Factors Affecting Intention To Use Paylater Of VNU-HCM Students

Le Nguyen Tra My , Pham Hoang Trang , Than Trong Uyen Khanh , Vu Hong Thanh Truc , and Lam Hong
1 1 1 1

Thanh 2

1Faculty of Information Systems, University of Economics and Law, Ho Chi Minh City 700000, Vietnam
Vietnam National University, Ho Chi Minh City 700000, Vietnam
1

{mylnt21411c,trangph21411c,khanhttu21411c,trucvht21411c}@st.uel.edu.vn
2 Faculty of Information Systems, University of Economics and Law, Ho Chi Minh City 700000, Vietnam
Vietnam National University, Ho Chi Minh City 700000, Vietnam
2

thanhlh@uel.edu.vn

Abstract: Given the increasing popularity of digital payment methods, paylater services have emerged as a convenient choice
for users. Utilizing the Unified Theory of Acceptance and Use of Technology (UTAUT) and the Technology Acceptance Model
(TAM), this study delves into the factors impacting students' inclination toward using paylater services at the Vietnam National
University of Ho Chi Minh City. These factors encompass Intention to Use, Perceived Usefulness, Perceived Ease of Use,
Trust, Social Influence, Perceived Risk, and the moderating variable, Reward. Furthermore, the study assesses the influence of
Financial Literacy on the research outcomes, considering it as the demographic variable. The results indicate that five factors
significantly affect students' intention to embrace paylater services, albeit one factor exhibiting a negative impact. This research
highlights the potential of paylater services as a beneficial financial tool for students.
Keywords: Intention, paylater, students, Vietnam National University of Ho Chi Minh City.

