Research on the role of the attitudes of Vietnamese consumers towards their intentions to use mobile money

Thuy Hang Vu Thi Article Research on the role of the attitudes of Vietnamese consumers towards their intentions to use mobile money Global Business & Finance Review (GBFR) Provided in Cooperation with: People & Global Business Association (P&GBA), Seoul Suggested Citation: Thuy Hang Vu Thi (2024) : Research on the role of the attitudes of Vietnamese consumers towards their intentions to use mobile money, Global Business & Finance Review (GBFR), ISSN 2384-1648, People & Global Business Association (P&GBA), Seoul, Vol. 29, Iss. 2, pp. 85-99, https://doi.org/10.17549/gbfr.2024.29.2.85 This Version is available at: https://hdl.handle.net/10419/305961 Standard-Nutzungsbedingungen: Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden. Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen. Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. Terms of use: Documents in EconStor may be saved and copied for your personal and scholarly purposes. You are not to copy documents for public or commercial purposes, to exhibit the documents publicly, to make them publicly available on the internet, or to distribute or otherwise use the documents in public. If the documents have been made available under an Open Content Licence (especially Creative Commons Licences), you may exercise further usage rights as specified in the indicated licence. https://creativecommons.org/licenses/by-nc/4.0/ I. Introduction The development of financial services is increasingly necessary to support and assess the accomplishment of the strategic objectives of electronic commerce. In particular, electronic payment services are widely Received: Nov. 22, 2023; Revised: Dec. 20, 2023; Accepted: Jan. 6, 2024 † Corresponding author: Thuy Hang Vu Thi E-mail: [email protected] used, traders exchange quickly and frequently, and transaction tasks involving trading partners are carried out and coordinated in real-time (Choe, 2018). Along with the development of mobile commerce, mobile payment is becoming an inevitable global trend. Instead of paying with cash, checks, or credit cards, consumers can use mobile phones to pay for services and goods (European Central Bank, 2020). The term "e-money products" refers to prepaid or stored value goods where the consumer keeps GLOBAL BUSINESS & FINANCE REVIEW, Volume. 29 Issue. 2 (MARCH 2024), 85-99 pISSN 1088-6931 / eISSN 2384-1648 Https://doi.org/10.17549/gbfr.2024.29.2.∣85 ⓒ2024 People and Global Business Association GLOBAL BUSINESS & FINANCE REVIEW www.gbfrjournal.org1) Research on the Role of the Attitudes of Vietnamese Consumers Towards their Intentions to Use Mobile Money Thuy Hang Vu Thi † F aculty of Economic Information System and Electronic Commerce, Thuongmai University, Hanoi City, Vietnam A B S T R A C T Purpose: The research was conducted to determine the role of the attitudes of Vietnamese consumers towards the intention to use mobile money to make recommendations for solutions to improve the effectiveness of this activity. Design/methodology/approach: It analyzed 307 surveys from consumers living and working in Vietnam. A research model was built that was based on the theory of technology acceptance model (TAM) and the theory of planned behavior (TPB). The author considered six constructs, including self-efficacy, perceived ease-of-use, technology anxiety, perceived usefulness, attitude toward mobile money, and intention to use mobile money. The data is analyzed with a partial least squares structural equation model (PLS-SEM) using SmartPLS 3.0 software. Findings: The result indicated that self-efficacy (SE) significantly and directly affects the perceived ease of use (PEOU), indirectly affects the attitude toward mobile money (AT), and intention to use mobile money of Vietnamese consumers (IU). The PEOU and perceived usefulness (PU) significantly and directly affect the AT, and indirectly affect IU. In contrast, technology anxiety (TA) showed no effect on the PU. In addition, the AT has a strong effect on the IU. Research limitations/implications: This paper presents significant implications, particularly for the digital economy, which is currently permeating every facet of human existence. The article also suggested future research directions, including expand the scope of the research, the sample size, and the addition of other factors to supplement and complete the model. Originality/value: The article closes a perceived gap in the mobile money literature by using model measurement to demonstrate the mobile money intention of Vietnamese consumers. Keywords: Mobile money, Role of attitude, Intention to use, Vietnamese consumer Copyright: The Author(s). This is an Open Access journal distributed under the terms of the Creative Commons Attribution ⓒ N on-Commercial License (https://creativecommons.org/licenses/by-nc/4.0/) which permits unrestricted non-commercial use, distribution , and reproduction in any medium, provided the original work is properly cited. GLOBAL BUSINESS & FINANCE REVIEW, Volume. 