MINISTRY OF EDUCATION AND TRAINING

HO CHI MINH CITY UNIVERSITY OF

FOREIGN LANGUAGES - INFORMATION TECHNOLOGY
FACULTY OF BUSINESS ADMINISTRATION

SUBJECT OF SPECIALIZED RESEARCH PROJECT



RESEARCH PAPER
Factors affecting the decision to use cashless payment
methods of Huflit students at Cao Thang Campus

Advisor : Huu The Chau, MBA.

Group name : BCK
Group members :
Nguyễn Thị Thanh Hồng – 20DH121505
Đặng Võ Đào Nhung – 20DH121566
Võ Hồng Như – 20DH121569

HCMC - May, 2024

 I. INTRODUCTION
1. Rationale

In today's increasingly digital and convenient environment, cashless transactions are

a necessary component of daily living. In particular, the usage of electronic payment
services has increased in popularity over the past several years due to the
advancement of information technology. At HUFLIT University of Foreign
Languages and Information Technology, students' academic pursuits now revolve
upon the usage of cashless payment methods.
The purpose of this article is to examine and assess the variables that affect students'
choices to pay with cash at HUFLIT. Knowing these things not only makes it easier
to comprehend HUFLIT student behavior, but it also helps to promote cashless
payment of university-related services like meals and shopping, which improves
ease and security for the student body.

Through extensive investigation and in-depth analysis of these elements, the article
will offer fresh insights on the payment practices of students in the context of
contemporary higher education, along with suggestions for improvement. Particular
suggestions for improving HUFLIT's payment mechanism.
2. Objectives
Undertaking "Factors affecting the decision to use cashless payment of Huflit
students at Cao Thang campus" has the following study goals:
 Examine individual aspects such as financial capacity, dependability, and
convenience.
 Analyze the social and cultural determinants of its influence and appeal.
 Investigate the following business factors: market reaction, incentives, and
marketing tactics.
 Examine and assess each factor's impact on the choice to employ cashless
payment methods.
  Based on the findings of the study, suggest plans and techniques to boost the
Cao Thang facility's use of cashless payments.

3. Scope of study

In this study, faculty members at the University of Foreign Languages and

Informatics' Cao Thang campus will be surveyed and their decisions to accept
cashless payments will be analyzed from both internal and external perspectives. In
addition to students' personal acquaintance with and experiences with non-cash
payment methods, the research contributes to a deeper understanding of perceptions
of payment security, convenience, and flexibility of cashless payments compared to
cash payments.

The study will also take into account outside variables including HUFLIT's utilities
and support services, as well as laws and rules pertaining to the implementation of
cashless payment systems in schools. Students' judgments about the cashless
payment methods to use will be influenced by their awareness of these variables.

4. Structure

The study will look at and evaluate both external and internal variables that
influence the Academy of Finance's decision to accept cashless payments from
students (HUFLIT). In order to gain a deeper understanding of the student
community's acceptance and utilization of cashless payment instruments, the
research will encompass a wider variety of topics.

The study will concentrate on internal variables such as students' familiarity with
and firsthand experiences with utilizing cashless payment methods, as well as
knowledge and awareness of payment security, convenience, and flexibility of
cashless payment compared to cash payment.
 Furthermore, the research will take into account extraneous variables including
HUFLIT's utilities and support services, as well as rules and guidelines pertaining to
the usage of cashless payment systems at educational institutions. Students'
decisions about the use of cashless payments will be influenced by their awareness
of these elements.

By concentrating on this field, the research hopes to add fresh insights into student
payment behavior, which will aid in the formulation of tactics and guidelines that
encourage the adoption and utilization of cashless payment methods within the
HUFLIT student body.
II. LITERATURE REVIEW
2. Theories
2.1. Theory of technology acceptance model (TAM)

 Technology Acceptance Model (TAM) Theory:

 One of the most significant ideas in the study of technology user behavior is
the Technology Acceptance Model (TAM). TAM, which Davis developed in
1986 and Davis and Venkatesh built upon in 2000, is a user acceptance model
that focuses on understanding and forecasting adoption of new technologies.
 The main element in TAM includes two components:

 Perceived usefulness is the measure by which users determine how much

new technology improves their ability to do their jobs. The degree to which
people feel that employing technology will be advantageous and assist them
in completing tasks for business or personal objectives is reflected in their
technology satisfaction.
 Perceived Ease of Use: User's assessment of the ease of using the
technology. If a technology is seen as easy to use, users will feel more
comfortable interacting with it and be more willing to adopt it.
We may gain a better understanding of the process via which HUFLIT students'
decision to utilize cashless payment technology is influenced by their satisfaction with
its convenience and simplicity of use by using TAM theory to the project. This will
influence the development of plans and guidelines aimed at encouraging the student
body to adopt and utilize cashless payment methods.
2.2. Research Gap
It's probable that earlier initiatives paid insufficient attention to the unique
requirements and preferences of the end user, in this example the Huflit students at
the Cao campus, in favor of an excessive emphasis on technological or
commercial factors. Triumph. Furthermore, it's possible that earlier studies
neglected to consider the interactions and relationships between the variables that
affect consumers' decisions to utilize cashless payment methods, which resulted in
their exclusion. Significant elements and a deficiency of real-world
implementation in offering solutions and recommendations don't really have an
influence on encouraging the adoption and advancement of cashless payment
systems.
We are able to conduct a thorough and thorough investigation and analysis thanks
to the study "Factors affecting the decision to use cashless payment of Huflit
students at Cao Thang campus". By examining the contributing variables, this
article aims to offer a multifaceted and insightful analysis of the decision made by
Huflit students at the Cao Thang campus to adopt cashless payment methods.
2.3. Factors affecting

