Thuy Hang Vu Thi
A icle
Resea ch on he ole o he a i udes o Vie namese
consume s owa ds hei in en ions o use mobile money
Global Business & Finance Re iew (GBFR)
P o ided in Coope a ion wi h:
People & Global Business Associa ion (P&GBA), Seoul
Sugges ed Ci a ion: Thuy Hang Vu Thi (2024) : Resea ch on he ole o he a i udes o Vie namese
consume s owa ds hei in en ions o use mobile money, Global Business & Finance Re iew (GBFR),
ISSN 2384-1648, People & Global Business Associa ion (P&GBA), Seoul, Vol. 29, Iss. 2, pp. 85-99,
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I. In oduc ion
The de elopmen o inancial se ices is inc easingly
necessa y o suppo and assess he accomplishmen
o he s a egic objec i es o elec onic comme ce.
In pa icula , elec onic paymen se ices a e widely
Recei ed: No . 22, 2023; Re ised: Dec. 20, 2023; Accep ed: Jan. 6, 2024
† Co esponding au ho : Thuy Hang Vu Thi
E-mail: u huyhang. md @ mu.edu. n
used, ade s exchange quickly and equen ly, and
ansac ion asks in ol ing ading pa ne s a e ca ied
ou and coo dina ed in eal- ime (Choe, 2018). Along
wi h he de elopmen o mobile comme ce, mobile
paymen is becoming an ine i able global end.
Ins ead o paying wi h cash, checks, o c edi ca ds,
consume s can use mobile phones o pay o se ices
and goods (Eu opean Cen al Bank, 2020).
The e m "e-money p oduc s" e e s o p epaid
o s o ed alue goods whe e he consume keeps
GLOBAL BUSINESS & FINANCE REVIEW, Volume. 29 Issue. 2 (MARCH 2024), 85-99
pISSN 1088-6931 / eISSN 2384-1648 H ps://doi.o g/10.17549/gb .2024.29.2.∣85
ⓒ2024 People and Global Business Associa ion
GLOBAL BUSINESS & FINANCE REVIEW
www.gb jou nal.o g1)
Resea ch on he Role o he A i udes o Vie namese Consume s
Towa ds hei In en ions o Use Mobile Money
Thuy Hang Vu Thi
†
F
acul y o Economic In o ma ion Sys em and Elec onic Comme ce, Thuongmai Uni e si y, Hanoi Ci y, Vie nam
A
B S T R A C T
Pu pose: The esea ch was conduc ed o de e mine he ole o he a i udes o Vie namese consume s owa ds he
in en ion o use mobile money o make ecommenda ions o solu ions o imp o e he e ec i eness o his ac i i y.
Design/me hodology/app oach: I analyzed 307 su eys om consume s li ing and wo king in Vie nam. A e-
sea ch model was buil ha was based on he heo y o echnology accep ance model (TAM) and he heo y o
planned beha io (TPB). The au ho conside ed six cons uc s, including sel -e icacy, pe cei ed ease-o -use, ech-
nology anxie y, pe cei ed use ulness, a i ude owa d mobile money, and in en ion o use mobile money. The da a
is analyzed wi h a pa ial leas squa es s uc u al equa ion model (PLS-SEM) using Sma PLS 3.0 so wa e.
Findings: The esul indica ed ha sel -e icacy (SE) signi ican ly and di ec ly a ec s he pe cei ed ease o use
(PEOU), indi ec ly a ec s he a i ude owa d mobile money (AT), and in en ion o use mobile money o Vie namese
consume s (IU). The PEOU and pe cei ed use ulness (PU) signi ican ly and di ec ly a ec he AT, and indi ec ly
a ec IU. In con as , echnology anxie y (TA) showed no e ec on he PU. In addi ion, he AT has a s ong
e ec on he IU.
Resea ch limi a ions/implica ions: This pape p esen s signi ican implica ions, pa icula ly o he digi al economy,
which is cu en ly pe mea ing e e y ace o human exis ence. The a icle also sugges ed u u e esea ch di ec ions,
including expand he scope o he esea ch, he sample size, and he addi ion o o he ac o s o supplemen and
comple e he model.
O iginali y/ alue: The a icle closes a pe cei ed gap in he mobile money li e a u e by using model measu emen
o demons a e he mobile money in en ion o Vie namese consume s.
Keywo ds: Mobile money, Role o a i ude, In en ion o use, Vie namese consume
Copy igh : The Au ho (s). This is an Open Access jou nal dis ibu ed unde he e ms o he C ea i e Commons A ibu ion
ⓒ
N
on-Comme cial License (h ps://c ea i ecommons.o g/licenses/by-nc/4.0/) which pe mi s un es ic ed non-comme cial use, dis ibu ion
,
and ep oduc ion in any medium, p o ided he o iginal wo k is p ope ly ci ed.