29 Issue. 2 (MARCH 2024) 85-99 86 a record of the monies or value they have access to on a device they own. Prepaid software products that use computer networks like the internet are included in this definition, as are prepaid cards (also known as electronic purses) and digital currency. These goods are not the same as "access products," which let users access conventional payment services through electronic communication (such as using the internet to pay with a credit card or for basic online banking). In 2017, the World Bank defined mobile money. The provision of financial services via a mobile device is the most fundamental definition of mobile money. A variety of services are covered by this broad definition, such as account balance inquiries, insurance products, and payments, like P2P transfers (Aker & Mbiti, 2010), (Jack & Suri, 2011), (Donovan, 2012). In reality, a number of methods can be employed, like texting money transfers or using a mobile internet connection to retrieve bank account information. There are specific "contactless" technologies that enable phones to send money to contactless cash registers. In Vietnam, the speed of mobile payment development is not commensurate with the potential. According to Vietnam Digital 2022 (We are Social, 2022), although about 73% of the Vietnamese population has a mobile network connection, only about 29% use mobile phones. The reason was that people's habits of using and paying in cash were still prevalent. In addition, low-income users often lived far away from central areas, and the cost of accessing financial services was quite high, reducing access opportunities. Previously, in his Decision No. 316/QD-TTg of Vietnam, the Prime Minister approved the pilot implementation of mobile money service for 2 years, starting on March 9, 2021, nationwide. The mobile money service allows customers to use telecommunications accounts to perform many different transactions, such as payment for goods and services of small value, transfer money, deposit money, and withdraw money directly at the network's stores and transaction points nationwide without a bank account. People without a smartphone can carry out these transactions, and they also don't need to have an internet connection. According to data from the Ministry of Information and Communications in Vietnam, in the first six months of 2022, the number of mobile subscribers using the mobile money service had increased by four times compared to the first month of implementation. The average monthly growth was about 20%. The total number of accounts with at least one transaction in six months reached 1.7 million accounts, accounting for 97.3% of the total customers registering and using the service (The Ministry of Information and Telecommunications, 2022). As of July 2022, approximately two million mobile subscribers were using mobile money services in Vietnam (Statista Research Department, 2023). In Vietnam, the percentage of people using mobile money payment methods is not high, but it is still highly appreciated for its applicability and development prospects because more than 60% of Vietnam's population lives in rural and mountainous areas. According to information from the Government Electronic Newspaper, experimenting with the mobile money telecommunication payment method, by October 2022, there were 2.2 million accounts in use in Vietnam, or 440% higher compared with the end of 2021. More than 1.3 million people who registered and used it were in rural and remote areas, borders and islands, which accounted for 68% of the total number of people registering and using the service, more than 14,000 units accepting payment, and more than 50% of business locations were located in rural areas (Government Electronic Newspaper, 2022), (The Ministry of Information and Telecommunications, 2022). According to information from the Saigon Giaiphong Newspaper, by early May 2023, the number of mobile money service users in Vietnam had reached more than 3.9 million, three times higher than in 2022 (Saigon Giaiphong News, 2023). Moreover, more than 2.7 million customers in rural, mountainous, remote, and mountainous areas have been using the service, accounting for 69 percent of customers using the service. The total number of transactions, including deposits, withdrawals, money transfers, and payments using mobile money, is more than 26.1 million, with a total value of about VND1,683 billion (US$69,567,684). Thuy Hang Vu Thi 87 The potential of the Vietnamese market is huge. By the end of 2023, Vietnam will reach 100.3 million people (Government News, 