mục đích nghiên cứu này.

Phần 1: Câu hỏi chung:

Câu 1: Bạn đã từng nghe nói qua/ sử dụng ví điện tử để thanh toán hoặc giao dịch chưa?
Bạn hiểu thế nào là giao dịch qua ví điện tử? Bạn có thể kể đến một số nhà cung ứng ví điện tử
mà bạn biết?

Câu : Những giao dịch đó thường là gì?

Câu 3: Theo bạn, đâu là những thuận lợi và bất lợi khi sử dụng ví điện tử?

Câu : Theo bạn, trong tương lai việc sử dụng ví điện tử sẽ trở nên phổ biến hơn so với
những phương thức thanh toán khác không? Bạn có thể nói rõ hơn về quan điểm của mình
chứ/ Điều gì khiến bạn nghĩ như vậy?

Phần 2: Câu hỏi chuyên sâu:

Câu 5: Trong quan điểm của bạn, yếu tố nào có thể ảnh hưởng đến việc sử dụng ví điện
tử để thanh toán? Bạn nói rõ quan điểm của bạn được không?

Câu 6: Ngoài những yếu tố trên ( được trả lời ở câu 5), bạn có nghĩ văn hóa của một
cộng đồng hoặc ở một địa phương là một trong những yếu tố tác động đến ý định sử dụng một
phương thức thanh toán mới như là ví điện tử không?

Câu 7: Có ý kiến cho ràng người dùng phải có những kiến thức, hiểu biết nhất định thì
mới sử dụng được những phương thức thanh toán hiện đại như ví điện tử, bạn nghĩ sao về vấn
đề này?

98
 Câu 8: Theo bạn, nhà cung ứng cần làm gì để đảm bảo hầu hết mọi người đều có thể sử
dụng thành thạo ví điện tử?

Câu 9: Theo bạn, nhà cung ứng phải đảm bảo và cam kết về những vấn đề gì thì có
thể giúp khách hàng cảm thấy tin tưởng và yên tâm hơn khi sử dụng ví điện tử?

Câu 10: Bạn đã bao giờ nghi ngờ hay băn khoăn về việc liệu ví điện tử có đáng tin cậy
không hay chưa? Với những chính sách cụ thể như thế này […] có giải quyết được những
nghi ngại của bạn phần nào chưa? Và bạn sẽ sử dụng ví điện tử thường xuyên hơn trong tương
lai gần chứ?

Câu 11: Bạn bè, người thân, những người xung quanh bạn có sử dụng ví điện tử hay
cân nhắc về việc sử dụng chưa? Điều đó có ảnh hưởng đến bạn chứ?

Câu 12: Lần đầu bạn nghe đến thanh toán bằng ví điện tử là khi nào? Nói cho mình biết
ấn tượng đầu tiên của bạn về phương pháp thanh toán này là gì? Bạn có nghĩ phương thức
thanh toán này thú vị, mới lạ và sẽ thay đổi thói quen chi trả của đa số người mua hàng trong
tương lai? Điều gì khiến bạn cảm thấy hứng thú?

Câu 13: Danh tiếng của một công ty/ nhà cung ứng có ảnh hưởng đến quyết định sử
dụng phương thức thanh toán của bạn không?

Câu 14: Nhiều nhà cung ứng và các đối tác hiện nay sẵn sàng chi ra một số tiền lớn để
quảng cáo cũng như cung cấp những chương trình khuyến mãi, hot deal… điều đó có gây ấn
tượng với bạn không? Bạn nghĩ đó sẽ một lí do tác động đến ý định sử dụng hoặc sự chấp
thuận của khách hàng đối với phương thức thanh toán mới này chứ?

Xin chân thành cảm ơn Anh/Chị đã hỗ trợ nhóm trong buổi phỏng vấn này!

