All Chap BL

GROUP ASSIGNMENT COVER SHEET
STUDENT DETAILS
Student name: Đặng Minh Thoa Student ID number: 22003806
Student name: Nguyễn Đức Trung Student ID number: 22003659
Student name: Nguyễn Hoàng Duy Student ID number: 22002647
Student name: Nguyễn Hoàng Khánh Linh Student ID number: 23004268
Student name: Nguyễn Trần Mỹ Tiên Student ID number: 22003669
Student name: Nguyễn Ngọc Minh Thy Student ID number: WSU21000156
Student name: Nguyễn Vũ Hoàng Linh Student ID number: 22004031

UNIT AND TUTORIAL DETAILS
Unit name: Consumer Behavior Unit number: CB-T124WSB-2

Tutorial/Lecture: Class day and time: Monday 12:00 – 15:15
Lecturer or Tutor name: Dr. Võ Văn Dung
ASSIGNMENT DETAILS
Title: Assessment 4 – VNPay Group Report

Length: 1990 words Due date: 07/04/2024 Date submitted: 07/04/2024
DECLARATION
I hold a copy of this assignment if the original is lost or damaged.
I hereby certify that no part of this assignment or product has been copied from any other
student’s work or from any other source except where due acknowledgement is made in the
assignment.
I hereby certify that no part of this assignment or product has been submitted by me in
another (previous or current) assessment, except where appropriately referenced, and
with prior permission from the Lecturer / Tutor / Unit Coordinator for this unit.
No part of the assignment/product has been written/ produced for me by any other person
except where collaboration has been authorised by the Lecturer / Tutor /Unit Coordinator
concerned.
I am aware that this work may be reproduced and submitted to plagiarism detection software
programs for the purpose of detecting possible plagiarism (which may retain a copy on its
database for future plagiarism checking).
Student’s signature: Thoa
Student’s signature: Trung