GLOBAL BUSINESS & FINANCE REVIEW, Volume. 29 Issue. 2 (MARCH 2024) 85-99
86
a eco d o he monies o alue hey ha e access
o on a de ice hey own. P epaid so wa e p oduc s
ha use compu e ne wo ks like he in e ne a e
included in his de ini ion, as a e p epaid ca ds (also
known as elec onic pu ses) and digi al cu ency.
These goods a e no he same as "access p oduc s,"
which le use s access con en ional paymen se ices
h ough elec onic communica ion (such as using he
in e ne o pay wi h a c edi ca d o o basic online
banking). In 2017, he Wo ld Bank de ined mobile
money. The p o ision o inancial se ices ia a
mobile de ice is he mos undamen al de ini ion
o mobile money. A a ie y o se ices a e co e ed
by his b oad de ini ion, such as accoun balance
inqui ies, insu ance p oduc s, and paymen s, like P2P
ans e s (Ake & Mbi i, 2010), (Jack & Su i, 2011),
(Dono an, 2012). In eali y, a numbe o me hods
can be employed, like ex ing money ans e s o
using a mobile in e ne connec ion o e ie e bank
accoun in o ma ion. The e a e speci ic "con ac less"
echnologies ha enable phones o send money o
con ac less cash egis e s.
In Vie nam, he speed o mobile paymen
de elopmen is no commensu a e wi h he po en ial.
Acco ding o Vie nam Digi al 2022 (We a e Social,
2022), al hough abou 73% o he Vie namese
popula ion has a mobile ne wo k connec ion, only
abou 29% use mobile phones. The eason was ha
people's habi s o using and paying in cash we e
s ill p e alen . In addi ion, low-income use s o en
li ed a away om cen al a eas, and he cos o
accessing inancial se ices was qui e high, educing
access oppo uni ies. P e iously, in his Decision No.
316/QD-TTg o Vie nam, he P ime Minis e app o ed
he pilo implemen a ion o mobile money se ice
o 2 yea s, s a ing on Ma ch 9, 2021, na ionwide.
The mobile money se ice allows cus ome s o use
elecommunica ions accoun s o pe o m many
di e en ansac ions, such as paymen o goods
and se ices o small alue, ans e money, deposi
money, and wi hd aw money di ec ly a he ne wo k's
s o es and ansac ion poin s na ionwide wi hou a
bank accoun . People wi hou a sma phone can ca y
ou hese ansac ions, and hey also don' need o
ha e an in e ne connec ion.
Acco ding o da a om he Minis y o In o ma ion
and Communica ions in Vie nam, in he i s six
mon hs o 2022, he numbe o mobile subsc ibe s
using he mobile money se ice had inc eased by ou
imes compa ed o he i s mon h o implemen a ion.
The a e age mon hly g ow h was abou 20%. The
o al numbe o accoun s wi h a leas one ansac ion
in six mon hs eached 1.7 million accoun s, accoun ing
o 97.3% o he o al cus ome s egis e ing and using
he se ice (The Minis y o In o ma ion and Tele-
communica ions, 2022). As o July 2022, app oxima ely
wo million mobile subsc ibe s we e using mobile money
se ices in Vie nam (S a is a Resea ch Depa men ,
2023). In Vie nam, he pe cen age o people using
mobile money paymen me hods is no high, bu i
is s ill highly app ecia ed o i s applicabili y and
de elopmen p ospec s because mo e han 60% o
Vie nam's popula ion li es in u al and moun ainous
a eas. Acco ding o in o ma ion om he Go e nmen
Elec onic Newspape , expe imen ing wi h he mobile
money elecommunica ion paymen me hod, by
Oc obe 2022, he e we e 2.2 million accoun s in
use in Vie nam, o 440% highe compa ed wi h he
end o 2021. Mo e han 1.3 million people who
egis e ed and used i we e in u al and emo e a eas,
bo de s and islands, which accoun ed o 68% o
he o al numbe o people egis e ing and using he
se ice, mo e han 14,000 uni s accep ing paymen ,
and mo e han 50% o business loca ions we e loca ed
in u al a eas (Go e nmen Elec onic Newspape , 2022),
(The Minis y o In o ma ion and Telecommunica ions,
2022). Acco ding o in o ma ion om he Saigon
Giaiphong Newspape , by ea ly May 2023, he numbe
o mobile money se ice use s in Vie nam had eached
mo e han 3.9 million, h ee imes highe han in
2022 (Saigon Giaiphong News, 2023). Mo eo e , mo e
han 2.7 million cus ome s in u al, moun ainous,
emo e, and moun ainous a eas ha e been using he
se ice, accoun ing o 69 pe cen o cus ome s using
he se ice. The o al numbe o ansac ions, including
deposi s, wi hd awals, money ans e s, and paymen s
using mobile money, is mo e han 26.1 million, wi h a
o al alue o abou VND1,683 billion (US$69,567,684).