99
Appendix B: Questionnaire of Quantitative Research
Vietnamese Version

KHẢO SÁT VỀ NHỮNG YẾU TỐ TÁC ĐỘNG ĐẾN SỰ CHẤP THUẬN/ Ý ĐỊNH
SỬ DỤNG CỦA KHÁCH HÀNG ĐỐI VỚI HÌNH THỨC THANH TOÁN BẰNG VÍ
ĐIỆN TỬ TẠI THÀNH PHỐ HỒ CHÍ MINH

Xin chào các bạn, chúng tôi là nhóm sinh viên đến từ trường đại học FPT đang làm kảo
sát phục vụ cho luận văn tốt nghiệp học kỳ Spring 19.

Bài khảo sát nhằm nghiên cứu về những yếu tố tác động đến sự chấp thuận/ ý định sử
dụng của khách hàng đối với hình thức thanh toán bằng ví điện tử. Tất cả thông tin chỉ được sử
dụng cho bài luận văn tốt nghiệp, thông tin cá nhân người trả lời sẽ được giữ bí mật.

Sau đây là bài khảo sát của nhóm. Mong các bạn dành chút thời gian để thực hiện bài
khảo sát này.

Câu hỏi lọc

1. Bạn đang sống hoặc làm việc ở:

 Thành phố Hồ Chí Minh  Khác

. Bạn đã từng nghe nói đến hoặc sử dụng hình thức chi trả bằng ví điện tử chưa?

 Đã sử dụng Có nghe nói đến  Chưa nghe đến bao giờ

3. Nếu có, bạn đã từng nghe đến hoặc sử dụng nhà cung cấp ứng dụng ví điện tử nào sau
đây:

 MoMo  Bảo tín

 Zalo Pay  VN Pay

 ViettelPay  Khác…

. Trong sự hiểu biết của bạn, ví điện tử có thể hỗ trợ người dùng:

Thanh toán khi mua hàng online Đặt vé (xe, máy bay, vé xem phim…)

 Thanh toán hóa đơn (điện, nước, internet…) Đặt vé (xe, máy bay, vé xem
phim…)

100
 Nạp tiền điện thoại Khác…

Vui lòng đánh dấu X vào ô mà bạn cho là đúng nhất:

STT Mã Câu hỏi 1 2 3 4

Kỳ vọng nỗ lưc - EE

1 EE1 Tôi cảm thấy dễ dàng khi học cách sử dụng ứng dụng ví điện tử.

2 Tôi cảm thấy dễ dàng khi thao tác trên ứng dụng ví điện tử (Momo,
EE2 Zalopay…).

3 EE3 Tôi cảm thấy dễ dàng để sử dụng thành thạo ứng dụng ví điện tử.

Kỳ vọng hiệu quả - PE

4 Tôi cảm thấy giao dịch của tôi và người bán trở nên hiệu quả (dễ dàng,
PE1 đầy đủ và kịp thời hơn) khi tôi sử dụng ví điện tử.

5 Tôi cảm thấy sử dụng ví điện tử làm quá trình thanh toán diễn ra nhanh
PE2 hơn.

6 Tôi cảm thấy sử dụng ví điện tử cung cấp cho tôi thêm phương thức
thanh toán thay thế (so với phương pháp truyền thống như tiền mặt,
PE3 chuyển khoản).

7 Tôi cảm thấy nhờ sử dụng ví điện tử mà tôi không cần mang tiền mặt
PE4 hoặc thẻ thanh toán khác.

Ảnh hưởng từ xã hội -SI

8 Người thân trong gia đình, họ hàng và bạn bè của tôi đã sử dụng ví
SI1 điện tử.

9 Người thân trong gia đình, họ hàng và bạn bè của tôi ủng hộ tôi sử
SI2 dụng ví điện tử.

10 Nhân viên bán hàng nhà cung ứng… khuyến khích tôi nên sử dụng ví
SI3 điện tử để thanh toán giao dịch.

11 SI4 Tôi sử dụng ví điện tử vì những101

người có kiến thức và uy tín giới thiệu.
Cảm nhận về sự bảo mật – PS

12 Tôi nghĩ những thông tin cá nhân của tôi trên ví điện tử được bảo mật
PC1 (tên, số điện thoại, số tài khoản ngân hàng…)

13 Tôi nghĩ rằng các bên không liên quan không thể xem được những
PC2 thông tin tôi đã cung cấp trong quá trình sử dụng ứng dụng ví điện tử.