Student’s signature: Duy
Student’s signature: Linh
Student’s signature: Tiên

Student’s signature: Thy
Student’s signature: Linh
Note: An examiner or lecturer / tutor has the right to not mark this assignment if the above
declaration has not been signed.
Group 3 report:
How VNPay become the top e-wallet in
the VietNam market?
Thy M. N. Nguyen, Linh K. H. Nguyen, Linh H. V. Nguyen,
Thoa M. Dang, Tien M. T. Nguyen, Trung D. Nguyen, Duy H.
Nguyen
Lecturer: Vo Van Dung
CB-T124WSB-2
1
TABLE OF CONTENT
1. Market overview:..................................................................................................................................... 3
1.1 Current market situation.................................................................................................................... 3
1.2 Competitive situation.........................................................................................................................3
1.3 Current market size............................................................................................................................3
1.4 Market trends..................................................................................................................................... 3
1.5 Market potential growth.................................................................................................................... 4
2. Brand overview:....................................................................................................................................... 4
2.1 Introduction of the company..............................................................................................................4
2.2 Product/service description................................................................................................................5
2.3 Target segment...................................................................................................................................5
2.4 Company problem............................................................................................................................. 7
2.5 Company objectives.......................................................................................................................... 8
3. Market research:...................................................................................................................................... 8
3.1 Research objectives........................................................................................................................... 8
3.2 Research summary.............................................................................................................................9
3.3 Theories............................................................................................................................................. 9
3.4 Data analysis and Consumer insights.............................................................................................. 10
4. Marketing recommendation:................................................................................................................ 12
4.1 Recommendation 1: Simplifying the interface................................................................................ 12
4.2 Recommendation 2: Integration with popular brands..................................................................... 12
4.3 Recommendation 3: Enhancing brand image through collaboration with popular influencers...... 12
5. Appendix:................................................................................................................................................13
6. Reference list:......................................................................................................................................... 87
2
1. Market overview:
1.1 Current market situation
Vietnam is experiencing a boom in e-wallets, with more than 67% of the population using them (UOB,
2023). This happens because e-wallets help them transact quickly, saving time and costs. In 2018-2022,
the number of users increased from 12.3 million to 41.3 million (Báo Công Thương, 2022). Moreover,
there are more than 40 e-wallets currently and are used mostly by the young due to their tech-savvy.
1.2 Competitive situation
The Vietnam market is a large playground for numerous e-wallets, including Momo, ZaloPay, ShopeePay,
VNPay, MOCA, ViettelPay, and so on (Cafebiz, 2023) (APPENDIX A).
1.3 Current market size
In the first eleven months of 2023, payments using mobile phone channels, in general, achieved almost
7.13 billion transactions with a value of more than 49.4 million billion VND (Thư, T., 2024). According
to Lê, B. (2024), at the end of 2023, there are 36.23 million active e-wallets and 2.96 trillion VND stored
in these wallets.
1.4 Market trends
There are a few factors that could potentially assist the e-wallet business flourish, including the booming
mobile commerce and the increase in smartphone users. Mobile commerce is becoming more popular in
Vietnam, consumers have additional product and service options; they also save time and money on their
purchases. According to Statista (2024), with an expected 89 million mobile users in 2025 and 97 million
in 2029, Vietnam is one of the countries with the highest smartphone use rates, suggesting a significant
increase in e-wallet users.
3
1.5 Market potential growth
Vietnam's e-payments sector exhibits robust growth, registering a 25% annual increase in transaction
value (State Bank of Vietnam, 2023). VNPAY stands as a prominent player, boasting over 15 years of
experience and a comprehensive partner network encompassing banks, e-commerce platforms, retailers,
and financial institutions.
In the coming years, VNPAY will continue to promote payment development in the fields of
transportation, healthcare, and potential small business households that have not been accessible before.
According to baomoi.com, it is expected that by 2024, this market will have 50 million active users, 100
million users in 2026, and 150 million users in 2030, VNPAY holds a relatively large market share in this
market.
2. Brand overview:
2.1 Introduction of the company
VNPay was founded in 2007 as a fintech company in Vietnam (Về Chúng Tôi, n.d.-b). Moreover, the
purpose of VNPay is “Cho cuộc sống đơn giản hơn”, it is the vision and mission of the head manager to
clients. This company has several services, such as mobile banking and VNPay-QR, and also collaborates
with 40 bankings, 5 telecoms, and 20,000 businesses (VNPay: Phác Hoạ “Kỳ Lân Công Nghệ” Thứ 2 Của
Việt Nam, 2020). According to the research, in 2023 VNPay(33%) in top 3, but not the first choice of
vietnamese customer (UOB – Nghiên Cứu Tâm Lý Người Tiêu Dùng ASEAN Năm 2023: Ví Điện Tử
Đang Là “Vua” ở Kênh Thanh Toán Không Tiền Mặt, 2023).
Strength of VNPay is security for consumers, which makes them feel safe and secure to use services.
SWOT Analysis (Appendix B)
4
2.2 Product/service description
VNPAY currently has quite a variety of services for users such as : VNPAY Taxi, Mobile Banking,
VnShop, Movie ticket booking, VNPAY-QR, VNPAY-POS. Furthermore, VNPAY is also considered a
provider of payment services and solutions to thousands of domestic and international businesses.
(VNPAY.vn)
Although VNPAY has such a diverse range of services, it still has many limitations compared to other
e-wallets. In the chart, it can be seen that for users, specifically Gen Z, Momo is still the most popular,
and VNPAY seems the least used wallet (Momo.vn).
Figure: Popularity of e-wallet brands in Vietnam
It can be mentioned here that Momo has many special promotional campaigns on Tet 2023 and 2024,
“Lac Xi 2023” makes MoMo the brand with the most prominent campaign in Tet 2023 of the Electronic
Payment industry. In comparison to other e-wallets campaigns, VNPAY has not created an outstanding
campaign to catch customers’ attention.
2.3 Target segment
Geographics: Urban areas, primarily in large cities: Ho Chi Minh City or Ha Noi
5
Demographics
+ Age: 18-25 years old
+ Gender: Male and female
+ Occupation: undergraduate students
+ Income level: Low to middle-income level
+ Education level: University education
Psychographic:
+ Lifestyles: modern, active lifestyles
+ Personality: mature, ambitious, busy, passionate about life
Behavioral:
+ Occasion: daily transactions, especially when customers choose to use deposits for their
payments.
+ Benefit sought:
● Look for the application that is commonly used in stores for easier and faster non-cash
payments
● Applied coupons that are provided to reduce the number of payments
In combination, the segments of customers for VnPay are the customers in Gen Z who are willing to use
the online payment and change their habits to non-cash payments (VnPay, 2021).
6
2.4 Company problem
Figure 1: Revenue of some E-wallet brands in Vietnam
While VNPay has emerged as a leader in Vietnam's e-payment sector with an impressive revenue -
growth from VND 17.6 trillion in 2020 to nearly VND 30 trillion in 2022 (Figure 1) . However, a 2023
Decision Lab study on e-wallet preferences among Vietnam's Gen Z showed that over half of the young
respondents use MoMo the most - one of the biggest competitors of VNPay. Meanwhile, VNPay only
accounts for 2% (Figure 2).
7
Figure 2: Most used e-wallets in Vietnam 2022 and 2023 by generation
Consequently, although VNPay is financially robust with rising revenue and profit, it faces a significant
challenge: its limited appeal to Generation Z.
2.5 Company objectives
To address this problem, VNPay needs a clear and quantifiable objective: "By 2026, VNPay aims to
capture more than a half of GenZ users in Vietnam, positioning it as the top e-wallet option for this age
group.”
3. Market research:
3.1 Research objectives
The research highlights primary reasons why Gen Z may not favor VNPay as much.
● Users: Explore factors and problems that affect to the Gen Z loyalty
● Non-users: Find out the main criterias that Gen Z considered when choosing an e-wallet.
● Past-users: The reasons that they stopped using VNPAY.
8
3.2 Research summary
The survey was collected through 21 participants, divided into 3 online focus groups, each group
containing 7 members, using Google Meet platform. Through the interview, respondents were divided
into 3 categories: users (5), past - users (8) and non - users (8). Each group of participants has different
goals to collect customer insights from them (Appendix D). These results are used to recommend for
VNPAY to improve and come up with appropriate strategies to develop in the future.
3.3 Theories
● Perception Theory
Non - users perceptions of VNPAY : Customers' feelings prevent them from using VNPAY e-wallet.
Factors attract customers to choose others, such as Momo, Zalopay.
User perception of VNPAY: Consumers evaluate the VNPAY e-wallet through its application's interface,
overall experience, security and factors that led to preferences for VNPAY over other e-wallets
Past - users VNPAY: Customers decided not to use VNPAY anymore and changed to other e-wallets,
factors that customers use and feel unsatisfied with.
● Theory of Motivation
Identify core reasons for non-users unuse VNPAY , why users stopped using, and potential motivations to
encourage them to use VNPAY's products in the future
Analyze why customers pick VNPAY and how it may retain and increase user retention while making
repurchase decisions
● Theories of Attitude
Investigate the attitudes of VNPAY non - users and users who stopped using : clarify what specific
attitudes or concerns act as barriers to using VNPay.
Clarify the attitudes of VNPAY users: The factors motivate users to continue using VNPay's e-wallet.
9
3.4 Data analysis and Consumer insights
Key findings (Appendix E: Transcript)
1. Interface of VNPay
All VNPay users said that it is time-consuming to sign up and authenticate information (identification
card authentication, taking a picture), and within the app, many functionalities have been hidden in other
buttons.
Six out of eight past - users indicated that it is quite difficult to identify the features (purchasing phone
cards or paying for monthly internet bills) due to the same color scheme and format of the application.
It is clearly shown that making the app friendly and ensuring everything runs smoothly are big concerns.
However, VNPay has not met the respondent's expectations; therefore, they suggested that VNPay should
make the interface more user-friendly to solve this problem.
2. Social Influences
Five out of eight non - users said that they were not aware of VNPay before and in their everyday bill
payment routines; therefore, VNPay was not presented as a payment option.
Six out of eight past - users claimed that people around them favored MoMo over VNPay, which
remarkably created barriers when transferring money, and using different apps is time-consuming and can
cause additional costs.
Six out of eight non-users believed they did not use it due to negative assumptions. They pointed out that
they have heard negative reviews from their friends about issues like repeating the registration process
three to four times.
This indicates that convenience stands out as a critical factor shaping consumer preference. As a result,
improving convenience is a key action for VNPay to enhance its presence and recognition to attract more
users.
10
3. Security
Security is a primary priority for customers when using e-wallets, and VNPay performs admirably in this
regard. All of the respondents who are past-users and users of VNPay acknowledged that they have never
encountered issues such as unauthorized deductions or data breaches, attributing their confidence to
VNPay's verification process. Additionally, all of non - users also appreciate the security of e-wallets that
they use.
Security plays a vital role in enhancing customer satisfaction and loyalty toward e-wallets. In today's
digital landscape, where concerns about data privacy and security are prevalent, users would prioritize
platforms that offer reliable safeguards for their financial transactions and personal information.
4. Integration and sale promotions
Integration and sale promotions of VNPay tend to be insufficient to many users. Most users pointed out
that aside from initial usage discounts, VNPay offers limited deals for later transactions.
Seven out of eight past - users believed that the lack of regular discounts made them stop using VNPay.
They noted that VNPay did not have deal-hunting programs like MoMo.
Five out of eight non-users claimed that VNPay is not affiliated with popular e-commerce applications
like Lazada or Grab, which leads them to opt for other e-wallets due to the coupons and convenience
when making payments.
The popularity of e-wallets among users is significantly influenced by its integration with various
e-commerce platforms and the amount of promotional codes. Customers remarkably value the
convenience and availability of exclusive promotional codes tied to collaborations with popular brands,
perceiving it as an extra benefit that could enhance the reputation of the e-wallet.
11
4. Marketing recommendation:
4.1 Recommendation 1 :Simplifying the interface
Addressing the interface, particularly in navigating critical functions like money transfers and refunds is
essential. Simplifying the layout and making these features easier and faster to find will make the app
more user-friendly and enjoyable to use. These changes are vital for VNPay to stay competitive in the
e-wallet market. Therefore, it not only enhances the loyalty of VNPay users but also non-users and past
users will be attracted.
4.2 Recommendation 2: Integration with popular brands
VNPay should consider integrating with well-known brands such as XanhSM, CGV to offer enticing
deals and discounts to its users. By partnering with popular brands across various industries such as
dining, travel, and entertainment, VNPay could provide users with the convenience in payments and
exclusive offers and promotions that appeal to their interests and lifestyle.
4.3 Recommendation 3: Enhancing brand image through collaboration with popular influencers.
To boost its brand image and engagement, VNPay should leverage social media's extensive reach and
influence. Creative initiatives, such as contests, and partnerships with Gen Z influencers like HieuThuHai,
Wren Evans could captivate users and expand VNPay's audience. Through this, VNPay could foster
meaningful connections, driving increased loyalty and brand recognition in the Gen Z generation.
12
5. Appendix:
Appendix A: Reason for the growth of the market and market dominators
E-wallets have become a more popular choice in Vietnam for many reasons. First, these wallets offer high
utility and flexibility, meeting the growing needs of the market. Instead of cash delivery, users
increasingly trust and use electronic payment methods, especially through e-wallets and online banking.
The popularity of the internet and smartphones also increases the convenience of online payments through
e-wallets. Along with that, using e-wallets also helps save time and effort for users. In addition, the
Covid-19 epidemic has promoted the use of e-wallets and contactless payments in Vietnam, because of
convenience and safety. This has helped e-wallets reach more people and increase their growth potential.
Three industry titans—MoMo, ZaloPay, and ViettelPay—dominate the market. MoMo is the leader with
68% market share, next is ZaloPay at 53% and ViettelPay at 27% (CafeBiz,2023).
Figure: Market share of top e-wallets in Vietnam
13
Appendix B: SWOT analysis
Strengths Weaknesses
- Has a diverse ecosystem, provide the home - Limits of partner in compared with other
e-wallets for families e-wallets (POS365 Software, 2023)
- Accepted by over 10.000 points in Vietnam - Withdrawal fee is calculated by 2% of
- High techniques for security: achieving PCI DSS withdrawal amount (Vi VnPay, 2023)
global security certification, especially Blockchain
technology that meets international standards
(POS365 Software, 2023).
- Brand recognition: honored Vietnam National
Brand 2020 (Vietnamnews, 2020)
Opportunities Threats
- The expansion of e-wallet users in Vietnam has - Competitive market with the appearance of other
increased significantly in recent years, over 28 e-wallets in FinTech: Momo, ZaloPay, ShopeePay
million users in 2022 (Statista, 2023), predicted to - Fraud risk in e-wallet payments in Vietnam has
continue to rise in the future. risen significantly in recent years (Ngoc, N., et al,
- Covid-19 pandemic has created a non cash 2020)
payment habit for consumers, especially Gen Z - Inflation problems in Vietnam and worldwide
(H.Chung ,2022). - Fiercely competitive market may put an effort on
- Policy: Vietnamese Government implemented e-wallet provider to merge into few leading
the policy to decrease the number of cash payment regional and local super apps to dominate the
14
to below 10% (Ngoc, N., et al, 2020) market (Ha, M., 2021)
- Gained the awareness and 300 million USD
investment from foreign corporations: SoftBank
and GIC (Tran, L., 2023) for further development
- Vietnamese make from 1.6 to 2 digital
transactions per day, with the average spending in
each transaction 230,000 - 274,000 VND (10 - 12
USD) (Brademar, n.d.)
Macro - Environment analysis based on PESTEL model:
Political/Legal + Vietnamese Government implemented the policy to decrease the
factors number of cash payment to below 10% (Ngoc, N., et al, 2020)
+ Brand recognition: honored Vietnam National Brand 2020
(Vietnamnews, 2020)
+ Vietnamese Government implemented the policy to decrease the
number of cash payment to below 10% (Ngoc, N., et al, 2020)
+ - Gained the awareness and 300 million USD investment from foreign
corporations: SoftBank and GIC (Lam, T., 2023) for further
development
+ Vietnamese make from 1.6 to 2 digital transactions per day, with the
average spending in each transaction 230,000 - 274,000 VND (10 - 12
USD) (Brademar, n.d.)
15
Economic + Gained the awareness and 300 million USD investment from foreign
corporations: SoftBank and GIC (Lam, T., 2023) for further
development
Social + Small users community, limit third party (Tất Tần Tật về ví Điện Tử
VNPAY và Những Điều Cần Biết, 2023)
+ Brand recognition: honored Vietnam National Brand 2020
(Vietnamnews, 2020)
+ Covid-19 pandemic has created a non cash payment habit for
consumers, especially Gen Z (H.Chung ,2022).
+ Fear of being scammed (Digital Payment Systems Have Massive
Growth Potential: Fintech Leader, n.d.)
+ Withdrawal fee is calculated by 2% of withdrawal amount (Vi VnPay,
2023)
+ The expansion of e-wallet users in Vietnam has increased significantly
in recent years, over 28 million users in 2022 (Statista, 2023),
predicted to continue to rise in the future.
+ Competitive market with the appearance of other e-wallets in FinTech:
Momo, ZaloPay, ShopeePay
+ Policy: Covid-19 pandemic has created a non cash payment habit for
consumers, especially Gen Z (H.Chung ,2022).
16
Technology + High techniques for security: achieving PCI DSS global security
certification, especially Blockchain technology that meets international
standards (POS365 Software, 2023).
+ Too many steps to use this VNPay application, VNPay not friendly
with users.
+ Risk issues in electronic payment fraud (Digital Payment Systems
Have Massive Growth Potential: Fintech Leader, n.d.)
Environmental + Has a diverse ecosystem, provide the home e-wallets for families.
+ Limits of partner in compared with other e-wallets (POS365 Software,
2023)
Micro - environment analysis based on Porter’s 5 forces model
Supplier bargaining power Customer bargaining power
● Technology Providers: Although there is ● The expansion of e-wallet users in
limited supplier that VNPay relies on, Vietnam has increased significantly in
VNPay is big giant in this fintech area recent years, over 28 million users in 2022
which still have power to deal with the (Statista, 2023), predicted to continue to
supplier. rise in the future.
● Competitive market with the appearance
of other e-wallets in FinTech: Momo,
ZaloPay, ShopeePay
17
● In Vietnam, there are more than 5
e-wallets, which give several choices for
consumers.
=> Consumers can change their choice if they
have more benefits.
Rivalry among existing competitors
The e-wallet market in Vietnam is quite competitive with the appearance of different application:
VnPay, Momo, ZaloPay, ShopeePay
Threats of new entrants Threats of substitute
● The e-wallet market in Vietnam has ● The e-wallet markets in Vietnam have a
divided and fulfilled by a varieties of wide range of suppliers and they have
application => Market share is not big similar functions
enough ● VnPay doesn’t provide many additional
● It is high competitive in this market, each functions apart from transactions, is not a
e-wallet has gained a position and user-friendly interface
consumers in different ways => It is a threat for VnPay from being replaced by
● It is expensive and risk for a new brand to other applications which provide for consumers
enter the market and get over with the additional function in e-wallet
existing brand of e-wallet
=> The risk for new entrants in the e-wallet
market overall, for VnPay in particular is still low
18
Appendix C:
1. The reason why users choose the VNPAY e-wallet for long-term use, the strengths that VNPAY they
appreciate
2. The factors are missing, not enough to meet their needs so they choose VNPAY for using e-wallets and
instead use other wallets such as Momo, and Zalopay.
3. The reasons why users stop using VNPAY, Errors or weaknesses which VNPAY has that no longer
suits them so they have to stop using it.
Appendix D: FOCUS GROUP
Focus group 1
Group: 3
Topic: How VNPay become the top e-wallet in the VietNam market?
Interview details:
- Date & time: 15/03/2024, 20:00-21:30