Thuy Hang Vu Thi
87
The po en ial o he Vie namese ma ke is huge. By
he end o 2023, Vie nam will each 100.3 million
people (Go e nmen News, 2024). Compa ed o
Vie nam's popula ion size, he numbe o mobile
money use s is s ill low and he Go e nmen 's goal
o b inging inancial se ices o emo e a eas has
no been gua an eed.
The h i e o mobile money in he inancial and
echnology wo ld and he esea ch in
academic is unsynch onized (Bak i e al., 2023).
How would he Vie nam mobile money p o ide
ensu e ha he use adop ion is a i s highes a e
when hey s udied he consume beha iou in he
apps? I is he e o e hough o be c ucial o in es iga e
he connec ion be ween he a i udes o Vie namese
consume s and hei p opensi y o accep mobile
money. This a icle aims o in es iga e he a iables
ha a ec Vie namese consume s' beha io al in en ion
o use mobile money. Examining he ools used o
gauge Vie namese consume s' inclina ions owa d
mobile money usage is ano he goal o his esea ch.
II. Li e a u e Re iew and Hypo heses
De elopmen
A. Mobile Money
Depending on he deg ee o echnological ad an-
cemen and he in eg a ion o echnology in o inancial
and elecommunica ions se ices, he e a e a ia ions
in he global unde s anding o mobile money.
Nume ous s udies ha e discussed mobile money
because i is equen ly con used wi h e-walle s due
o hei simila ex e nal exp essions o using mobile
phones o pe o m se ices (Tobbin, P., & Kuwo nu,
2011), (Baganzi & Lau, 2017), (Jack & Su i, 2011).
Mobile money cha ac e is ics, acco ding o Sunduzwayo
Madise (Madise, 2019), mobile money has six
cha ac e is ics, which a e u ili y and alue, uni o
accoun , po abili y, consis ency, ecogni ion, and
legal ende .
Mobile money p omo es inancial inclusion
(Dono an, 2012), p omo es economic g ow h and
has a signi ican impac on mac o ou comes, such
as in e es a e and in la ion (Mawejje & Lakuma,
2019). Fo he mic o-economy, mobile money
acili a es he sa e s o age and ans e o money,
makes i easy o people o pay o goods and se ices,
and acili a es ade (Jack & Su i, 2011). Many
esea che s also poin ou ha mobile money b ings
con enience and lexibili y o money use s because
hey can ansac any ime, anywhe e (Bish & Mish a,
2016). S udies also e ealed ha mobile money usage
can p omo e access o and use o inancial se ices,
especially among he u al popula ion (Jack & Su i,
2011), (Ake & Mbi i, 2010), (Ake & Mbi i, 2010).
This has p omo ed he comme cialisa ion o ag icul u e,
u al de elopmen and po e y alle ia ion (Kikulwe
e al., 2014). Howe e , using mobile money ha e
also disad an ages (Gu ie ez E a & Choi Tony,
2014). The i s is a secu i y issue. Cus ome da a
can be comp omised, he e is he possibili y o use s
losing pe sonal in o ma ion due o he use o mobile
ansac ions. The e a e also many legal isks ha
mobile money aud will inc ease i he e is a lack
o supe ision o s a e managemen agencies.
B. Beha iou al In en ion in Mobile Money
The echnology accep ance model (TAM) is a e y
well-liked and widely used heo e ical amewo k
ha has d awn a en ion om use s in in o ma ion
sys em (IS) and mobile banking esea ch (Lai, 2017).
The TAM model had an o e all 40% e idence o
e ec i eness in p edic ing he sys em use (Leg is
e al., 2003). The main heo e ical amewo k o
echnology di usion is he TAM, which was c ea ed
by Da is (1989) as an ex ension o he heo y o
easoned ac ion (TRA) and akes in o accoun he
usabili y and unc ionali y o echnology (Co ie e
al., 2021). Fu he mo e, heo y o planned beha io
(TPB), an indi idual's in en ion is in luenced by hei
beha io , social no ms, and pe cei ed beha io al
con ol (Ajzen, 1991b). The in ended ac ion o plan
o be ca ied ou is called an in en ion, and i is
GLOBAL BUSINESS & FINANCE REVIEW, Volume. 29 Issue. 2 (MARCH 2024) 85-99
88
one o he ac o s used o e alua e a pe son's
beha io al abili y. Ajzen (1991) asse s ha an
indi idual's in en ion is d i en by mo i a ion and
signi ies hei willingness o engage in a pa icula
beha io o cou se o ac ion ha hey hope o
accomplish.