2024). Compared to Vietnam's population size, the number of mobile money users is still low and the Government's goal of bringing financial services to remote areas has not been guaranteed. The thrive of mobile money in the financial and technology world and the research in academic is unsynchronized (Bakri et al., 2023). How would the Vietnam mobile money provider ensure that the user adoption is at its highest rate when they studied the consumer behaviour in the apps? It is therefore thought to be crucial to investigate the connection between the attitudes of Vietnamese consumers and their propensity to accept mobile money. This article aims to investigate the variables that affect Vietnamese consumers' behavioral intention to use mobile money. Examining the tools used to gauge Vietnamese consumers' inclinations toward mobile money usage is another goal of this research. II. Literature Review and Hypotheses Development A. Mobile Money Depending on the degree of technological advancement and the integration of technology into financial and telecommunications services, there are variations in the global understanding of mobile money. Numerous studies have discussed mobile money because it is frequently confused with e-wallets due to their similar external expressions of using mobile phones to perform services (Tobbin, P., & Kuwornu, 2011), (Baganzi & Lau, 2017), (Jack & Suri, 2011). Mobile money characteristics, according to Sunduzwayo Madise (Madise, 2019), mobile money has six characteristics, which are utility and value, unit of account, portability, consistency, recognition, and legal tender. Mobile money promotes financial inclusion (Donovan, 2012), promotes economic growth and has a significant impact on macro outcomes, such as interest rate and inflation (Mawejje & Lakuma, 2019). For the micro-economy, mobile money facilitates the safe storage and transfer of money, makes it easy for people to pay for goods and services, and facilitates trade (Jack & Suri, 2011). Many researchers also point out that mobile money brings convenience and flexibility to money users because they can transact anytime, anywhere (Bisht & Mishra, 2016). Studies also revealed that mobile money usage can promote access to and use of financial services, especially among the rural population (Jack & Suri, 2011), (Aker & Mbiti, 2010), (Aker & Mbiti, 2010). This has promoted the commercialisation of agriculture, rural development and poverty alleviation (Kikulwe et al., 2014). However, using mobile money have also disadvantages (Gutierrez Eva & Choi Tony, 2014). The first is a security issue. Customer data can be compromised, there is the possibility of users losing personal information due to the use of mobile transactions. There are also many legal risks that mobile money fraud will increase if there is a lack of supervision of state management agencies. B. Behavioural Intention in Mobile Money The technology acceptance model (TAM) is a very well-liked and widely used theoretical framework that has drawn attention from users in information system (IS) and mobile banking research (Lai, 2017). The TAM model had an overall 40% evidence of effectiveness in predicting the system use (Legris et al., 2003). The main theoretical framework for technology diffusion is the TAM, which was created by Davis (1989) as an extension of the theory of reasoned action (TRA) and takes into account the usability and functionality of technology (Coffie et al., 2021). Furthermore, theory of planned behavior (TPB), an individual's intention is influenced by their behavior, social norms, and perceived behavioral control (Ajzen, 1991b). The intended action or plan to be carried out is called an intention, and it is GLOBAL BUSINESS & FINANCE REVIEW, Volume. 29 Issue. 2 (MARCH 2024) 85-99 88 one of the factors used to evaluate a person's behavioral ability. Ajzen (1991) asserts that an individual's intention is driven by motivation and signifies their willingness to engage in a particular behavior or course of action that they hope to accomplish. This model comprises four six factors: behavioural intention, attitude, self-efficacy, perceived ease-of-use, technology anxiety, perceived usefulness. TAM and TPB have become crucial model to explain the application of Information & Communications Technologies in different area, such as mobile banking (Muzurura & Chigora, 2019) and mobile payment (Jack & Suri, 2011). C. Conceptual Framework and Hypothesis Development The research team built the model based on the studies of (Aker & Mbiti, 2010), (Jack & Suri, 2011), (Aker & Mbiti, 2010), (Donovan, 2012), (Gutierrez Eva & Choi Tony, 2014), (Davis, 1989), (Ajzen, 1991b). There will be six variables including selfefficacy, perceived ease-of-use, technology anxiety, perceived usefulness, attitude toward mobile money and intention to use mobile