- Duration: 1 hours 30 minutes
- Location: Online via Google Meet
- Moderator: Nguyen Ngoc Minh Thy
- Assistant (if any): Nguyen Hoang Khanh Linh, Nguyen Duc Trung
- Number of respondents: 7
Answers
Questions
(The below ideas are just suggestions, you can flexibly present your transcript)
Section 1: Understanding Preferences and Usage
19
Question 1: Which Notes:
payment method do
you often use?
Cash, bank transfer or Common Responses: Using e-wallets (Momo, VNPay), cash
e-wallet?
Noteworthy Individual Responses & Ideas:
Question 2: Why do Notes:

you use that payment
method most often?
Common Responses:

e-wallet do you
currently like to use
the most, and why? Common Responses:
Question 4: Can you Notes:

share specific use
cases or scenarios
where e-wallets are Common Responses:
especially useful in
your daily life? (For
example, split the bill Noteworthy Individual Responses & Ideas:
with friends to shop - QR code integrated with banking, convenient.
online quickly and
safely...)
Question 5: How has Notes:
the growth of
e-wallets affected
your overall approach Common Responses:
to financial
20
transactions? (For
example, the trend to Noteworthy Individual Responses & Ideas:
use less or no cash - Spending is more convenient, you can track income and expenses (with
because digital wallets statistics)
are faster and more
efficient than cash)
Question 6: What Notes:

factors influence your
decision the most
when choosing an Common Responses: Convenience (applies everywhere, easy to use)
e-wallet:
- Information security (citizen identification image and link to bank
account).
Factors affecting the decision to use e-wallets:

tell me more about
why convenience is
important to you? Common Responses:

- Arrangement,Clear, professional layout, easy to use.

provide specific
examples of the role
convenience plays in Common Responses:
your decision-making
process?
Question 9: For you, Notes:

how important is
convenience
compared to other Common Responses:
21
factors when choosing
an e-wallet? Noteworthy Individual Responses & Ideas:
Question 10: Have Notes:

you ever chosen one
e-wallet over another
because it offered Common Responses:
faster or easier
transactions?

tell me more about
why security is

specific security
features do you
prioritize when Common Responses:
choosing an e-wallet?
Question 13: How Notes:

does ensuring security
affect your decision
when choosing an Common Responses:
e-wallet?
22
tell me more about
why… is important to
you? Common Responses:

features or functions
are most important to
you when evaluating Common Responses:
e-wallet options?

you ever switched
e-wallets because one
e-wallet had better Common Responses:
features or
functionality?
- No intention yet because: familiar with old wallet, considering VNPay but
a bit hesitant because the functions are still too new.