This model comp ises ou six ac o s: beha iou al
in en ion, a i ude, sel -e icacy, pe cei ed ease-o -use,
echnology anxie y, pe cei ed use ulness. TAM and
TPB ha e become c ucial model o explain he
applica ion o In o ma ion & Communica ions Tech-
nologies in di e en a ea, such as mobile banking
(Muzu u a & Chigo a, 2019) and mobile paymen
(Jack & Su i, 2011).
C. Concep ual F amewo k and Hypo hesis
De elopmen
The esea ch eam buil he model based on he
s udies o (Ake & Mbi i, 2010), (Jack & Su i, 2011),
(Ake & Mbi i, 2010), (Dono an, 2012), (Gu ie ez
E a & Choi Tony, 2014), (Da is, 1989), (Ajzen,
1991b). The e will be six a iables including sel -
e icacy, pe cei ed ease-o -use, echnology anxie y,
pe cei ed use ulness, a i ude owa d mobile money
and in en ion o use mobile money. Figu e 1
summa ises ou p oposed model and hypo heses.
The esea ch hypo heses we e o mula ed as
ollows:
Sel -e icacy (SE)
is conside ed o be a majo ac o
in he in insic mo i a ion o indi idual consume s
(Da is, 1989) and was ound o ha e an indi ec
in luence on beha iou al in en ion (Bandu a, 1994).
Speci ically, SE has long been associa ed wi h
ease-o -use as seen in he li e a u e on echnology
adop ion (Pa lou & Fygenson, 2006). Se e al empi ical
s udies suppo he e ec o e ec i eness on
echnology adop ion beha iou (Ellen e al., 1991).
Consume s wi h high le els o SE a e mo e mo i a ed
o pe o m ce ain asks han consume s wi h low
le els o SE because hey a e mo e con iden in
achie ing ask-posi i e ou comes (Noe & Wilk,
1993). Consume s wi h high le els o echnological
SE we e mo e engaged in he use o echnology-based
se ices (Dabholka & Bagozzi, 2002). This esea ch
concu s wi h his idea o Lim & Qi and posi s ha
PEOU leads o posi i e a i udes owa d using and
SE encou ages highe in en ion (Lim & Qi, 2023).
The e o e, consume 's sel -e icacy can p edic
consume adop ion o mobile money. Based on his,
he esea ch es s he hypo hesis:
H1.
SE has a posi i e di ec e ec on he pe cei ed
ease o use (PEOU).
H2.
SE media es he e ec o pe cei ed ease o
Sou ce: Au ho 's ecommenda ion based on li e a u e e iew
Figu e 1. Resea ch model
Thuy Hang Vu Thi
89
use on he a i udes owa d mobile money
(AT).
H3.
SE media es he e ec o he a i udes owa d
mobile money on he in en ions o use mobile
money (IU).
Technology anxie y (TA)
can be e oked in
consume s (Meu e e al., 2003) and in luence hei
a i udes and beha iou s owa ds he use o echnology.
Simila ly, Pa asu aman sugges s ha hese consume s'
posi i e o nega i e eelings owa ds echnology a e
closely ela ed o hei beha iou s (Pa asu aman, A,
Zie haml, V. and Be y, 1985).
Technological anxie y can cause consume
discom o wi h echnology i sel (Liljande e al.,
2006). Resea ch by Meu e e al. has shown ha
echnology anxie y is an impo an indica o o
consume s' in en ions o use echnology-based
se ices (Meu e e al., 2003).
Gelb ich and Sa le ind ha anxie y abou
echnology educes men al accep ance o echnology
(Gelb ich & Sa le , 2014); consume s eel ne ous
abou using a new echnology, which leads o a
nega i e impac on hei in en ions o use i . Simila ly,
anxie y abou echnology has a nega i e e ec on
he adop ion o new o ms o echnology (Chen &
Chang, 2013). Hence, he e o e, he ollowing hypo hesis
was p oposed:
H4.
TA has a nega i e di ec e ec on pe cei ed
use ulness (PU).
H5.
TA media es he e ec o pe cei ed use ulness
on AT.
H6.