A wide range of variables, including perceived safety, convenience, trust,

perceived risk, and social elements like the organization's facilities and support
services, have been found and examined in studies that impact the decision to
adopt cashless payments.
Numerous investigations have employed field surveys and case studies to get a
deeper comprehension of cashless payment practices within certain student
 populations. Challenges including security and privacy issues, heterogeneity in
technology deployment, and the difficulties of altering user payment patterns have
also been brought to light by the current knowledge base.The knowledge base has
also demonstrated the numerous benefits of cashless payment methods, including
time savings, increased convenience, and the advancement of the digital economy.
In conclusion, the body of information currently available on HUFLIT students'
usage of cashless payments serves as a crucial basis for comprehending and
formulating plans and guidelines to support their efficient use of this technology
within the student body. To learn more about the elements that influence
acceptability and usage of cashless payments, further study is still required.
2.4. Hypothethis
2.4.1 Realizing the ease of use of cashless payment methods
According to Davis, perceived ease of use (PEU) is "the extent to which an
individual believes that utilizing a specific system will be simple" (Trinh Thi,
2019). This variable is used to examine how simple or difficult it is for pupils
to use cashless payment systems. Students will accept cashless payment
methods more readily if they are presented in an understandable,
straightforward manner. From there, you may simply adjust expenditures,
share bills with pals, and alter several payment utilities. Students can define
payment objectives with ease because cashless payment methods don't need
intricate processes, saving them a lot of time and effort. Students will then take
the initiative to use cashless payment options after that.
H1: The usage patterns of HUFLIT students are influenced by their knowledge
of simple cashless payment options.
2.4.2 Realize the usefulness of cashless payment methods
By taking into account the advantages and comforts that a person's usage
behavior provides, the TAM model investigates the motivations behind an
individual's conduct (Atchariyachanvanich, 2011). It speaks to whether or not
someone believes that the technology will be useful for the intended use.
 TAMs are designed to indicate changes that need to be made to the system and
to forecast a tool's acceptance. Users won't accept and trust it till then. The
TAM Model makes it simple to determine how aware Huflit students are of
adopting cashless payment options. For cashless payment solutions to satisfy
students' wants and aspirations, they must be genuinely helpful. One of the key
elements impacting usage behavior is awareness of cashless payment options.
Depending on their degree of expertise, students' intentions to utilize
(perceived usefulness of cashless payment systems) will differ. The ease of use
and convenience that cashless payment options provide are linked to their
adoption. In conclusion, the usage of cashless payment systems is linked to
students' understanding of its use; many individuals are skilled at using these
techniques to their full potential. To save time, quickly control their spending,
and make payments, they employ cashless payment alternatives.
H2: Ease of use of cashless payment methods
2.4.3 Realize the security of cashless payment methods
While updating expenditure using cashless payment methods might be simple,
there are occasionally security vulnerabilities that allow for data leakage.
Students occasionally worry about information security breaches on electronic
payment apps, including the disclosure of client and invoice data, among many
other difficulties. Students must exercise caution since, although utilizing it has
numerous advantages, there are hazards involved. For example, they should not
transfer money without knowing the precise amount or leave all of their money
in one payment application. Check that this transaction has been verified.
H3: Security of cashless payment methods
2.4.4 Students' trust in cashless payment methods
According to the TAM model, which takes into account the effect of perceived
utility and ease of use of cashless payment behavior, students are more likely
to opt to utilize cashless payment when they have a sense of security and
confidence in its dependability and convenience. This trust affects perceptions
 of utility and individual gains in addition to reflecting happiness and
confidence in cashless transactions. Students will plan to use cashless payment
more in everyday transactions if they have a good opinion of its use and think
it is more convenient and time-efficient than using cash or other payment
methods. As a result, trust is the primary element influencing the uptake and
expansion of cashless payments. Accordingly, service providers should
concentrate on creating a secure and reliable environment for consumers in
order to accelerate the uptake and expansion of this payment method.
H4: Confidence in cashless payment methods affects views on behavioral
intention to use cashless payment methods.
2.4.5 Satisfaction when using cashless payment methods
According to the TAM model's hypothesis, students' intentions to utilize social
networks are frequently impacted by outside variables as well as the method's
convenience, risk, secrecy, and ease of use. payment without cash. Due to the
benefits, students would often choose utilizing uncomfortable payment
methods for transactions and payments. In order to ascertain the factors
influencing students' inclination to adopt cashless payment systems, experience
and satisfaction data must be used to determine the various variables.
H5: Behavioral intention to use cashless payment method is influenced by
students' trust in cashless payment