1. Introduction
Vietnam's digital landscape exhibits dynamic growth, marked by a substantial smartphone user base exceeding
69 million in 2022, translating to a remarkable 71% internet penetration rate [48]. Projections anticipate this user
base to surpass 82 million by 2025. This widespread smartphone and internet accessibility is expected to serve as
a robust and enduring foundation for the consistent growth and stability of Vietnam's online retail industry [1].
The payment industry plays a pivotal role in propelling commercial development. Although cash remains the
predominant payment method, the Vietnamese market witnesses a flourishing payment sector, actively aligning
with global advancements in this domain. Paylater, among the most popular digital payment methods [2], offers
distinct advantages, including streamlined registration procedures, elimination of physical card requirements,
mobile accessibility, and provision of loan limits to consumers [3].
Paylater is a relatively new electronic payment service in Vietnam. Therefore, the first goal of the research
team is to contribute to the wider dissemination of paylater services. This study identifies and analyzes factors that
influence the decision to use paylater to help businesses access and develop this feature to diversify payment
methods, bring convenience to customers and increase revenue for businesses.
The main goal of this research is to build and test hypotheses related to the decision to use paylater of students
at Vietnam National University, Ho Chi Minh City. To accomplish this goal, the research has developed a model
that combines many theories such as TAM, and UTAUT with variables (Perceived usefulness, Perceived Ease of
Use, Perceived Trust, Social Influence, and Perception Risk). In addition to inheriting the TAM model, UTAUT
model, and several other analysis methods, the new point of the research is that the group explores the role of
"Financial Literacy". At the time of the research team, this was a variable that rarely appeared in research articles
on paylater in Vietnam and was included in the research as a demographic variable. Analyzing the Financial
Literacy variable contributes to increasing the positivity of the research, while also contributing to showing a clear
perspective on the use and development of paylater in Vietnam. In addition, the research team offers suggestions
to help students use paylater as a financial support tool. At the same time, the research is also a premise for future
deeper research on paylater in Vietnam.
2. Literature review
2.1 PayLater
Paylater is the financial service offered by e-commerce and is one of the new fintech innovations benefiting
users. Paylater allows people to buy products or services without a credit card, which means consumers still have
the opportunity to use the payment system immediately when they are not financially ready to borrow credit [4].
However, there is a difference between credit cards and pay later in their form. Pay later doesn't have a tangible
form like the credit cards we all know, but it is a feature that can be found in digital operations like mobile apps
and websites [5].
 2.2 TAM and UTAUT Model
The attitude paradigm developed by Fishbein and Ajzen [6] in psychology serves as the foundation for the
technology acceptance model. It outlines three key aspects: (1) how to measure the behavior-relevant components
of attitudes; (2) how to distinguish attitudes from beliefs. Stemming from the psychology-based theory of reasoned
action (TRA) and theory of planned behavior (TPB), TAM has played a leading role in explaining user behavior
toward technology [7]. This theory is used in research articles that describe factors in the TAM figure that influence
the intention to use e-wallets [8] or explore factors that influence the intention to use paylater of genZ [9].
The Acceptance and Use of Technology (UTAUT) model was applied to predict system usage and make
decisions regarding the adoption of new technology. This reason is used in many research articles related to
electronic payments such as the intention to use e-wallets [10] or factors affecting customers using fintech
applications [11]. Then in 2012, Venkatesh and the community added three dynamic variables, value value, and
habit, which helped research papers using this model to produce higher accuracy results and decisions [12]. Based
on the UTAUT model, it can be modified, and additional or reduced variables are identified to suit the research
problem of information technology adoption [13].
2.3 Behavioral Intention
Intention to use is a measure of a person's level of intention to perform a particular behavior [6]. Intention to
use in this study is defined as the certainty of an individual's intention to use a postpaid wallet.
2.4 Factors affecting Behavioral Intention
Perceived Usefulness
Perceived Usefulness is defined as the degree to which a person believes that using a system will enhance the
performance of the job [14]. Perceived Usefulness is a factor that influences the intention to use. The higher the
Perceived Usefulness, the more users tend to use the new system. If each customer feels the benefits of using
paylater, they can easily make decisions in planning and deciding to use postpaid wallets [15]. In this research, the
following hypothesis was proposed by the team to be included in the research model:
H1: Perceived Usefulness has a positive impact on Behavioral Intention.
Perceived Ease of Use
Perceived Ease of Use refers to the extent to which an individual expects that using a specific system will require
minimal effort [16]. According to the technology acceptance model, potential users are more likely to adopt and
utilize innovative technological systems that they perceive as easy to use and less complex [16]. In relation to
paylater, Perceived Ease of Use implies that customers consider using a paylater as an effective way to manage
their payments. Users experience convenience and comfort when they access and use the paylater payment system.
H2: Perceived Ease of Use has a positive impact on Behavioral Intention.
Perceived Trust
Perceived Trust is a crucial factor that signifies customers' sense of security when utilizing a service, alleviating
concerns regarding potential risks or issues [17], [18]. Perceived Trust is an important factor in technology-related
research [19], particularly when people depend on technology [20]. Research results of Nguyen [21] , Vuong [22]
show that the influence of trust - positivity on the adoption of e-payment is relatively large. Based on previous
literature, this study proposes that the trust factor has a positive impact on intention to use.
H3: Perceived Trust has a positive impact on Behavioral Intention.
Social Influence
Social Influence is the degree to which an individual perceives the importance of others' beliefs about whether the
individual should use technology [23]. For the adoption of new technologies involving interpersonal connections,
people tend to rely heavily on peer-to-peer communication so social norms are important antecedents to applying
technology with external connection elements [24]. Agustin [25] and Lestari [26] concludes that Social Influence
has a positive and significant influence on paylater usage. Based on the above research, the authors propose that
the Social Influence factor has an impact on the intention to use paylater and include this factor in the research
model.
H4: Social Influence has a positive impact on Behavioral Intention.
Perceived Risk
Perceived Risk can be defined as the individual's subjective evaluation of the potential loss associated with
achieving a desired outcome while utilizing an electronic service [27]. This aspect specifically pertains to
safeguarding information, encompassing the hardware and software design employed for storing consumer data
or credit card details during payment transactions [28]. Musa [29] discovered that information security awareness
had the most significant impact among the analyzed factors. Consequently, the author contends that security
remains the primary concern regarding the adoption of e-commerce in general, and the utilization of wireless
technology in particular. In this study, Perceived Risk is users' awareness of the possibility of harm to them when
making payments via paylater.
H5: Perceived Risk has a negative impact on Behavioral Intention.
Reward
Reward is the attractive and inspiring characteristic of a movement that drives appetitive behavior, it can also be
called approach behavior and consummatory behavior [30]. Rewards can take many different forms, including
monetary incentives, free gifts, and coupons [31]. Recently, Singh [32] mentioned that users only use e-wallet
services when it provides benefits, such as cashback or reward points to the user. Within the scope of this study,
the research team focuses on paylater integrated into the e-wallet model, so this study proposes hypotheses based
on the reviewed literature:
H6: Reward moderates the relationship between Perceived Usefulness and Behavioral Intention with a higher
effect.
Financial Literacy
Financial Literacy is the ability to evaluate the level of understanding and application of information related to
personal finance [33]. Morgan [34] found a positive correlation between Financial Literacy and the awareness of
most fintech products, except for digital financial advisors, as well as the awareness index. They also observed a
positive correlation between Financial Literacy and the usage of two fintech services: e-banking and e-payments.
Within the context of this research, this variable was employed to measure the respondents’ financial knowledge.