14 Tôi nghĩ rằng hacker không thể can thiệp đến quá trình sử dụng ứng
PC3 dụng ví điện tử của tôi.

15 PC4 Tôi cảm thấy an toàn khi sử dụng ví điện tử để thanh toán.

Sự tin tưởng – TR

16 TR1 Tôi tin rằng những giao dịch trên ví điện tử là đáng tin cậy.

17 Tôi tin rằng nhà cung ứng sẽ thông báo cho tôi biết mỗi khi có bất cứ
TR2 vấn đề nào xảy ra với giao dịch của tôi.

18 TR3 Tôi tin rằng tất cả những giao dịch trên ví điện tử là minh bạch.

19 Tôi tin rằng ứng dụng ví điện tử cung cấp những gì họ cho là tốt nhất
TR4 đối với khách hàng.

20 TR5 Tôi tin rằng ví điện tử đáp ứng những nhu cầu của tôi

Sự thích thú – EM

21 EM1 Tôi cảm thấy hứng thú với việc sử dụng ví điện tử.

22 EM2 Tôi cảm thấy thú vị trong suốt quá trình thao tác trên ví điện tử

23 EM3 Tôi có niềm vui/ hào hứng/ thú vị khi sử dụng ứng ví điện tử.

24 EM4 Tôi cảm thấy hào hứng với việc thanh toán bằng ví điện tử.

Khuyến mãi – RW

25 Tôi cảm thấy được lợi từ các chương trình khuyến mãi ví điện tử đưa
RW1 ra.

26 RW2 Ví điện tử có nhiều hình thức khuyến mãi hấp dẫn

102
27 Những chương trình khuyến mãi hấp dẫn tôi sử dụng ứng dụng ví điện
RW3 tử mà trước đó tôi không thường xuyên dùng.

28 Tôi sẽ dùng ví điện tử để thanh toán nếu tôi có thể nhận được thêm
RW4 điểm thưởng từ những chương trình dành cho thành viên.

Ý định sử dụng của khách hàng - BI

29 Nếu có cơ hội, tôi sẽ xem xét việc thanh toán những giao dịch bằng ví
BI1 điện tử.

30 BI2 Tôi có ý định sử dụng ví điện tử cho những giao dịch hằng ngày.

31 Tôi ước tính sẽ thường xuyên chuyển qua sử dụng ví điện tử cho
BI3 những giao dịch hằng ngày.

32 BI4 Tôi có ý định giới thiệu cho người khác sử dụng ví điện tử.

33 Sử dụng ví điện tử có thể trở thành 1 trong những phương thức thanh
BI5 toán điện tử mà tôi yêu thích.

C. Nhân khẩu học

1. Giới tính:

 Nam  Nữ

. Nghề nghiệp:

 Học sinh/sinh viên  Nhân viên văn phòng

Kinh doanh Nội trợ

 Giáo viên  Khác: ……

3. Tuổi:

18-25  26-35  36-39  >39

. Thu nhập hàng tháng của bạn là:

103
 < 5.000.000 VND  5.000.000 - 10.000.000 VND

 10.000.000-15.000.000 VND  >15.000.000 VND

Kết thúc bài khảo sát

Cảm ơn các bạn đã dành thời gian thực hiện bài khảo sát này !