tell me more about
why cost matters to
Question 18: Are you Notes:

willing to pay a
premium for
additional features or Common Responses:
benefits?
23
- Still prioritize free things.

you ever switched
e-wallets because
transaction fees or Common Responses:
additional costs were
too high?

tell me more about
why giveaways and
incentives are Common Responses:
important to you?
Question 21: How do Notes:

rewards and
incentives influence
your decision when Common Responses:

you ever chosen one
because of its rewards Common Responses:
program?
24
type of rewards or
offers do you find
most attractive in Common Responses:
e-wallets?

important is customer
support to you when
choosing an e-wallet? Common Responses:
Question 25: Did you Notes:

have any experiences
with the e-wallet
provider's customer Common Responses:
support that
influenced your
decision? Noteworthy Individual Responses & Ideas:
- No bad experiences/No experiences yet.
- Bus ticket booking problem (payment confirmation takes a long time)

specific type of
customer support do
you value most in an Common Responses:
e-wallet provider?

tell me more about
why brand reputation
is important to you? Common Responses:
25

much does the
reputation of the
e-wallet provider Common Responses:
influence your
decision?

you ever researched or
considered the
reputation of an Common Responses:
e-wallet before using
it?
Question 30: Are Notes:

there any specific
factors or sources you
consider when Common Responses:
evaluating an
e-wallet's reputation?

important is
transaction speed to
you when choosing an Common Responses:
e-wallet?
26
you ever chosen one
because of its faster Common Responses:
transaction speed?

tell me more about
why user experience

aspects of user
experience are most
important to you when Common Responses:
using an e-wallet?

you ever switched
e-wallets due to poor
user experience? Common Responses:

tell me more about
which interfaces
attracted you? Common Responses:
27
- How to arrange application features and professional color layouts.

tell me more about
why social influence
matters Common Responses:
important to you?
Question 38: Notes:

Recommendations
from friends or family
never matter Common Responses:
Your e-wallet of
choice?

much do other
people's reviews or
opinions influence Common Responses:
your decision to
choose an e-wallet?

there any particular
social factors or
influencers that you Common Responses:
rely on when choosing
an e-wallet?

important is user trust
28
when choosing an
e-wallet? Common Responses:

factors do you believe
contribute to building
and maintaining user Common Responses:
trust in e-wallets?
Question 43: Please Notes:

rate your level of trust
in the following
e-wallets: Momo, Common Responses:
VNPay, ShopeePay,
ZaloPay, ViettelPay,
Moca (by Grab) In Noteworthy Individual Responses & Ideas:
descending order: 1 is
the most trusted
e-wallet, 5 is least
trusted e-wallet
Question 44: If Notes:

VNPay is not top 1 ->
ask why?
Common Responses:
Question 45: Do you Notes:

often use VNPay for
transactions?
Common Responses:
29

let me know how
often you use VNPay
wallet and what type Common Responses:
of VNPay transactions - Regularly (daily/4-5 times a week)
you like to use - Transfer money for personal payments (movie tickets,...)

- Many places do not use VNPay/VNPay is not yet popular.

there any specific
cases or forms of
payment that VNPay Common Responses:
is the choice for?
Choose your
priorities? Noteworthy Individual Responses & Ideas:
- Generate QR code for another bank account.

makes you stop using
VNPay if you don't
use it anymore? Common Responses:

- Authentication of identity is annoying/time consuming (encountered an
error confirming citizen identification)
- Already familiar with other e-wallets.
Question 49: How did Notes:

you first learn about
VNPay and what
inspired you to use it? Common Responses:
- Identity authentication takes a long time and has many steps → should be
omitted
30
- Convenient and has many incentives (buy 2 movie tickets from 4xk →
100k)

elaborate more on the
factors or information
that impressed you Common Responses:
when you first learned
about VNPay that led
to your decision to try Noteworthy Individual Responses & Ideas:
this platform? (For
example: seamless
experience, privacy,
....)

feature of VNPay do
you find most
attractive? Common Responses:

give examples of
cases where you find
VNPay's features Common Responses:
particularly useful
compared to other
e-wallets? Noteworthy Individual Responses & Ideas:
- Create your own QR code → scan and transfer money directly to
yourself.
Question 53: Is it easy Notes:

to set up a VNPay
account and start
transactions? Common Responses:
31

find the registration
process user-friendly
e-wallets?
Question 55: If so, Notes:

what part of the
registration process do
you like better than Common Responses:
other e-wallets?
Question 56: If No, Notes:

what makes you
dissatisfied with the
registration process Common Responses:
compared to other
e-wallets?

tell me what specific
features of the VNPay
interface you find Common Responses:
difficult to understand
or use?
32
does VNPay's speed
and responsiveness
compare to other Common Responses:
e-wallets you have
used?

often encounter
problems such as
payment errors or Common Responses: No errors yet
application errors with
VNPay?
- Had this problem once when scanning a QR payment (cannot scan the
code)
- Having a backup wallet should not be a problem.

you solve or adapt to
these challenges and
Do they affect your Common Responses:
overall satisfaction
with the platform?

often do these
problems compare to
the problems you've Common Responses:
encountered with
other e-wallets? often
or not? Noteworthy Individual Responses & Ideas:

give examples of
features you see in
other e-wallets that Common Responses:
33
you believe will
enhance the value of
VNPay? Noteworthy Individual Responses & Ideas:
- The interface is more difficult to use than Momo (functions have the same
color as the background so it's hard to find)
- Should have more money transfer function.

you think this feature
or service is important
for VNPay? Common Responses:

important are these
missing features to
your overall e-wallet Common Responses:
experience and
satisfaction?

provide specific
instances where you
interacted with Common Responses:
VNPay customer
support

their support has
impacted your
experience and what Common Responses:
you have
Any suggestions for
improvement? Noteworthy Individual Responses & Ideas:
34
many points would
you rate your
satisfaction with Common Responses:
VNPay's customer
care service on a
5-point scale? Noteworthy Individual Responses & Ideas:

does VNPay's
customer support
responsiveness and Common Responses: Relatively normal
effectiveness compare
to your experience Noteworthy Individual Responses & Ideas:
with other e-wallet - Experienced it myself, and haven't had any problems so don't need help.
services? - Support is sometimes a bit slow.

share your thoughts
on VNPay's
performance during Common Responses:
peak usage times?

satisfied are you with
the platform's
responsiveness and Common Responses:
transaction speed
during times of high
demand? Noteworthy Individual Responses & Ideas:
Question 71: Compare Notes:

the performance of
VNPay during peak
usage periods with
35
e-wallets you love. Common Responses: Momo and Zalopay are better (in terms of interface, money
Which one is better? transfer support)

you feel about the
security measures
applied to VNPay Common Responses: Safe/Fairly good
transactions? - There are 2 layers of security: password and pin code/pin code and
fingerprint
- Need citizen identification card to log in → high security

- Never heard of a case of customer information being leaked/transfer
information being leaked unless the phone is lost or the password is
leaked.

additional security
features would you
like to see? Common Responses:

- No improvement needed.
Question 74: You Notes:

think VNPay
communicates its
security measures to Common Responses:
users, how is the
effect?
- Haven't seen/No difference.
- VNPay has not done a good job of showing customers that it has a secure
wallet.

feel that VNPay's
36
security propaganda is
clear and complete Common Responses:
compared to other
e-wallets?
- There is no difference.

does VNPay's security
and data protection
approach differ from Common Responses:
your expectations and
experiences with other
- Security is the same, quite good, not difficult to use or operate
Question 77: In your Notes:

opinion, what type of
promotions and
incentives will be Common Responses: Discount codes (by %), vouchers (entertainment, movies,
most effective in shopping)
influencing your
decision to use
- Support by invoice (for example, buy 400k, get 40k off)
- Introducing the money wallet.
Question 78: Why did Notes:

that particular
promotion catch your
attention? Common Responses:

- Voucher for movie and bus ticket.
- Use VNPay to transfer money (when that place provides the service)

likely are you to use
VNPay if NO
promotions or Common Responses:
incentives are offered?
37
- Still use it but only to transfer money.