Fig. 1. Research Model

3. Research Methodology
This study employs quantitative methods, utilizing primary data obtained via online questionnaires distributed
through Google Forms. The targeted population encompasses individuals categorized as having used, currently
using, or never having used the Paylater service. Structural Equation Modeling (SEM) serves as the primary
analytical tool, applied to a sample of 286 usable responses. The sample size-to-question ratio of 8.37 surpasses
the established minimum threshold of 5:1 for normal survey distribution, thus demonstrating adequate sample size
[35].
Participants were students enrolled at Vietnam National University - Ho Chi Minh City. The Technology
Acceptance Model (TAM) constructs of Perceived Usefulness and Perceived Ease of Use were evaluated with 10
indicators. Theories of Risk Perception and Trust were assessed with 11 indicators. The Social Influence variable
was measured using 5 indicators. Additionally, a Reward moderator variable was evaluated with 5 indicators.
Finally, researchers employed measurement tools with 7 indicators to assess participants' Financial Literacy.
Likert scale measurements (1: strongly disagree, 2: disagree, 3: neutral, 4: agree, 5: strongly agree) were utilized
for Perceived Usefulness, Perceived Ease of Use, Trust, Perceived Risk, Social Influence, and Reward variables.
Conversely, Financial Literacy measurement relied on objective assessment questions, where each correct answer
was assigned a value of 1 and incorrect responses received 0. This approach yielded individual total scores ranging
from 0 (indicating all incorrect answers) to 7 (representing all correct answers).
This study uses Structural Equation Modeling (SEM) through SmartPLS Software.
4. Data analysis and discussion
Respondents Demographic Profile
The results of the questionnaire showed that the most respondents are students from Ho Chi Minh City University
of Law and Economics, namely 46.2% and the most student respondents are freshman, namely 102 or 32.7%.
There were more female respondents, namely 193 or 67.5% of respondents and male respondents were 93 or
32.5%. The survey findings also indicate that the largest segment of respondents' expenditures falls within the
range of 2,000,001 to 3,000,000, with 82 participants representing 28.7% of the total. 109 of respondents,
comprising 38.1%, provided answers regarding their usage of the Momo Paylater. While, there are also up to 102
respondents, corresponding to 35.7%, demonstrated awareness of e-wallets but abstained from their usage.
Additionally, the frequency of not using paylater of most respondents was 144 respondents or 50.3%.
Respondents Financial Literacy
For the Financial Literacy variable, it is measured by 7 questions which includes questions about basic financial
knowledge, such as calculating interest rates, compound interest rates, risk and return evaluation, and
understanding of inflation and risk diversification. An overall financial literacy score was constructed by summing
the number of correct answers to the seven questions, giving participants one point for each correct answer. There
is only one correct answer for each question. The score was used as a scaled variable ranging from 0 to 7 in most
analyses, with a low score indicating a low level of financial literacy and a high score indicating a high level of
financial literacy. Variable mean = 4.063, std. deviation = 1.874. We also constructed an alternative ordinal
variable as follows: low level of financial knowledge (0–2 correct answers, 25.5% N), medium level of financial
knowledge (3–5 correct answers, 47.6% N), and high level of financial knowledge (6-7 correct answers, 26.9%
N). In general, the Financial Literacy of the majority of students in the study was at an average level.