104
Appendix C: SPSS Results
Frequency

Table: 1: Effort expectancy items statistic

Strongly Disagree Neutral Agree Strongly Mean

Disagree Agree

EE1 4.9% 20.6% 13.4% 30.4% 30.7% 3.61

EE2 4.9% 19.3% 13.7% 38.1% 24.0% 3.57

EE3 4.4% 18.3% 16.0% 34.3% 27.1% 3.61

Source: Authors

Table 2: Performance expectancy items statistic

Strongly Disagree Neutral Agree Strongly Agree Mean

Disagree

PE1 3.6% 19.1% 19.1% 32.7% 25.5% 3.57

PE2 3.6% 20.6% 17.8% 34.0% 24.0% 3.54

PE3 4.9% 18.0% 16.2% 36.6% 24.2% 3.57

PE4 4.4% 16.2% 19.6% 35.3% 24.5% 3.59

Source: Authors

Table 3: Social influence item statistic

Totally Disagree Disagree Neutral Agree Totally Mean

Agree

105
SI1 4.4% 19.1% 15.5% 36.1% 25.0% 3.58

SI2 5.2% 18.8% 14.4% 38.1% 23.5% 3.56

SI3 3.4% 18.8% 16.0% 36.3% 25.5% 3.62

SI4 3.1% 20.1% 17.8% 32.0% 27.1% 3.60

Source: Authors

Table 4: Percieved Security item statistics

Totally Disagree Disagree Neutral Agree Totally Mean

Agree

PS1 4.6% 17.0% 16.2% 35.6% 26.5% 3.62

PS2 5.9% 17.5% 14.9% 34.8% 26.8% 3.59

PS4 3.9% 18.6% 18.0% 33.8% 25.8% 3.59

Source: Authors

106
 Table 5: Trust items statistic

Totally Disagree Disagree Neutral Agree Totally Agree Mean

TR1 4.1% 17.5% 17.0% 39.7% 21.6% 3.57

TR2 3.4% 22.9% 22.9% 29.9% 20.9% 3.42

TR3 3.6% 19.6% 20.1% 36.1% 20.6% 3.51

TR4 5.2% 18.8% 19.6% 29.6% 26.8% 3.54

TR5 4.4% 17.0% 19.8% 34.5% 24.2% 3.57

Source: Authors

Table 6: Perceived Enjoyment item statistics

Totally Disagree Disagree Neutral Agree Totally Agree Mean

EM1 3.6% 18.8% 15.7% 35.6% 26.3% 3.62

EM2 4.1% 20.4% 14.7% 35.8% 25.0% 3.57

EM3 3.9% 19.6% 14.4% 35.3% 26.8% 3.62

EM4 2.6% 19.3% 16.8% 35.8% 25.5% 3.62

Source: Authors

Table 7: Reward items statistic

107
 Totally Disagree Disagree Neutral Agree Totally Agree Mean

RW1 3.6% 10% 31.9% 36% 18.5% 3.56

RW2 1.3% 12.3% 27.2% 43.2% 15.9% 3.6

RW3 1.3% 9.8% 39.1% 34.2% 15.7% 3.53

RW4 1% 6.7% 30.3% 39.6% 22.4% 3.75

Source: Authors

Reliability

Scale: ALL VARIABLES

Reliability Statistics

Cronbach's N of Items
Alpha

.829 3

Item-Total Statistics

Scale Mean if Item Scale Variance if Item Corrected Item-Total Cronbach's Alpha if
Deleted Deleted Correlation Item Deleted

EE1 7.18 4.491 .707 .744

EE2 7.23 4.894 .665 .786

EE3 7.18 4.791 .691 .760

108
 Reliability Statistics

Cronbach's N of Items
Alpha

.847 4

Item-Total Statistics

Scale Mean if Item Scale Variance if Item Corrected Item-Total Cronbach's Alpha if
Deleted Deleted Correlation Item Deleted

PE1 10.71 8.745 .693 .802

PE2 10.74 8.648 .710 .795

PE3 10.71 8.853 .661 .816

PE4 10.69 8.928 .673 .811

Reliability Statistics

Cronbach's N of Items
Alpha

.841 4

Item-Total Statistics

Scale Mean if Item Scale Variance if Item Corrected Item-Total Cronbach's Alpha if
Deleted Deleted Correlation Item Deleted

SI1 10.78 8.846 .663 .804

SI2 10.80 8.642 .695 .790

SI3 10.74 8.901 .679 .797

SI4 10.76 8.891 .662 .804

109
 Reliability Statistics

Cronbach's N of Items
Alpha

.751 4

Item-Total Statistics

Scale Mean if Item Scale Variance if Item Corrected Item-Total Cronbach's Alpha if
Deleted Deleted Correlation Item Deleted