money. Figure 1 summarises our proposed model and hypotheses. The research hypotheses were formulated as follows: Self-efficacy (SE) is considered to be a major factor in the intrinsic motivation of individual consumers (Davis, 1989) and was found to have an indirect influence on behavioural intention (Bandura, 1994). Specifically, SE has long been associated with ease-of-use as seen in the literature on technology adoption (Pavlou & Fygenson, 2006). Several empirical studies support the effect of effectiveness on technology adoption behaviour (Ellen et al., 1991). Consumers with high levels of SE are more motivated to perform certain tasks than consumers with low levels of SE because they are more confident in achieving task-positive outcomes (Noe & Wilk, 1993). Consumers with high levels of technological SE were more engaged in the use of technology-based services (Dabholkar & Bagozzi, 2002). This research concurs with this idea of Lim & Qi and posits that PEOU leads to positive attitudes toward using and SE encourages higher intention (Lim & Qi, 2023). Therefore, consumer's self-efficacy can predict consumer adoption of mobile money. Based on this, the research tests the hypothesis: H1. SE has a positive direct effect on the perceived ease of use (PEOU). H2. SE mediates the effect of perceived ease of Source: Author's recommendation based on literature review Figure 1. Research model Thuy Hang Vu Thi 89 use on the attitudes toward mobile money (AT). H3. SE mediates the effect of the attitudes toward mobile money on the intentions to use mobile money (IU). Technology anxiety (TA) can be evoked in consumers (Meuter et al., 2003) and influence their attitudes and behaviours towards the use of technology. Similarly, Parasuraman suggests that these consumers' positive or negative feelings towards technology are closely related to their behaviours (Parasuraman, A, Ziethaml, V. and Berry, 1985). Technological anxiety can cause consumer discomfort with technology itself (Liljander et al., 2006). Research by Meuter et al. has shown that technology anxiety is an important indicator of consumers' intentions to use technology-based services (Meuter et al., 2003). Gelbrich and Sattler find that anxiety about technology reduces mental acceptance of technology (Gelbrich & Sattler, 2014); consumers feel nervous about using a new technology, which leads to a negative impact on their intentions to use it. Similarly, anxiety about technology has a negative effect on the adoption of new forms of technology (Chen & Chang, 2013). Hence, herefore, the following hypothesis was proposed: H4. TA has a negative direct effect on perceived usefulness (PU). H5. TA mediates the effect of perceived usefulness on AT. H6. TA mediates the effect of the attitudes toward mobile money on IU. Perceived ease-of-use (PEOU) is the extent to which a person believes that using a particular system will not require effort (Davis, 1989). This means that little effort should be needed for the user to use a particular form of technology. This effort can be physical and mental (Taylor & Todd, 1995). Extensive research has documented evidence on the significant effect of PEOU on AT (Adams et al., 1992), (Davis, 1989), (Guriting & Oly Ndubisi, 2006), (Ramayah Jantan et al, 2003). PEOU in mobile payments is evaluated based on the registration process, payment methods, customer service access methods, and required payment processes. Users will feel that the service provider is providing them with convenience when a system is simple to use, straightforward, and easy to operate (Gefen et al., 2003), (Ha et al., 2023). The ease of use of the payment method, the simplicity of the registration process, the ease of access to customer support, the number of steps required to make a payment, the availability of mobile money transfer agents, and the ease of use of the service on smartphones with basic features and software are all considered PEOUs in the context of mobile money services. With these considerations, the research hypothesised that: H7. PEOU has a positive direct effect on AT. H8. PEOU mediates the effect of the attitudes toward mobile money on IU. Perceived usefulness (PU): the most important component of TAM, perceived usefulness (PU), defines how users see the possible advantages of utilizing a technological product and fosters a favorable impression of it (Davis, 1989). Perceived usefulness in mobile money payments is also defined as the degree to which users think that using mobile money will make their transactions easier (Prayudi et al., 2022). Therefore, PU has a significant impact on user attitudes toward improving performance through the use of mobile money services, such as simple payments, fast response times, and effective services. Furthermore, people are more likely to think mobile money works if they think it's a safe and dependable way to send and receive money. Previous research also confirmed that PU plays a significant role in maintaining the use of mobile payment technologies (Daragmeh et al., 2021), (Puriwat & Tripopsakul, 2021), (Rahi et al., 2023). Hence, the next hypothesis has been constructed: H9. PU has a positive direct effect on AT. GLOBAL BUSINESS & FINANCE REVIEW, Volume. 