Fig.2. Measurement model: Validity & Reliability

Figure 2 shows that the loading factors for most indicators are above 0.7, indicating their acceptability. However,
in the first model run, the two variables Perceived Ease of Use and Perceived Risk had the indicators PEOU1,
PR2, PR6 with loading factors of 0.035, 0.693, -0.302, respectively, which were lower than 0.7. Therefore, these
indicators were removed from the model. In the second model run, the Perceived Risk variable also had the
indicator PR3 with a loading factor of 0.699, resulting in its removal from the model. The Perceived Ease of Use
variable now consists of the indicators PEOU2, PEOU3, PEOU4, and PEOU5, while the Perceived Risk variable
includes the indicators PR1, PR4, and PR5. Overall, all variables demonstrate high reliability, with average
variance extracted (AVE) values above 0.50, as well as composite reliability (CR) and Cronbach's Alpha values
exceeding 0.7.

Fig.3. Path Coefficient

Hypothesis testing in this study employed bootstrapping, generating t-statistics and p-values to assess the statistical
significance of relationships between variables. If a t-statistic greater than 1.96 and a p-value less than 0.05 indicate
a statistically significant relationship at the 95% confidence level [36].
From Figure 3, it can be seen that Perceived Usefulness, Perceived Ease of Use, Perceived Trust, and Social
Influence exhibit statistically significant positive influences on Behavioral Intention. Conversely, the Perceived
Risk variable possesses a significant negative influence on Behavioral Intention. Furthermore, table 3 suggests a
potential moderation effect of the Reward variable on the relationship between Behavioral Intention and Perceived
Usefulness.
Discussion
H1. Perceived Usefulness has a positive effect on Behavioral Intention.
The research results indicate that the Perceived Usefulness (PU) variable significantly influences the Behavioral
Intention (BI) variable, supporting the acceptance of hypothesis H1. The t-statistic value of 4.784 exceeds the
threshold of 1.96, and the p-value of 0.000 is below the significance level of 0.05. These results are consistent with
previous studies [37], [38], [39] which suggest that perceived usefulness plays a crucial role in increasing
consumers' willingness to utilize pay later as a payment option.
H2. Perceived Ease of Use has a positive effect on Behavioral Intention.
Based on this research results, the Perceived Ease of Use (PEOU) variable has a significant impact on the
Behavioral Intention (BI) variable, confirming the acceptance of hypothesis H2. The t-statistic value of 5.355
which is higher than 1.96, while the p-value of 0.000 is below the significance level of 0.05. These results align
with a previous study [39], [40] suggesting that when users perceive Pay later as easy to use and have convenient
access to merchants offering this payment method, their intention and willingness to use the product increase.
H3. Perceived Trust has a positive effect on Behavioral Intention.
The results demonstrate a significant relationship between the Perceived Trust (TRUST) variable and the
Behavioral Intention (BI) variable, supporting the acceptance of hypothesis H3. The t-statistic of 4.056, exceeding
the threshold of 1.96, and the p-value of 0.000, lower than 0.05. This outcome aligns with previous research [37],
[41] indicating that if users trust Pay later, it is more likely that they will adopt it as a preferred payment method.
H4: Social Influence has a positive impact on Behavioral Intention.
According to the result of this research, it can be seen that H1 has a t-statistic of 4.711 and a p-value of 0.000.
These results all meet the set ideal indicators. Therefore, it can be said that Social Influence (SI) has a positive
significant effect on Behavioral Intention.
From the statistical test it can be concluded that H4 is accepted and these studies also show similar results, [42],
[43], [44] proves that relatives and surrounding relationships can influence the intention to use Paylater wallet.
H5: Perceived Risk has a negative impact on Behavioral Intention.
According to the findings of this study, the Perceived Risk (PR) construct exhibited a significant influence on the
Behavioral Intention (BI) variable, leading to the acceptance of H5. The t-statistic, with a value of 2.684, surpasses
the recommended threshold of 1.96, and the associated p-value of 0.007 is below than the conventional significance
level of 0.05.
These findings align with multiple previous research endeavors, [45], [46] particularly scholarly articles, which
assert that Perceived Risk influences individuals' perceived value and stands as the primary deterrent to their
adoption intention within the FinTech domain.
H6: Rewards moderate between Perceived Usefulness and Behavioral Intention.
From the result, it is evident that Rewards have a moderation effect between Perceived Usefulness (PU) and
Behavioral Intention, as indicated by a t-test value of 3.995, significantly surpassing the expected threshold.
Additionally, the associated p-value of 0.000 falls below the conventional significance level of 0.05.
According to the study findings, the Perceived Risk negatively influences Behavioral Intention to use Paylater,