PS1 10.48 6.948 .647 .635

PS2 10.51 6.788 .642 .637

PS3 10.80 9.362 .279 .821

PS4 10.51 7.005 .645 .637

Reliability Statistics

Cronbach's N of Items
Alpha

.821 3

Item-Total Statistics

Scale Mean if Item Scale Variance if Item Corrected Item-Total Cronbach's Alpha if
Deleted Deleted Correlation Item Deleted

PS1 7.18 4.531 .687 .741

PS2 7.21 4.401 .679 .750

PS4 7.21 4.670 .659 .768

Reliability Statistics

110
 Cronbach's N of Items
Alpha

.850 5

Item-Total Statistics

Scale Mean if Item Scale Variance if Item Corrected Item-Total Cronbach's Alpha if
Deleted Deleted Correlation Item Deleted

TR1 14.04 13.893 .682 .814

TR2 14.19 14.217 .620 .830

TR3 14.11 14.038 .663 .819

TR4 14.07 13.626 .650 .823

TR5 14.04 13.676 .691 .812

Reliability Statistics

Cronbach's N of Items
Alpha

.848 4

Item-Total Statistics

Scale Mean if Item Scale Variance if Item Corrected Item-Total Cronbach's Alpha if
Deleted Deleted Correlation Item Deleted

EM1 10.81 8.773 .700 .800

EM2 10.86 8.766 .684 .808

EM3 10.82 8.848 .670 .813

EM4 10.81 8.992 .688 .806

Reliability Statistics

111
 Cronbach's N of Items
Alpha

.826 4

Item-Total Statistics

Scale Mean if Item Scale Variance if Item Corrected Item-Total Cronbach's Alpha if
Deleted Deleted Correlation Item Deleted

RW1 10.69 8.431 .644 .784

RW2 10.73 8.409 .659 .777

RW3 10.74 8.415 .644 .784

RW4 10.72 8.471 .656 .778

Reliability Statistics

Cronbach's N of Items
Alpha

.835 5

Item-Total Statistics

Scale Mean if Scale Variance Corrected Item- Cronbach's

Item Deleted if Item Deleted Total Correlation Alpha if Item
Deleted

BI1 14.12 7.552 .717 .782

BI2 13.91 7.479 .598 .813

BI3 13.95 7.672 .613 .808

BI4 13.90 7.238 .637 .802

BI5 14.06 7.572 .625 .805

112
Factor Analysis

KMO and Bartlett's Test

Kaiser-Meyer-Olkin Measure of Sampling Adequacy. .863

Approx. Chi-Square 4543.809

Bartlett's Test of Sphericity df 351

Sig. .000

Communalities

Initial Extraction

EE1 1.000 .775

EE2 1.000 .709

EE3 1.000 .750

PE1 1.000 .700

PE2 1.000 .717

PE3 1.000 .668

PE4 1.000 .671

SI1 1.000 .661

SI2 1.000 .708

SI3 1.000 .702

SI4 1.000 .667

PS1 1.000 .749

PS2 1.000 .743

PS4 1.000 .715

TR1 1.000 .663

TR2 1.000 .599

TR3 1.000 .665

113
TR4 1.000 .615

TR5 1.000 .670

EM1 1.000 .708

EM2 1.000 .694

EM3 1.000 .663

EM4 1.000 .725

RW1 1.000 .648

RW2 1.000 .672

RW3 1.000 .659

RW4 1.000 .662

Extraction Method: Principal

Component Analysis.