TA media es he e ec o he a i udes owa d
mobile money on IU.
Pe cei ed ease-o -use (PEOU)
is he ex en o
which a pe son belie es ha using a pa icula sys em
will no equi e e o (Da is, 1989). This means
ha li le e o should be needed o he use o
use a pa icula o m o echnology. This e o can
be physical and men al (Taylo & Todd, 1995).
Ex ensi e esea ch has documen ed e idence on he
signi ican e ec o PEOU on AT (Adams e al.,
1992), (Da is, 1989), (Gu i ing & Oly Ndubisi, 2006),
(Ramayah Jan an e al, 2003). PEOU in mobile
paymen s is e alua ed based on he egis a ion
p ocess, paymen me hods, cus ome se ice access
me hods, and equi ed paymen p ocesses. Use s will
eel ha he se ice p o ide is p o iding hem wi h
con enience when a sys em is simple o use,
s aigh o wa d, and easy o ope a e (Ge en e al.,
2003), (Ha e al., 2023). The ease o use o he
paymen me hod, he simplici y o he egis a ion
p ocess, he ease o access o cus ome suppo , he
numbe o s eps equi ed o make a paymen , he
a ailabili y o mobile money ans e agen s, and
he ease o use o he se ice on sma phones wi h
basic ea u es and so wa e a e all conside ed PEOUs
in he con ex o mobile money se ices. Wi h hese
conside a ions, he esea ch hypo hesised ha :
H7.
PEOU has a posi i e di ec e ec on AT.
H8.
PEOU media es he e ec o he a i udes
owa d mobile money on IU.
Pe cei ed use ulness (PU):
he mos impo an
componen o TAM, pe cei ed use ulness (PU),
de ines how use s see he possible ad an ages o
u ilizing a echnological p oduc and os e s a
a o able imp ession o i (Da is, 1989). Pe cei ed
use ulness in mobile money paymen s is also de ined
as he deg ee o which use s hink ha using mobile
money will make hei ansac ions easie (P ayudi
e al., 2022). The e o e, PU has a signi ican impac
on use a i udes owa d imp o ing pe o mance
h ough he use o mobile money se ices, such as
simple paymen s, as esponse imes, and e ec i e
se ices. Fu he mo e, people a e mo e likely o hink
mobile money wo ks i hey hink i 's a sa e and
dependable way o send and ecei e money. P e ious
esea ch also con i med ha PU plays a signi ican
ole in main aining he use o mobile paymen
echnologies (Da agmeh e al., 2021), (Pu iwa &
T ipopsakul, 2021), (Rahi e al., 2023). Hence, he
nex hypo hesis has been cons uc ed:
H9.
PU has a posi i e di ec e ec on AT.
GLOBAL BUSINESS & FINANCE REVIEW, Volume. 29 Issue. 2 (MARCH 2024) 85-99
90
H10.
PU media es he e ec o he a i udes owa d
mobile money on IU.
A i ude owa d mobile money (AT)
, acco ding
o he Theo y o Reasoned Ac ion (TRA) de eloped
by (Ajzen, 1991a), indica es ha he beha iou al
in en ion can be explained by he a i ude owa d
beha iou ha is de ined as an indi idual's posi i e
and nega i e eelings abou beha ing in a pa icula
way. Addi ionally, in he TAM p oposed by Da is,
a sys em's a i ude can explain a beha io 's in en ion
(Da is, 1989). Lin disco e ed a s ong and a o able
ela ionship be ween beha io al in en ion and a i ude
o explain he up ake o con inuous use o mobile
banking (Lin, 2011). Deb and Da id p o ided
empi ical e idence o he bene icial impac o a i ude
on beha io al in en ion (Deb & Lomo-Da id, 2014).
Thus, he ollowing hypo hesis is o mula ed:
H11.
AT ha e a posi i e di ec e ec on IU.
In en ion o use (IU)
is a amilia esea ch opic
in ma ke ing. In en ion o use can be ound in esea ch
on he Theo y o In ended Beha iou (TPB) (Ajzen,
1991b). In en ion o use is conside ed he bes p edic o
o he ac ual beha iou o adop ion and use o any
new echnology (Da is, 1989), (Liébana-Cabanillas
e al., 2015), (Venka esh e al., 2003). The e o e,
when de e mining he deg ee o which consume s
accep using mobile comme ce, he in en ion o use
i is chosen as a dependen a iable.
In summa y, Table 1 p o ides an o e iew o
he cons uc s ha may in luence he in en ion o
use mobile money (scales a e shown in de ail in
Appendix).