give examples of
promotions or rewards
from other e-wallets Common Responses:
that you find
particularly attractive?
Do you prefer Noteworthy Individual Responses & Ideas:
promotions from - Haven't used other wallets yet.
VNPay or other - Earn coins like ShopeePay, introduce wallets to get vouchers.
e-wallets? Why?

there any payment
methods or channels
you frequently use Common Responses:
that VNPay does not
currently support? If Noteworthy Individual Responses & Ideas:
yes, what payment - Not yet appeared on car booking apps
method/channel is it? - Bank transfer is inconvenient
- ShopeePay because it has its own e-wallet

important is the
availability of diverse
payment methods (e.g. Common Responses:
bank transfers,
credit/debit cards,
cryptocurrencies) to Noteworthy Individual Responses & Ideas:
you when choosing an
e-wallet?

does VNPay's
diversity of payment
methods compare to Common Responses:
other e-wallets?
38
convenient do you
find using VNPay to
pay regular bills Common Responses:
(electricity, water,
internet, etc.)
compared to other Noteworthy Individual Responses & Ideas:
payment methods or - Basically the same as other wallets (automatic monthly payments),
e-wallets? popular and convenient.

there any additional
types of bill payments
or common Common Responses:
transactions that you
would like VNPay to
support? Which type Noteworthy Individual Responses & Ideas:
is it? - No need to add, already met the need.
Question 86: Notes:

Considering all factors
(features, security,
ease of use, etc.), how Common Responses:
do you rate the overall
value of VNPay
e-wallets? - Quite similar but more difficult to use than other wallets.

list the top three
factors/prerequisites
you look for in an Common Responses: Security, convenience, incentives
e-wallet?
- Has ease of use and popularity
Question 88: To what Notes:

extent do you think
VNPay meets these
Common Responses:
39
top factors compared
to other e-wallets? Noteworthy Individual Responses & Ideas:
- Streamline user authentication steps and improve ease of use.
- Fair level of popularity, not to mention functionality (popularity is not
high because not many people around use it)

factors will most
influence your
decision to switch Common Responses: Security and popularity
your main e-wallet to
VNPay or switch from
VNPay to another Noteworthy Individual Responses & Ideas:
e-wallet? - Prioritize e-wallets with high security.
- Use a wallet because many people use it.
Question 90: If you Notes:

could change one
thing about VNPay,
what would it be? Common Responses: Interface (friendlier and easier to use)
Why?

- Faster, less authentication time (problems with confirming personal
information)
- Add bank transfer function
- Link to Momo account

could change one
thing about VNPay,
what would it be? Common Responses: Interface (for easier use)
Why?

- There is an additional transfer function
- Support money transfer from affiliated banks to Momo.
- You can use VNPay anywhere

have any other
comments or
suggestions on how
40
VNPay can improve Common Responses: Have a better strategy to increase popularity to attract more
to become your users.
favorite e-wallet?
- Other than that, the interface is fine
- Bank transfer is recommended.
- There are more discount codes (hot recently because many people are
hunting for good vouchers)
Question 93: Would Notes:

you recommend
VNPay to your friends
or family? Common Responses: Yes because there are many incentives

- Will recommend it if there is Momo transfer function.
- Will recommend it if rated higher in App Store, CHPlay (too many
complaints)

factors motivate you
to recommend VNPay
to friends and Common Responses:
relatives?

there any specific
features, promotions,
or positive Common Responses:
experiences?
significant impact on
your proposal? Noteworthy Individual Responses & Ideas:
Question 96: Finally, Notes:

does anyone have any
other questions or
Common Responses:
41
suggestions for our
team to improve?
Demographic - My Tien: Studying at WSU VN (user)

- Khanh An: Study at WSU VN (user)
- Doan Trang: Studying at WSU VN (non user)
- Cong Thanh: Studying at WSU VN (non user)
- Thu Trang: Studying at UEH-ISB (past user)
- Nam Hai: Student (non user)
- Hoai Thuong: Living and working in Thailand (studying for a master's
degree and working as a teacher) (past users)
General Notes
Focus group 2
Group: 3
Interview details:
- Date & time: 16/03/2024 13:30-15:30

- Duration: 2 hours
Answers
Questions
42

payment method do
you often use?
Cash, bank transfer or Common Responses: Use e-wallet, bank transfer, cash, ApplePay
e-wallet?

method most often?
Common Responses:

- Fast, convenient and compact, no need to carry cash.

e-wallet do you
the most, and why? Common Responses: Use mostly Momo (also used by VNPay, especially when
going out to eat)

share specific use
cases or scenarios
with friends to shop - Buy movie tickets, bus tickets, payments
online quickly and - Momo is suitable for going out (share bills, save money)
safely...)
43
the growth of
e-wallets affected
to financial
transactions? (For
use less or no cash
because digital wallets
are faster and more
decision the most
when choosing an Common Responses: Convenience, security, safety
e-wallet:
- Number of discount codes.
- Fees must be paid when transacting, transferring and receiving money
- Money transfer speed (fast or slow recipient).

tell me more about
why convenience is

- Faster than cash, save time
- More convenient because you don't have to carry a wallet and have a
transaction history to control spending.

provide specific
process?
44
how important is
convenience
an e-wallet?

you ever chosen one
faster or easier
transactions?
- Use when the wallet is popular even though it has many features.

tell me more about
why security is

specific security
features do you

Common Responses:
45
when choosing an
e-wallet?

tell me more about

you when evaluating Common Responses:
e-wallet options?

you ever switched
features or
functionality?

tell me more about
why cost matters to
46
willing to pay a
premium for
benefits?

you ever switched
e-wallets because
too high?

tell me more about
why giveaways and
important to you?

rewards and

you ever chosen one
program?
47
type of rewards or
offers do you find
e-wallets?

support to you when

with the e-wallet
support that
influenced your

specific type of
customer support do
e-wallet provider?

tell me more about
48

much does the
reputation of the
influence your
decision?

considered the
it?

there any specific
evaluating an

important is
e-wallet?
49
you ever chosen one
transaction speed?

tell me more about
why user experience

aspects of user
experience are most
using an e-wallet?

you ever switched

tell me more about
which interfaces
50

tell me more about
important to you?
Question 38: Notes:

Recommendations
from friends or family
never matter Common Responses:
Your e-wallet of
choice?

much do other
people's reviews or
your decision to
choose an e-wallet?

social factors or
an e-wallet?

51
e-wallet? - High security
- Many users

- Choose one that has been around for a long time and works well (Momo
once lost customer information but was able to fix it in 1 or 2 days →
trust it)

and maintaining user Common Responses:
trust in e-wallets?

- Used by many people, not many complaints, safe transactions.

in the following
VNPay, ShopeePay, - Momo top 1
ZaloPay, ViettelPay, - Other top 2 e-wallets (VNPay, ZaloPay, ApplePay)
Moca (by Grab) In
the most trusted Noteworthy Individual Responses & Ideas:
trusted e-wallet

ask why?
Common Responses:

often use VNPay for
transactions?
52
Common Responses:

let me know how
often you use VNPay
wallet and what type Common Responses:
of VNPay transactions
you like to use
- Used every day (as often as Momo), used to transfer money and pay for
purchases.
- Only used occasionally (once every few months) to pay for movie tickets,
utilities, and hunt for discount codes.

there any specific
cases or forms of
is the choice for?
Choose your

VNPay if you don't

VNPay and what
inspired you to use it? Common Responses: I see a QR code when I go out to eat or buy something, I
should download it and use it
53
- Seen on social networks and discount codes

this platform? (For
example: seamless
....)

feature of VNPay do
you find most

- Fastest and most convenient payment
- There are pockets to keep and save money

give examples of
particularly useful
compared to other

to set up a VNPay
account and start
transactions? Common Responses: Simple, easy and quick procedure
54
compared to other Common Responses: Fast, steps are similar to other wallets (Momo)
e-wallets?

what part of the
other e-wallets?

what makes you
compared to other
e-wallets?

interface you find Common Responses: Easy-to-use interface, easy-to-use operations
or use?
- The first time you use it, it's difficult to find a place to withdraw or
transfer money (the functions have the same color as the background
color).
55
does VNPay's speed
and responsiveness
e-wallets you have
used?
- The speed is okay, a few seconds slower than Momo to load

often encounter
problems such as
payment errors or Common Responses: No errors yet
VNPay?
- Delayed once because the money transfer was not received.