Total Variance Explained

Component Initial Eigenvalues Extraction Sums of Squared Loadings

Total % of Variance Cumulative % Total % of Variance Cumulative %

1 6.850 25.371 25.371 6.850 25.371 25.371

2 2.401 8.891 34.262 2.401 8.891 34.262

3 2.277 8.434 42.696 2.277 8.434 42.696

4 1.967 7.283 49.980 1.967 7.283 49.980

5 1.853 6.862 56.841 1.853 6.862 56.841

6 1.714 6.348 63.189 1.714 6.348 63.189

7 1.518 5.624 68.813 1.518 5.624 68.813

8 .625 2.316 71.129

9 .580 2.148 73.277

10 .545 2.017 75.294

11 .524 1.942 77.236

114
12 .509 1.883 79.120

13 .501 1.856 80.976

14 .471 1.743 82.719

15 .448 1.660 84.379

16 .439 1.627 86.006

17 .424 1.569 87.575

18 .421 1.558 89.133

19 .404 1.498 90.631

20 .373 1.382 92.013

21 .358 1.324 93.337

22 .342 1.265 94.602

23 .331 1.227 95.830

24 .315 1.165 96.995

25 .284 1.053 98.048

26 .275 1.019 99.067

27 .252 .933 100.000

Total Variance Explained

Component Rotation Sums of Squared Loadings

Total % of Variance Cumulative %

1 3.169 11.737 11.737

2 2.787 10.323 22.060

3 2.754 10.202 32.262

4 2.746 10.169 42.431

5 2.663 9.864 52.296

6 2.233 8.270 60.565

7 2.227 8.248 68.813

115
9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

26

27

Extraction Method: Principal Component Analysis.

a
Component Matrix

Component

1 2 3 4 5 6 7

TR4 .599 .356 -.345

EM3 .586 -.432

116
PE2 .568 -.307 .355 -.315

EE2 .547 .399 -.465

EM1 .538 -.330 -.504

PE4 .533 .368

TR5 .529 .482 -.390

PE3 .525 -.324 .333

EM2 .521 -.301 -.506

EE3 .518 .416 -.507

PE1 .513 -.319 .340 -.382

SI1 .503 .309 .407

TR1 .501 .434 -.441

PS2 .492 .345 .450

SI4 .471 .328 .413

PS4 .465 .387 .383

TR2 .464 .376 -.446

PS1 .444 .312 .381 .412

TR3 .427 .536 -.432

SI3 .407 .393 .489 .315

SI2 .470 .302 .482

RW3 .459 -.595

RW2 .482 -.584

RW4 .513 -.559

RW1 .496 -.555

EM4 .472 -.589

EE1 .504 .458 -.519

a
Extraction Method: Principal Component Analysis.

a. 7 components extracted.

117
 a
Rotated Component Matrix

Component

1 2 3 4 5 6 7

TR3 .799

TR1 .792

TR5 .785

TR2 .746

TR4 .715

PE1 .810

PE2 .805

PE4 .781

PE3 .778

EM4 .832

EM1 .804

EM2 .796

EM3 .749

SI3 .818

SI2 .817

SI4 .788

SI1 .775

RW2 .795

RW3 .793

RW4 .775

RW1 .768

PS1 .837

PS2 .823

PS4 .808

118
EE1 .848

EE3 .825

EE2 .785

Extraction Method: Principal Component Analysis.

a
Rotation Method: Varimax with Kaiser Normalization.

a. Rotation converged in 6 iterations.

Component Transformation Matrix

Component 1 2 3 4 5 6 7

1 .435 .413 .403 .358 .379 .305 .336

2 .632 -.410 -.381 .430 .019 -.314 -.052

3 -.612 -.316 -.109 .598 .303 .113 .228

4 .009 -.070 .303 .406 -.821 .253 -.027

5 -.020 .519 -.752 .125 -.150 .356 .003

6 .165 -.475 -.143 -.385 -.065 .502 .567

7 .095 -.249 .055 .007 .253 .594 -.714

Extraction Method: Principal Component Analysis.

Rotation Method: Varimax with Kaiser Normalization.

Factor Analysis

119
 KMO and Bartlett's Test

Kaiser-Meyer-Olkin Measure of Sampling Adequacy. .798

Approx. Chi-Square 754.211

Bartlett's Test of Sphericity df 10

Sig. .000

Communalities

Initial Extraction

BI1 1.000 .703

BI2 1.000 .547

BI3 1.000 .585

BI4 1.000 .604

BI5 1.000 .593

Extraction Method: Principal

Component Analysis.