III. Resea ch Me hodology
A. Popula ion and Sample
A pu posi e sampling echnique was applied o
selec he a ious esea ch a eas, and simple andom
sampling. Su ey pa icipan s we e consume s in
eigh egions o Vie nam, including he No heas ,
No hwes , Red Ri e Del a, No h Cen al, Cen al
Highlands, Sou h Cen al Coas , Sou heas and Mekong
Ri e Del a egions. Samples we e gua an eed in all
a eas wi h uni o m p opo ions. Acco ding o Hinkin,
he igh sample size should ha e an i em- o- esponse
p opo ion anging om as low as 1:4 o as high
as 1:10 o each se o scales o be ac o examined.
In his esea ch, he e we e 25 i ems o be assessed;
hence, an ideal sample size should be be ween 100
and 250 esponden s o adequa e ac o analysis
(Hinkin, 1998). F om his pe spec i e, 307 esponses
in all whe he om he demog aphic o scale
―
sec ions we e de e mined o be useable om he
―
da a ha was ga he ed a e pa ial e u ns and missing
esponses we e elimina ed. Based on he esul s o
Va iable Au ho , Yea , Impac
Sel -e icacy (SE) (Da is, 1989) (+), (Ellen e al., 1991) (+), (Noe & Wilk, 1993) (+), (Bandu a, 1994) (+), (Dabholka &
Bagozzi, 2002) (+), (Pa lou & Fygenson, 2006) (+)
Technology anxie y
(TA)
(Pa asu aman e al., 1985) (-), (Meu e e al., 2003) (-), (Liljande e al., 2006) (-), (Chen & Chang,
2013) (-), (Gelb ich & Sa le , 2014) (-)
Pe cei ed Ease o Use
(PEOU)
(Da is, 1989) (+), (Taylo & Todd, 1995) (+), (Adams e al., 1992) (+), (Ramayah Jan an e al,
2003) (+), (Ge en e al., 2003) (+), (Gu i ing & Oly Ndubisi, 2006) (+), (Ha e al., 2023) (+)
Pe cei ed Use ulness
(PU)
(Da is, 1989) (+), (Da agmeh e al., 2021) (+), (Pu iwa & T ipopsakul, 2021) (+), (P ayudi e
al., 2022) (+), (Rahi e al., 2023) (+)
A i ude owa d
mobile money (AT) (Ajzen, 1991b) (+), (Da is, 1989) (+), (Lin, 2011) (+), (Deb & Lomo-Da id, 2014) (+)
In en ion o use (IU) (Da is, 1989) (+), (Ajzen, 1991b) (+), (Venka esh e al., 2003) (+), (Liébana-Cabanillas e al., 2015) (+)
Sou ce: Compiled by he au ho (+ posi i e - nega i e)
Table 1. Summa y o ac o s a ec ing he in en ion o use
Thuy Hang Vu Thi
91
he li e a u e e iew, he esea ch eam buil a scale
and ques ionnai e o conduc esea ch di ec ly and
online h ough Google Fo ms o consume s in
Vie nam. The da a collec ed a e o quan i a i e
esea ch.
As desc ibed in Figu e 1, he concep ual model
was buil wi h de ails o ele en cons uc s. The
measu emen scale was buil by e e ing o p e ious
s udies. The se en-poin Like measu emen scale
anges om 1 o "s ongly disag ee" o 7 o "s ongly
ag ee" (Like , 1932).
B. Analysis Techniques
The S uc u al Equa ion Model (SEM) was chosen
o his esea ch in o de o es he hypo hesis and
acili a e he simul aneous es ing o a numbe o
ela i ely complex ela ionships (F. Hai J e al,
2014).
Con i ma o y ac o analysis (CFA) was used in
he i s s age o SEM o con i m he accu acy and
dependabili y o he da a collec ed. Fac o loading
is a componen o CFA es ing; eliabili y indica o s
include C onbach's Alpha (CA), composi e eliabili y
(CR), and ex ac ed a e age a iance (AVE). To es
he hypo hesis, ull model es ing is he second s ep
(Hai e al., 2016). Among he es s needed o SEM
a e s uc u al ela ionships (F. Hai J e al, 2014).
SEM calcula ions using Sma PLS 3.0 so wa e
which allows es ing o la ge models o gain new
insigh s om he da a.