Do they affect your Common Responses:
overall satisfaction
with the platform?
- I have a habit of taking screenshots of transaction bills but have never had
any problems. I received the money by evening at the latest.

often do these
problems compare to
encountered with

give examples of
features you see in
you believe will
56
- Add games (like coin toss)
- Momo books movie tickets faster
- Momo has a magic bag and a postpaid wallet.


important are these
missing features to
experience and
satisfaction?
-

provide specific
instances where you
VNPay customer
support
- Postpaid wallet helps attract more customers.
- The feature is not really necessary, but can be helpful if you want to
expand your market.

their support has
impacted your
you have - Never had a problem
Any suggestions for
improvement?
57

many points would
you rate your
VNPay's customer
care service on a

does VNPay's
customer support
to your experience
with other e-wallet Noteworthy Individual Responses & Ideas:
services?

share your thoughts
on VNPay's
performance during Common Responses: Good productivity, high efficiency, fast payment
peak usage times?

the platform's
transaction speed

the performance of
VNPay during peak
58
usage periods with Common Responses:
e-wallets you love.
Which one is better?
- VNPay is sometimes better because many people use Momo so peak
hours are slow.

you feel about the
security measures
transactions? - There are many layers of security: pin code, face id, otp code

additional security
features would you

- No improvement needed.

think VNPay
communicates its
users, how is the
effect?
- Good enough, no need to add anything else.

feel that VNPay's
compared to other
e-wallets?
- Full propaganda
59
- The security layer should only ask once

and data protection

promotions and
incentives will be Common Responses: Few discount codes and incentives.
most effective in
influencing your
decision to use Noteworthy Individual Responses & Ideas:
VNPay? - The discount code is too small (2 times out of 10)
- There are no discount codes for dining, only for movie tickets and bus
tickets.
- Frequent transactions receive discounts.

that particular

VNPay if NO

- Still use normally because there are promotions directly in the
transaction.
60
give examples of
that you find
promotions from - Momo offers discounts when watching movies and paying for food with a
VNPay or other code
e-wallets? Why?

there any payment
methods or channels
that VNPay does not
currently support? If
yes, what payment Noteworthy Individual Responses & Ideas:
method/channel is it? - You should have a postpaid wallet to borrow money when you run out of
money
- Split money when going out to eat to avoid inconvenience.

important is the
bank transfers,
credit/debit cards,
you when choosing an - It's important because there are many sources of money
e-wallet?

does VNPay's
other e-wallets?

convenient do you
61
find using VNPay to
internet, etc.)
payment methods or
e-wallets?

would like VNPay to
is it?
Question 86: Notes:

ease of use, etc.), how Common Responses:
do you rate the overall
value of VNPay
e-wallets? - VNPay offers true payment, Momo has games and interactions.
- VNPay is convenient and easy to use but not as diverse as Momo
- Lacks attractive features such as fortune bags and postpaid wallets

list the top three
you look for in an Common Responses: Security, convenience, popularity
e-wallet?
- There are promotions
- Additional utilities (supermarket payment, airline tickets,...)

extent do you think
VNPay meets these
top factors compared Common Responses:
to other e-wallets?
62
factors will most
influence your
decision to switch Common Responses: Confidentiality
e-wallet? - Promotional programs.
- Speed of use, quick to use.

could change one
thing about VNPay,
what would it be? Common Responses:
Why?

could change one
thing about VNPay,
what would it be? Common Responses: Interface (more friendly and easy to use) and should have
Why? more advertising to attract users.

- There should be more games and interactions.
- Should add features such as group fund, fortune bag.

have any other
comments or
suggestions on how Common Responses:
VNPay can improve
to become your
favorite e-wallet? Noteworthy Individual Responses & Ideas:

you recommend
63
or family? Common Responses: If it changes then yes

- You should optimize the registration process because it takes a lot of time
and you have to try 3 or 4 times.

to recommend VNPay
relatives?

there any specific
experiences?

other questions or
suggestions for our Common Responses:
team to improve?
Demographic - Thien An: Study at WSU VN (user)

- Hong Linh: Study at WSU VN (user)
- Bich Tram: Study at WSU VN (past user)
- Vinh Khang: Study at WSU VN (past user)
- Mai Thy: Australian student (non user)
64
- Duc Trung: Study at WSU VN (past user)
- Tuan Minh: Study at WSU VN (past user)
General Notes
Focus group 3
Group: 3
Interview details:
- Date & time: 17/03/2024 13:30-15:30

- Duration: 2 hours
Answers
Questions

payment method do
you often use?
Cash, bank transfer or Common Responses: Using e-wallets, transferring money
e-wallet?

method most often?
Common Responses:
65
- Holding cash is inconvenient
- Just need to hold the phone to pay, more convenient.

e-wallet do you
the most, and why? Common Responses: UseLots of Momo (also used by VNPay but used to book
train tickets to go out)

share specific use
cases or scenarios
with friends to shop - Scan the payment QR code
online quickly and
safely...)
the growth of
e-wallets affected
to financial
transactions? (For
use less or no cash
because digital wallets
are faster and more
decision the most
when choosing an Common Responses: Convenience, ease of use
e-wallet:
66
- Whether affiliated with many parties or not, VNPay authenticates
information that is difficult

tell me more about
why convenience is

provide specific
process?
- No need to check for change.
- Pay faster

how important is
convenience
an e-wallet?

you ever chosen one
faster or easier
transactions?
67
tell me more about
why security is

specific security
features do you

e-wallet?

tell me more about

Common Responses:
68
you when evaluating
e-wallet options?

you ever switched
features or
functionality?

tell me more about
why cost matters to

willing to pay a
premium for
benefits?

you ever switched
e-wallets because
too high?
69
tell me more about
why giveaways and
important to you?

- As a student, you want to save as much as possible.

rewards and

you ever chosen one
program?

- I used to use it because the bank had an error → using an e-wallet feels
better because it's more secure

type of rewards or
offers do you find
e-wallets?

support to you when
70

with the e-wallet
support that
influenced your

specific type of
customer support do
e-wallet provider?

tell me more about

much does the
reputation of the
influence your
decision?
71
considered the
it?

there any specific
evaluating an

important is
e-wallet?

you ever chosen one
transaction speed?

tell me more about
why user experience
72

aspects of user
experience are most
using an e-wallet?

you ever switched

tell me more about
which interfaces

tell me more about
important to you?
Question 38: Notes:

Recommendations
73
from friends or family Common Responses:
never matter
Your e-wallet of
choice? Noteworthy Individual Responses & Ideas:

much do other
people's reviews or
your decision to
choose an e-wallet?

social factors or
an e-wallet?
- Choose based on personal assessment (don't trust influencers)

when choosing an
e-wallet? Common Responses:

- Don't trust yourself completely, trust yourself more

and maintaining user Common Responses: Convenience, security
trust in e-wallets?

- Transaction speed is also important, processing must be fast.
74
in the following
VNPay, ShopeePay, - Momo top 1
ZaloPay, ViettelPay, - Other top 2 e-wallets (VNPay, ZaloPay,...)
Moca (by Grab) In
the most trusted Noteworthy Individual Responses & Ideas:
trusted e-wallet

ask why?
Common Responses:

often use VNPay for
transactions?
Common Responses:

let me know how
often you use VNPay
wallet and what type Common Responses: Use regularly (3-5 times a week)
of VNPay transactions
you like to use
- Frequency is not fixed, use it when needed (if you have VNPay code, use
it)
- Sometimes to pay electricity and water bills, but often encounter
problems of not being able to find the function because of the interface.
75
there any specific
cases or forms of
is the choice for?
Choose your

VNPay if you don't

- Security/Interface is difficult to use.

VNPay and what
inspired you to use it? Common Responses: Saw an advertisement, saw VNPay code when going out.

this platform? (For - Easy to register, secure authentication, many incentives.
example: seamless
....)

feature of VNPay do
you find most
76

give examples of
particularly useful
compared to other

to set up a VNPay
account and start
transactions? Common Responses: The procedure is simple, like other applications.