Total Variance Explained

Component Initial Eigenvalues Extraction Sums of Squared Loadings

Total % of Variance Cumulative % Total % of Variance Cumulative %

1 3.033 60.670 60.670 3.033 60.670 60.670

2 .764 15.272 75.942

3 .505 10.105 86.047

4 .388 7.754 93.801

5 .310 6.199 100.000

120
Extraction Method: Principal Component Analysis.

a
Component Matrix

Component

BI1 .839

BI4 .777

BI5 .770

BI3 .765

BI2 .740

Correlations

EE PE SI PS TR EM

** ** ** ** **
Pearson Correlation 1 .267 .278 .298 .262 .298

EE Sig. (2-tailed) .000 .000 .000 .000 .000

N 388 388 388 388 388 388

** ** ** ** **
Pearson Correlation .267 1 .190 .309 .290 .343

PE Sig. (2-tailed) .000 .000 .000 .000 .000

N 388 388 388 388 388 388

** ** ** ** **
Pearson Correlation .278 .190 1 .226 .265 .217

SI Sig. (2-tailed) .000 .000 .000 .000 .000

N 388 388 388 388 388 388

** ** ** ** **
Pearson Correlation .298 .309 .226 1 .193 .287

PS Sig. (2-tailed) .000 .000 .000 .000 .000

N 388 388 388 388 388 388

121
 ** ** ** ** **
Pearson Correlation .262 .290 .265 .193 1 .271

TR Sig. (2-tailed) .000 .000 .000 .000 .000

N 388 388 388 388 388 388

** ** ** ** **
Pearson Correlation .298 .343 .217 .287 .271 1

EM Sig. (2-tailed) .000 .000 .000 .000 .000

N 388 388 388 388 388 388

** ** ** ** ** **
Pearson Correlation .308 .275 .263 .217 .251 .265

RW Sig. (2-tailed) .000 .000 .000 .000 .000 .000

N 388 388 388 388 388 388

** ** ** ** ** **
Pearson Correlation .519 .516 .580 .477 .422 .458

BI Sig. (2-tailed) .000 .000 .000 .000 .000 .000

N 388 388 388 388 388 388

Correlations

RW BI

**
Pearson Correlation .308 .519

EE Sig. (2-tailed) .000 .000

N 388 388

**
Pearson Correlation .275 .516

PE Sig. (2-tailed) .000 .000

N 388 388

** **
Pearson Correlation .263 .580

SI Sig. (2-tailed) .000 .000

N 388 388

** **
Pearson Correlation .217 .477

PS Sig. (2-tailed) .000 .000

N 388 388

** **
TR Pearson Correlation .251 .422

122
 Sig. (2-tailed) .000 .000

N 388 388

** **
Pearson Correlation .265 .458

EM Sig. (2-tailed) .000 .000

N 388 388

** **
Pearson Correlation 1 .557

RW Sig. (2-tailed) .000

N 388 388

** **
Pearson Correlation .557 1

BI Sig. (2-tailed) .000

N 388 388

**. Correlation is significant at the 0.01 level (2-tailed).

Regression
a
Variables Entered/Removed

Model Variables Entered Variables Removed Method

b
1 RW, PS, TR, SI, EM, EE, PE . Enter

a. Dependent Variable: BI

b. All requested variables entered.

b
Model Summary

Model R R Square Adjusted R Std. Error of the Change Statistics

Square Estimate
R Square F Change df1
Change

a
1 .846 .716 .711 .36063 .716 137.147 7

b
Model Summary

123
Model Change Statistics Durbin-Watson

df2 Sig. F Change

a
1 380 .000 2.109

a. Predictors: (Constant), RW, PS, TR, SI, EM, EE, PE

b. Dependent Variable: BI

a
ANOVA

Model Sum of Squares df Mean Square F Sig.

b
Regression 124.857 7 17.837 137.147 .000

1 Residual 49.421 380 .130

Total 174.277 387

a. Dependent Variable: BI

b. Predictors: (Constant), RW, PS, TR, SI, EM, EE, PE

a
Coefficients

Model Unstandardized Coefficients Standardized t Sig. Collinearity

Coefficients Statistics

B Std. Error Beta Tolerance

(Constant) .115 .113 1.013 .312

EE .114 .020 .177 5.732 .000 .783

PE .147 .022 .212 6.844 .000 .780

SI .230 .021 .331 11.125 .000 .844

1
PS .115 .020 .175 5.812 .000 .820

TR .069 .022 .095 3.149 .002 .825

EM .079 .021 .115 3.730 .000 .787

RW .189 .022 .265 8.757 .000 .816

124
 a
Coefficients

Model Collinearity Statistics

VIF

(Constant)