CHAPTER 3: METHODOLOGY
3.1 Research Design

In this topic, we use research models and methods to shape the research and data
collection process.
  Descriptive Research Model: Apply the research model described in this
topic. This is a theory-based design process built through the collection,
analysis and presentation of data. This model allows communication of the
why and how of the research. Descriptive design helps others understand
the importance of the study.
 Quantitative data analysis method: We use quantitative data analysis in this
study to show HUFLIT students' need to use cashless payment, suitable for
situations that require statistical findings to collect. useful factor. Data
provide a more objective perspective to make decisions about influencing
factors. Quantitative research methods are necessary for the progress of
every organization. When making business decisions about the future,
insights gleaned from real-world data and analytics are often very useful.
This technique was used specifically in this study to investigate the
association between factors.
 Collect primary data: We collect primary data through online means, which
include online surveys. The convenience and flexibility of this method
helps to quickly access focus groups and collect data from a large sample of
HUFLIT students at the Cao Thang campus. Online surveys are also an
effective mechanism, saving time and generating a large amount of data in
a short time. Its precision and predictability make it suitable for studies of
attitudes and behavior.
3.2 Sampling Method
The study sample was selected using a non-probability decision sampling method.
In decision sampling, researchers select samples based on their expertise so that all
members have similar characteristics (Taherdoost, 2018). This method is used
when participants are asked whether they have used a specific product or
performed a specific action (Sofroniou). Choose the right survey format to
measure social media usage and attitudes toward social media.
3.3 Sample Size
 The 10-fold rule is considered one of the standard sampling methods. According
to this rule, the required sample size for PLS-SEM studies is defined as "greater
than or equal to the maximum number of formation indices used to measure a
structure, or ten times the number of large paths directed at a specific structure in
the structural model." In the research model of this article, there are 4 hypotheses
indicating 3 paths leading to the use of cashless payment. Therefore, the minimum
size required was 40. However, the actual sample for this survey was 250, which
exceeded the minimum sample (10 times the number of paths to the social media
target).

In addition, another popular sampling method, Daniel Sloper, was applied. Daniel
Sloper calculated the required sample size for this study using an SEM model,
with the number of observed and latent variables being 14 and 4, respectively.
With a default predicted effect of 0.30 and The desired level of confidence and
probability are 0.05 and 0.8, respectively, Daniel Sloper determined the minimum
sample size to be 150. Although the calculated minimum sample size is 150, the
actual number of survey samples is actually 250.
Combining both the 10-fold rule and Daniel Sloper methods, the minimum sample
needed for this study is 150. With an actual sample of 250, this survey qualifies
for the study.

3.4 Questionnaire Design

Demographic questions and key questions about cashless payment evaluation,

cashless payment satisfaction, and usage intention were divided into two parts of
the questionnaire. Before conducting the main study, a pilot test was conducted
with 40 Huflit students who had experience using cashless payments, with the aim
of improving the validity and reliability of the Question list.
 The initial questionnaire underwent some minor adjustments before being
officially implemented. The questions in the survey have been translated into
Vietnamese so respondents can complete them quickly and accurately. Questions
were selected based on reliable scales that have been used in previous studies.
The questionnaire includes items scored on a 5-point Likert scale, in which 1 is the
highest level of disagreement and 5 is the highest level of agreement. The
components and measurement sources have been listed in the table below.

CONSTRUCTS AND SOURCES OF QUESTIONNAIRE ITEMS

Research Constructs Items Sources

(Perceived Usefulness) PU1: Using an e-wallet helps make (Davis, TAM

payment transactions faster model, 1989)
PU2: Payment by e-wallet is useful for
making online transactions
PU3: Paying with an e-wallet helps me
save more time
PU4: You believe that the technology
used in e-wallets is very safe
PU5: You believe that this service has the
 potential to be more secure than other
forms of payment
PU6: The e-wallet payment system
ensures information verification between
participating parties
(Perceived Ease of Use) PEU1: You can easily learn how to use an (Davis, TAM
e-wallet model, 1989)
PEU2: Navigating the payment steps of
the e-wallet is easy to understand
PEU3: Payment via e-wallet is easy to
use?
(Privacy Risk) PR1: You think the e-wallet system is (Davis, TAM
trustworthy model, 1989)
PR2: You believe that e-wallet providers
always do what they promise
PR3: You believe that the e-wallet
provider always puts the interests of users
first
(Customer satisfaction) CS1: E-wallet payment application that (Davis, TAM
meets your expectations model, 1989)
CS2: You are satisfied with the payment
service via e-wallet
CS3: You will continue to use the
payment service via e-wallet
CS4:Will you encourage your friends to
use cashless payment methods?
(Technological TE1: Do you find the interface of the e- (Davis, TAM
Effectiveness) wallet clear and easy to understand? model, 1989)
TE2: E-wallet support service via hotline
is quick and easy
TE3:Have you noticed that using cashless
payment methods saves time?