while trust has minimal impact. Therefore, it is recommended that providers enhance paylater security to enhance
user satisfaction by improving service quality, ensuring the security of customer data and transactions, and
establishing legal frameworks to foster user trust. Commerce partners should expand their product and store
networks, introduce paylater payment options, and promptly address customer inquiries. Universities should
facilitate student access to paylater through collaborations with providers, offering financial aid, and increasing
educational initiatives. Collaboration among paylater providers, merchants, universities, and regulatory bodies can
help alleviate student financial burdens by reducing monthly interest payments.
Despite the convenience offered by paylater, their use as a financial aid tool for students poses challenges such as
loan and repayment limitations, smartphone dependency, and reliance on merchant cooperation, leading to
potential issues like debt accumulation. Given that students possess only moderate financial literacy, caution is
advised in utilizing postpaid wallet tools. Effective and safe utilization of paylater as financial aid for students
requires coordination among stakeholders, including providers, merchants, authorities, universities, and students.
Lastly, students must exercise awareness and responsibility in their postpaid wallet usage by accurately registering
personal information, selecting suitable products and services, timely debt repayment, maintaining data
confidentiality, and reporting issues when necessary.
5. Conclusion, limitations and future research
Conclusion
From this study, it can be seen that Perceived Usefulness, Perceived Ease of Use, Perceived Trust, and Social
Influence have a positive and significant influence on the Behavioral Intention to use paylater. While Perceived
Risk has a negative impact. In addition, this study shows that the rewards are moderate between Perceived
Usefulness and Behavioral Intention to use paylater. Several articles have presented findings consistent with the
results mentioned above [37], [38], [39], [40], [42], [43], [45], [46].
In particular, there is a hypothesis that has a more significant and negative impact on Behavioral Intention:
Perceived Risk. This means that many users tend to ignore the potential risks associated with paylater's permissions
and privacy policy. However, findings from other related studies indicate that the majority of users still perceive
risks when adopting new payment methods.
The outcomes of this study are intended for individuals contemplating the adoption of the paylater feature. By
conducting this research, the authors seek to underscore that despite its numerous advantages, paylater is inevitably
accompanied by potential negative repercussions. Consequently, it is hoped that the public will exercise
discernment in assessing the benefits and risks associated with using this feature when making decisions.
Furthermore, from the conclusion, it is evident that the results derived from the authors' findings serve as a
reference, indicating that certain variables examined in this research do indeed exert a significant influence on the
intention to use the paylater system. Given that all variables contribute to the intention to use, these results can
also be valuable for platform owners who integrate paylater as a payment method. Such findings provide a
foundation for understanding the factors that influence users' behavioral intentions to utilize Pay later as their
preferred payment method.
Limitations and future research
The study is constrained by the exclusive focus on respondents within the student age range of the Gen-Z
generation, a cohort characterized by a pronounced inclination toward consumerism [47]. Despite the participants
being students, their limited income range introduces a potential bias, suggesting that the outcomes may not be
universally applicable. A more comprehensive examination involving individuals from diverse age groups and
generations, particularly those with higher purchasing power, could yield nuanced and more generalizable insights.
The utilization of an online system for data collection introduces a layer of uncertainty in respondents' engagement
with the questionnaire. The empirical results signify that the current research model attains a moderate level of
effectiveness, necessitating the inclusion of additional variables for a more precise fit. Future research endeavors
are encouraged to incorporate novel variables, refine the existing model, and introduce or substitute independent
variables to enhance the estimation of risky credit behavior. Expanding the scope of the study to encompass a
broader spectrum of ongoing research would contribute to a more comprehensive understanding of the subject.
The research article introduces a novel variable; however, it is not conducive to measurement. Additionally, the
findings indicate that the participants surveyed exhibit limited financial knowledge. Consequently, we encourage
future research to explore alternative subjects for investigation.
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