EE 1.277

PE 1.282

SI 1.185
1
PS 1.220

TR 1.212

EM 1.271

RW 1.225

a. Dependent Variable: BI

a
Collinearity Diagnostics

Model Dimension Eigenvalue Condition Index Variance Proportions

(Constant) EE PE SI

1 7.674 1.000 .00 .00 .00 .00

2 .060 11.284 .00 .02 .12 .28

3 .056 11.686 .00 .39 .15 .03

4 .053 12.088 .00 .44 .01 .32

1
5 .047 12.727 .00 .10 .01 .01

6 .045 12.999 .00 .02 .09 .09

7 .042 13.501 .00 .03 .60 .19

8 .023 18.415 .99 .00 .03 .08

a
Collinearity Diagnostics

125
Model Dimension Variance Proportions

PS TR EM RW

1 .00 .00 .00 .00

2 .35 .05 .06 .06

3 .21 .16 .06 .01

4 .24 .00 .04 .05

1
5 .01 .21 .06 .73

6 .03 .25 .70 .00

7 .12 .23 .04 .08

8 .05 .09 .03 .07

a. Dependent Variable: BI

a
Residuals Statistics

Minimum Maximum Mean Std. Deviation N

Predicted Value 1.6264 4.4919 3.4974 .56800 388

Residual -1.23218 1.28031 .00000 .35735 388

Std. Predicted Value -3.294 1.751 .000 1.000 388

Std. Residual -3.417 3.550 .000 .991 388

a. Dependent Variable: BI

T-Test

Group Statistics

Gender N Mean Std. Deviation Std. Error Mean

BI Nam 175 3.4103 .68524 .05180

126
 Nu 213 3.5690 .65212 .04468

Independent Samples Test

Levene's Test for Equality of Variances t-test for Equality of

Means

F Sig. t df

Equal variances assumed .143 .705 -2.332 386

BI
Equal variances not assumed -2.320 363.913

Independent Samples Test

t-test for Equality of Means

Sig. (2-tailed) Mean Difference Std. Error 95% Confidence

Difference Interval of the
Difference

Lower

Equal variances assumed .020 -.15873 .06808 -.29258

BI
Equal variances not
.021 -.15873 .06841 -.29325
assumed

Independent Samples Test

t-test for Equality of Means

95% Confidence Interval of the

Difference

Upper

Equal variances assumed -.02488

BI
Equal variances not assumed -.02420

127
Oneway

Occupation

Test of Homogeneity of Variances

BI

Levene Statistic df1 df2 Sig.

.680 5 382 .639

ANOVA

BI

Sum of Squares df Mean Square F Sig.

Between Groups 3.141 5 .628 1.402 .222

Within Groups 171.136 382 .448

Total 174.277 387

Oneway

AGE

Test of Homogeneity of Variances

BI

Levene Statistic df1 df2 Sig.

5.150 2 385 .006

ANOVA

BI

Sum of Squares df Mean Square F Sig.

128
Between Groups .056 2 .028 .062 .940

Within Groups 174.222 385 .453

Total 174.277 387

Robust Tests of Equality of Means

BI

a
Statistic df1 df2 Sig.

Welch .060 2 106.506 .942

a. Asymptotically F distributed.

Oneway

Income

Test of Homogeneity of Variances

BI

Levene Statistic df1 df2 Sig.

6.924 3 384 .000

ANOVA

BI

Sum of Squares df Mean Square F Sig.

Between Groups 8.345 3 2.782 6.437 .000

Within Groups 165.933 384 .432

Total 174.277 387

Robust Tests of Equality of Means

129
BI

a
Statistic df1 df2 Sig.

Welch 3.973 3 57.694 .012

a. Asymptotically F distributed.

130