IV. Resul s and Discussion
A. Responden Demog aphics
Based on he esul s o dis ibu ing ques ionnai es o
307 esponden s, he pe cen age o women's Vie nam
(56.03%) who pa icipa ed in using mobile money
was highe han ha o men (43.97%). Age o he
esponden s is Gen X (1965-1980) accoun ed o
30.29%, Gen Y (1981-1996) was 38.11% and Gen
Z (1997-2012) was 31.6%. Responden esidences
dis ibu ed in he egions wi h a a e o 14.66% in
he No hwes , 13.68% in he Mekong Del a, 13.03%
in he No heas , 12.7% in he Cen al Highlands,
12.38% in he No h Cen al, 12.05% in he Sou heas ,
11.4% in he Red Ri e Del a and 10.1% in he
Sou h Cen al Coas o Vie nam. The esponden s
mainly g adua ed om uni e si ies/colleges (40.07%),
and high school/ oca ional in e media e educa ion
was 33.88%. Ano he 14.1% we e comp ised o hose
wi h pos g adua e quali ica ions, 9.77% g adua ed
om lowe seconda y schools and 2.28% only
achie ed elemen a y le el educa ions. The majo i y
o he in e iewees (37.13%) had an a e age mon hly
income o 4-9 million VND (equi alen 164USD
- 369.13USD), and indi iduals wi h incomes in he
ange o 9-14 million VND (equi alen 369.13USD
- 574.03USD) accoun ed o 28.66%. The emaining
income le els accoun ed o 10.75% o he in e iewees,
wi h incomes in he ange o 14-19 million VND
(equi alen 574.03USD - 782.86USD), 10.75% had
incomes om 19 million VND and mo e, 8.47%
had incomes below 4 million VND and 4.23% o
he su ey esponden s had no income.
The da a ob ained showed ha Vie el's mobile
money use s we e he highes wi h 144 people
(42.1%). The second was VNPT, wi h 112 people
(32.7%) and he las was MobiFone wi h 86 people,
accoun ing o 25.1% (Vie el, VNPT, MobiPhone
a e mobile money se ice p o ide s in Vie nam).
The majo i y o he use s (64.6%) used he se ices
when he e was a need o elecommunica ions
se ices ( o op up phone ca ds, sc a ch ca ds, buy
packages). Money ans e s and eceip s accoun ed
o 61.4%; bill paymen s (elec ici y, wa e , in e ne )
accoun ed o 55.3%, shopping and en e ainmen
(Lo o) accoun ed o 28.9%, inances and insu ance
(bo owing money, sa ings) accoun ed o 23.1%,
a el and ou ism (ho el bookings) accoun ed o
13.5% and o he pu poses accoun ed o 16.1%. The
majo i y o he people used mobile comme ce because
iends e e ed hem (55.0%). Ad e ising on ele ision
and social ne wo ks was 45.8%, e e ed by ela i es
GLOBAL BUSINESS & FINANCE REVIEW, Volume. 29 Issue. 2 (MARCH 2024) 85-99
92
was 43.6%, colleague e e als was 33.9%, mobile
money deale s was 21.1%, means o anspo (bus,
axi) was 20.9% and o he easons/op ions was 5.7%.
B. Con i ma o y Fac o Analysis
A esea ch wi h an ex e nal loading ac o (ou e
loading) > 0.6 was accep ed. An explo a o y esea ch
accep ed an ex e nal ac o loading ac o > 0.4
(Moo es & Chang, 2006) 0.7 (Joseph F. Hai
≥
e al., 2019). In he s u y, he ou e loadings o he
a iables AT4 and TA2,3,4 a e elimina ed because
he ou e loading coe icien is less han 0.7,
speci ically 0.667 and 0.457; 0.241; 0.129. In o he
a iables wi h ou e loading coe icien s we e high
[0.739 - 0.859] > 0.6. The quali y o obse ed a iables
is gua an eed (Table 2).
The e a e se e al easons o ou e loading o TA
canno exceed he limi o pape s equi emen o
s anda d in he analysis sec ion. Vie namese cul u e
in money managemen . The habi o using cash in
paymen is a ba ie o he de elopmen o mobile
money se ices in Vie nam. Vie namese use s a e
amilia wi h di ec paymen me hods in cash,
common online paymen me hods using bank
applica ions o ia QR codes o e-walle s. Besides,
o he easons may come om he su ey subjec s.
Nea ly 70 pe cen o esponden s come om Gen
Y and Gen Z. These gene a ions we e bo n when
he in e ne was widely used. They g ew up in a
apidly de eloping digi al en i onmen , wi h new and
unique ends. Based on ea ly and di e se exposu e
o echnology, hese gene a ions end o be c ea i e
and inno a i e in using echnology o sol e social
p oblems. They also ha e he abili y o use echnology
o connec and con ey hei messages o he global
communi y h ough social ne wo ks and digi al
communica ion ools. The e o e, hey do no app ecia e
TA ac o . They may no be a aid o making mis akes
o a aid o use new echnology o wo y abou hei
da a being iola ed when using mobile money.