- Citizen ID verification takes a long time (have to try many times and wait
a long time)

e-wallets?

what part of the
other e-wallets?
77
what makes you
compared to other
e-wallets?

interface you find Common Responses: The interface is easy to see, eye-catching, and hassle-free
or use?

does VNPay's speed
and responsiveness
e-wallets you have
used?

often encounter
problems such as
payment errors or Common Responses:
VNPay?
- Code cannot be scanned (common error)
- Paid for movie tickets but did not receive the code, contacted support and
was resolved quite quickly.
- Encountered when paying for airline tickets, taking a long time to pay

Common Responses:
78
Do they affect your
overall satisfaction Noteworthy Individual Responses & Ideas:
with the platform?

often do these
problems compare to
encountered with

give examples of
features you see in
you believe will
- Momo has a magic bag and a postpaid wallet.
- Expenditure reports should be added.


important are these
missing features to
experience and
satisfaction?
79
provide specific
instances where you
VNPay customer
support
- Ordered movie tickets but haven't received them yet, customer service is
ok, friendly, works fast.

their support has
impacted your
you have
Any suggestions for
improvement? Noteworthy Individual Responses & Ideas:

many points would
you rate your
VNPay's customer
care service on a

does VNPay's
customer support
to your experience
with other e-wallet Noteworthy Individual Responses & Ideas:
services?

share your thoughts
on VNPay's
performance during Common Responses:
peak usage times?
80

the platform's
transaction speed

the performance of
VNPay during peak
usage periods with Common Responses:
e-wallets you love.
Which one is better?

you feel about the
security measures
transactions? - There are many layers of security: pin code, face id, otp code

additional security
features would you

think VNPay
communicates its
81
users, how is the
effect?

feel that VNPay's
compared to other
e-wallets?
- Full propaganda

and data protection

promotions and
incentives will be Common Responses: Many incentives (discount by %, 20%-40%)
most effective in
influencing your
decision to use Noteworthy Individual Responses & Ideas:
VNPay? - Discount directly on bill
- There are many discount codes for payment, with discounts.

that particular
82
VNPay if NO

give examples of
that you find
promotions from - Momo has many discount codes
VNPay or other
e-wallets? Why?

there any payment
methods or channels
that VNPay does not
currently support? If
yes, what payment Noteworthy Individual Responses & Ideas:
method/channel is it?

important is the
bank transfers,
credit/debit cards,
you when choosing an
e-wallet?

does VNPay's
other e-wallets?
83

convenient do you
find using VNPay to
internet, etc.)
payment methods or
e-wallets?

would like VNPay to
is it?
Question 86: Notes:

ease of use, etc.), how Common Responses: Usage density is not high (few friends use itso it will be
do you rate the overall correct to use measurewhen used)
value of VNPay
e-wallets? - Overall good, high security, many incentives
- You should find ways to reach more people

list the top three
you look for in an Common Responses: Security, convenience, popularity
e-wallet?
- Ease of use, transparency.
- Transactions must be processed quickly.
- Customer care
84
extent do you think
VNPay meets these
top factors compared Common Responses:
to other e-wallets?

factors will most
influence your
decision to switch Common Responses: Confidentiality
e-wallet? - Promotional programs.
- Customer care.

could change one
thing about VNPay,
Why?

- There should be more incentives.

could change one
thing about VNPay,
Why?

- There should be more incentives.
- Divide into many services to meet customer needs.
- Resolve outstanding problems such as errors during payment

have any other
comments or
suggestions on how Common Responses:
VNPay can improve
85
to become your
favorite e-wallet? Noteworthy Individual Responses & Ideas:
- There should be a more effective marketing strategy, creating more
incentives
- Updated with many new features and incentives for loyal customers.

you recommend
or family? Common Responses: How

- Share with elders for high security
- Share with friends because there are many incentives.

to recommend VNPay
relatives?

- There are many incentives

there any specific
experiences?
- Discount movie tickets during Tet, March 8, apply code to get a deal of
15k/1 movie ticket.