C. S uc u al Model
Acco ding o Hai , in e nal consis ency eliabili y
and con e gen alidi y should be es ablished while
es ing o mode a ion e ec (Hai e al., 2016). The
CR and CA we e he wo me ics used o es he
cons uc 's eliabili y. The cons uc was deemed
eliable i he CR and CA alues we e mo e han
Fac o Ou e loading Fac o Ou e loading
1. Sel -e icacy (SE)
SE1 0.813
4. Pe cei ed use ulness
(PE)
PU1 0.784
SE2 0.798 PU2 0.739
SE3 0.768 PU3 0.779
SE4 0.750 PU4 0.799
2. Technology anxie y
(TA)
TA1 0.795 PU5 0.770
TA2 0.457
5. A i ude owa d mobile
money (AT)
AT1 0.828
TA3 0.241 AT2 0.762
TA4 0.129 AT3 0.765
3. Pe cei ed ease-o -use
(PEOU)
PEOU1 0.814 AT4 0.667
6. In en ion o use mobile
Money (IU)
IU1 0.743
PEOU2 0.848
IU2 0.790
PEOU3 0.839 IU3 0.794
PEOU4 0.859 IU4 0.805
Sou ce: Da a p ocessing esul s using Sma PLS
Table 2. Ou e loadings
Thuy Hang Vu Thi
99
Appendix
Va iable I ems Sou ce
Sel -e icacy
(SE)
SE 1. I lea n how o use mobile money on my sma phone easily;
SE 2. I could use mobile money i someone showed me how o do i ;
SE 3. I could use mobile money i someone suppo s me when I am in
ouble;
SE 4. I can comple e a money ans e o pay a bill wi h mobile money
i I ha e plen y o ime.
(Da is, 1989),
(Ellen e al., 1991),
(Noe & Wilk, 1993),
(Bandu a, 1994),
(Dabholka & Bagozzi, 2002),
(Pa lou & Fygenson, 2006)
Technology
anxie y (TA)
TA 1. Mobile money se ice makes me eel uncom o able;
TA 2. I eel app ehensi e abou using new echnology;
TA 3. I ea ha I will do he w ong hing when I use new echnology;
TA 4. I am wo ied abou my da a being comp omised when using mobile
money.
(Pa asu aman e al., 1985),
(Meu e e al., 2003),
(Liljande e al., 2006),
(Chen & Chang, 2013),
(Gelb ich & Sa le , 2014)
Pe cei ed Ease
o Use (PEOU)
PEOU 1. Mobile money allows me o easily con ol my inancial ansac ions;
PEOU 2. Mobile money b ings con enience o use;
PEOU 3. S eps o use mobile money a e easy o me;
PEOU 4. Mobile money gi es me mo e eedom o mobili y.
(Da is, 1989),
(Taylo & Todd, 1995),
(Adams e al., 1992),
(Ramayah Jan an e al, 2003),
(Ge en e al., 2003),
(Gu i ing & Oly Ndubisi, 2006),
(Ha e al., 2023)
Pe cei ed
Use ulness (PU)
PU 1. In gene al, he mobile money could be use ul o me
PU 2. I can use mobile money o easily make inancial ansac ions by
phone
PU 3. The mobile money se ice sys em is a use ul mode o paymen
PU 4. Mobile money sa es me ime doing ansac ion se ice
PU 5. Mobile money sa es me shopping ime
(Da is, 1989),
(Da agmeh e al., 2021),
(Pu iwa & T ipopsakul, 2021),
(P ayudi e al., 2022),
(Rahi e al., 2023)
A i ude owa d
mobile money
(AT)
AT1. F om nega i e o posi i e
AT2. F om incon enience o con enience
AT3. F om poo o excellen
AT4. F om ina ac i e o a ac i e
(Ajzen, 1991b),
(Da is, 1989), (Lin, 2011),
(Deb & Lomo-Da id, 2014)
In en ion o use
(IU)
IU1. I in end o use/ euse mobile money in he sho o long e m
IU2. When he e a e sui able condi ions (mobile de ice o inancial capaci y
o access o mobile money se ice p o ide s...), I will use mobile
money se ices
IU3. I will lea n how o use mobile money be e
IU4. I will u ilize mobile money o my ansac ion ac i i ies o he ex en
possible
(Da is, 1989), (Ajzen, 1991b),
(Venka esh e al., 2003),
(Liébana-Cabanillas e al., 2015)
Sou ce: Compiled by he au ho