other questions or
suggestions for our Common Responses:
team to improve?
86
Demographic - My Kim: 20 years old (non user)
- Hien Mai: 1st year student of USSH Hanoi (user)
- Mai Thao: 2nd year student (user)
- Minh Tan: 2nd year student (past user)
- Khanh Linh: 2nd year student at WSU (non user)
- Minh Son: Studying at WSU Vietnam,year 3 (non user)
- Chuong Van: Studying at WSU Vietnam, year 2 (non user)
General Notes
6. Reference list:
ASEAN Consumer Sentiment Study 2023 (Regional): Digital banking grows amidst economic woes | UOB
ASEAN Insights. (n.d.). Www.uobgroup.com.
https://www.uobgroup.com/asean-insights/articles/acss-2023.page
BAOMOI.COM. (2021, April 7). Nghịch lý trên thị trường ví điện tử. Https://Baomoi.com.
https://baomoi.com/nghich-ly-tren-thi-truong-vi-dien-tu-c48354493.epi
BradeMar. (2022). Phân tích mô hình SWOT của Momo . BradeMar.
https://brademar.com/phan-tich-mo-hinh-swot-cua-momo-2/
Cafebiz. (2023, October 20). Momo phía sau sự cố: Ví điện tử có thị phần số 1 Việt Nam, nghi vấn “tiếp
tay” cho cờ bạc online? Cafebiz.vn.
https://cafebiz.vn/momo-phia-sau-su-co-vi-dien-tu-co-thi-phan-so-1-viet-nam-nghi-van-tiep-tay-c
ho-co-bac-online-17623102015371361.chn
87
Cổng thanh toán VNPAY-QR. (2021). VNPAY.
https://vnpay.vn/Cong-thanh-toan-VNPAY-QR-0myhb8a9f2qm
Digital payment systems have massive growth potential: fintech leader. (n.d.). Vietnamnews.vn.
https://vietnamnews.vn/economy/talking-shop/1482511/digital-payment-systems-have-massive-g
rowth-potential-fintech-leader.html
H.Chung. (2022, June 14). Thanh toán không tiền mặt vẫn “bùng nổ” sau đại dịch COVID-19. Vietnam+
(VietnamPlus).
https://www.vietnamplus.vn/thanh-toan-khong-tien-mat-van-bung-no-sau-dai-dich-covid-19-post
797776.vnp
Ha Vu. (2023, August 16). Đâu là các ví điện tử nhiều người dùng nhất Việt Nam?
https://savvycom.vn/blog/dau-la-cac-vi-dien-tu-nhieu-nguoi-dung-nhat-viet-nam/?p=26816
Ha, M. (2021, October 26). 6 xu hướng vĩ mô định hình tương lai của lĩnh vực thanh toán. Nhịp Sống
Kinh Tế Việt Nam & Thế Giới.
https://vneconomy.vn/6-xu-huong-vi-mo-dinh-hinh-tuong-lai-cua-linh-vuc-thanh-toan.htm
Hướng dẫn rút tiền từ ví VNPAY về ngân hàng liên kết. (2023). Vivnpay.vn.
https://vivnpay.vn/blog/rut-tien-vi-vnpay
Lê, B. (2024, February 28). Nhộn nhịp và khốc liệt như thị trường ví điện tử Việt. Cafef.
https://cafef.vn/nhon-nhip-va-khoc-liet-nhu-thi-truong-vi-dien-tu-viet-188240228093834332.chn
88
Leading e-wallet brands in use among users in Vietnam in the 2nd quarter of 2023. (2023, September 19).
Statista; Statista Research Department.
https://www.statista.com/statistics/1270491/vietnam-most-popular-e-wallet-brands/
Momo. (2023a). Lắc Xì 2023 đưa MoMo trở thành thương hiệu có chiến dịch nổi bật nhất trong Tết 2023
của ngành Thanh toán điện tử. Momo.
https://momo.vn/tin-tuc/tin-tuc-su-kien/lac-xi-2023-dua-momo-tro-thanh-thuong-hieu-co-4015
Momo. (2023b). MoMo nắm giữ 68% thị phần và là Fintech được yêu thích nhất của cả 3 thế hệ X, Y, Z.
https://momo.vn/tin-tuc/thong-cao-bao-chi/momo-nam-giu-68-thi-phan-va-la-fintech-duoc-yeu-4
355.
Ngoc, N., et al. (2020). Thị trường ví điện tử Việt Nam - cơ hội và thách thức. Tapchinganhang.gov.vn.
https://tapchinganhang.gov.vn/thi-truong-vi-dien-tu-viet-nam-co-hoi-va-thach-thuc.htm
Nguồn vốn mới của VNLIFE sẽ đỡ đầu cho startup và thúc đẩy hệ sinh thái dịch vụ số. (2021, July 30).
Baodautu.
https://baodautu.vn/nguon-von-moi-cua-vnlife-se-do-dau-cho-startup-va-thuc-day-he-sinh-thai-di
ch-vu-so-d148533.html
POS365. (2023, June 14). Tất tần tật về ví điện tử VNPAY và những điều cần biết. Phần Mềm POS365.
https://www.pos365.vn/vi-dien-tu-vnpay-7225.html
Reputa. (n.d.). Reputa.vn. Retrieved January 30, 2024, from
https://reputa.vn/blog-detail/download-ban-tin-nganh-fintech-thang-04-2023
89
Statista. (2024, February). Mobile internet users in Vietnam 2025. Statista.
https://www.statista.com/forecasts/1147340/mobile-internet-users-in-vietnam
Statista Research Department. (2023). Vietnam: number of mobile wallet users 2020-2025. Statista.
https://www.statista.com/statistics/1258397/vietnam-number-of-mobile-wallet-users/
Tại sao người trẻ sử dụng ví điện tử ngày càng nhiều? (2019, August 8). Vinid.net.
https://vinid.net/blog/tai-sao-nguoi-tre-su-dung-vi-dien-tu-ngay-cang-nhieu/
Tất tần tật về ví điện tử VNPAY và những điều cần biết. (2023, June 14). Phần Mềm POS365.
https://www.pos365.vn/vi-dien-tu-vnpay-7225.html
Thư , T. (2024, February 28). Ví điện tử tiếp tục “đốt tiền” giữ chân khách hàng. Nhịp Sống Kinh Tế Việt
Nam & Thế Giới. https://vneconomy.vn/vi-dien-tu-tiep-tuc-dot-tien-giu-chan-khach-hang.htm
thuyntvietdata. (2023, October 25). Vietnamese population using E-wallet services has increased by 235%
in just four years. Vietdata Research.
https://www.vietdata.vn/post/vietnamese-population-using-e-wallet-services-has-increased-by-23
5-in-just-four-years
Tran, L. (2023). Who’s winning the fintech war in Vietnam? WisePass.
https://www.wisepass.co/blog/5eyh3v8st0d18ane2g7vt570a1jvv3
Trung Hieu. (2024, March 22). Nghịch lý trên thị trường ví điện tử. Doanh Nhân.
https://doanhnhan.vn/nghich-ly-tren-thi-truong-vi-dien-tu-65595.html
90
UOB – Nghiên cứu Tâm lý người tiêu dùng ASEAN năm 2023: Ví điện tử đang là “vua” ở kênh thanh
toán không tiền mặt. (2023, November 16). Www.brandsvietnam.com.
https://www.brandsvietnam.com/23951-UOB-Nghien-cuu-Tam-ly-nguoi-tieu-dung-ASEAN-nam
-2023-Vi-dien-tu-dang-la-vua-o-kenh-thanh-toan-khong-tien-mat
VCCorp.vn. (2023, October 2). Bùng nổ thị trường ví điện tử, MoMo và ZaloPay dẫn đầu danh sách thua
lỗ. Cafef.
https://cafef.vn/bung-no-thi-truong-vi-dien-tu-momo-va-zalopay-dan-dau-danh-sach-thua-lo-1882
31002153045577.chn#:~:text=G%E1%BA%A7n%20%C4%91%C3%A2y%2C%20m%E1%BB
%99t%20b%C3%A1o%20c%C3%A1o
Về chúng tôi. (n.d.-a). Vnpay. https://vnpay.vn/ve-chung-toi
Về chúng tôi. (n.d.-b). VNPAY. https://www.vnpayqr.vn/ve-chung-toi/
Ví điện tử VNPAY・Ví của gia đình. (n.d.). Vi VNPAY. https://vivnpay.vn/
Vietnam E-wallet Report And Prediction 2017-2025 | Market Report IO. (2022, February 15).
Marketreport.io. https://marketreport.io/e-wallet-market-in-vietnam-report
Vietnam News. (2020). Fintech VNPAY honoured as Vietnam National Brand 2020. Vietnamnews.vn.
https://vietnamnews.vn/brand-info/814678/fintech-vnpay-honoured-as-vietnam-national-brand-20
20.html
91
Vietnam: most used e-wallet brands among Gen Z 2023. (2023, November 8). Statista.
https://www.statista.com/statistics/1270667/vietnam-most-used-e-wallets-among-gen-z/#statistic
Container
VNPay: Phác hoạ “kỳ lân công nghệ” thứ 2 của Việt Nam. (2020, November 26). Báo Tin Tức và Phân
Tích Chuyên Sâu Kinh Tế, Quốc Tế, Y Tế.
https://viettimes.vn/vnpay-phac-hoa-ky-lan-cong-nghe-thu-2-cua-viet-nam-
92

All Chap BL

Uploaded by

Document Information

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

All Chap BL

Uploaded by

Copyright:

Available Formats

GROUP ASSIGNMENT COVER SHEET

Student name: Đặng Minh Thoa Student ID number: 22003806

Student name: Nguyễn Đức Trung Student ID number: 22003659

Student name: Nguyễn Hoàng Duy Student ID number: 22002647

Student name: Nguyễn Hoàng Khánh Linh Student ID number: 23004268

Student name: Nguyễn Trần Mỹ Tiên Student ID number: 22003669

Student name: Nguyễn Ngọc Minh Thy Student ID number: WSU21000156

Student name: Nguyễn Vũ Hoàng Linh Student ID number: 22004031

Unit name: Consumer Behavior Unit number: CB-T124WSB-2

Title: Assessment 4 – VNPay Group Report

Student’s signature: Trung

Student’s signature: Tiên

the VietNam market?

Thy M. N. Nguyen, Linh K. H. Nguyen, Linh H. V. Nguyen,

Thoa M. Dang, Tien M. T. Nguyen, Trung D. Nguyen, Duy H.

Lecturer: Vo Van Dung

1.1 Current market situation

1.2 Competitive situation

VNPay, MOCA, ViettelPay, and so on (Cafebiz, 2023) (APPENDIX A).

1.3 Current market size

1.4 Market trends

increase in e-wallet users.

and financial institutions.

2.1 Introduction of the company

Đang Là “Vua” ở Kênh Thanh Toán Không Tiền Mặt, 2023).

SWOT Analysis (Appendix B)

and VNPAY seems the least used wallet (Momo.vn).

Figure: Popularity of e-wallet brands in Vietnam

campaign to catch customers’ attention.

2.3 Target segment

+ Age: 18-25 years old

+ Gender: Male and female

+ Occupation: undergraduate students

+ Income level: Low to middle-income level

+ Education level: University education

+ Lifestyles: modern, active lifestyles

+ Personality: mature, ambitious, busy, passionate about life

● Applied coupons that are provided to reduce the number of payments

Figure 1: Revenue of some E-wallet brands in Vietnam

accounts for 2% (Figure 2).

challenge: its limited appeal to Generation Z.

2.5 Company objectives

3.1 Research objectives

● Past-users: The reasons that they stopped using VNPAY.

Factors attract customers to choose others, such as Momo, Zalopay.

factors that customers use and feel unsatisfied with.

encourage them to use VNPAY's products in the future

attitudes or concerns act as barriers to using VNPay.

Key findings (Appendix E: Transcript)

make the interface more user-friendly to solve this problem.

payment routines; therefore, VNPay was not presented as a payment option.

cause additional costs.

three to four times.

4. Integration and sale promotions

when making payments.

4.1 Recommendation 1 :Simplifying the interface

users will be attracted.

4.2 Recommendation 2: Integration with popular brands

Figure: Market share of top e-wallets in Vietnam

e-wallets for families e-wallets (POS365 Software, 2023)

- Accepted by over 10.000 points in Vietnam - Withdrawal fee is calculated by 2% of

global security certification, especially Blockchain

technology that meets international standards