29 Issue. 2 (MARCH 2024) 85-99 90 H10. PU mediates the effect of the attitudes toward mobile money on IU. Attitude toward mobile money (AT) , according to the Theory of Reasoned Action (TRA) developed by (Ajzen, 1991a), indicates that the behavioural intention can be explained by the attitude toward behaviour that is defined as an individual's positive and negative feelings about behaving in a particular way. Additionally, in the TAM proposed by Davis, a system's attitude can explain a behavior's intention (Davis, 1989). Lin discovered a strong and favorable relationship between behavioral intention and attitude to explain the uptake or continuous use of mobile banking (Lin, 2011). Deb and David provided empirical evidence for the beneficial impact of attitude on behavioral intention (Deb & Lomo-David, 2014). Thus, the following hypothesis is formulated: H11. AT have a positive direct effect on IU. Intention to use (IU) is a familiar research topic in marketing. Intention to use can be found in research on the Theory of Intended Behaviour (TPB) (Ajzen, 1991b). Intention to use is considered the best predictor of the actual behaviour of adoption and use of any new technology (Davis, 1989), (Liébana-Cabanillas et al., 2015), (Venkatesh et al., 2003). Therefore, when determining the degree to which consumers accept using mobile commerce, the intention to use it is chosen as a dependent variable. In summary, Table 1 provides an overview of the constructs that may influence the intention to use mobile money (scales are shown in detail in Appendix). III. Research Methodology A. Population and Sample A purposive sampling technique was applied to select the various research areas, and simple random sampling. Survey participants were consumers in eight regions of Vietnam, including the Northeast, Northwest, Red River Delta, North Central, Central Highlands, South Central Coast, Southeast and Mekong River Delta regions. Samples were guaranteed in all areas with uniform proportions. According to Hinkin, the right sample size should have an item-to-response proportion ranging from as low as 1:4 to as high as 1:10 for each set of scales to be factor examined. In this research, there were 25 items to be assessed; hence, an ideal sample size should be between 100 and 250 respondents for adequate factor analysis (Hinkin, 1998). From this perspective, 307 responses in all whether from the demographic or scale ― sections were determined to be useable from the ― data that was gathered after partial returns and missing responses were eliminated. Based on the results of Variable Author, Year, Impact Self-efficacy (SE) (Davis, 1989) (+), (Ellen et al., 1991) (+), (Noe & Wilk, 1993) (+), (Bandura, 1994) (+), (Dabholkar & Bagozzi, 2002) (+), (Pavlou & Fygenson, 2006) (+) Technology anxiety (TA) (Parasuraman et al., 1985) (-), (Meuter et al., 2003) (-), (Liljander et al., 2006) (-), (Chen & Chang, 2013) (-), (Gelbrich & Sattler, 2014) (-) Perceived Ease of Use (PEOU) (Davis, 1989) (+), (Taylor & Todd, 1995) (+), (Adams et al., 1992) (+), (Ramayah Jantan et al, 2003) (+), (Gefen et al., 2003) (+), (Guriting & Oly Ndubisi, 2006) (+), (Ha et al., 2023) (+) Perceived Usefulness (PU) (Davis, 1989) (+), (Daragmeh et al., 2021) (+), (Puriwat & Tripopsakul, 2021) (+), (Prayudi et al., 2022) (+), (Rahi et al., 2023) (+) Attitude toward mobile money (AT) (Ajzen, 1991b) (+), (Davis, 1989) (+), (Lin, 2011) (+), (Deb & Lomo-David, 2014) (+) Intention to use (IU) (Davis, 1989) (+), (Ajzen, 1991b) (+), (Venkatesh et al., 2003) (+), (Liébana-Cabanillas et al., 2015) (+) Source: Compiled by the author (+ positive - negative) Table 1. Summary of factors affecting the intention to use Thuy Hang Vu Thi 91 the literature review, the research team built a scale and questionnaire to conduct research directly and online through Google Forms for consumers in Vietnam. The data collected are for quantitative research. As described in Figure 1, the conceptual model was built with details of eleven constructs. The measurement scale was built by referring to previous studies. The seven-point Likert measurement scale ranges from 1 for "strongly disagree" to 7 for "strongly agree" (Likert, 1932). B. Analysis Techniques The Structural Equation Model (SEM) was chosen for this research in order to test the hypothesis and facilitate the simultaneous testing of a number of relatively complex relationships (F. Hair Jr et al, 2014). Confirmatory factor analysis (CFA) was used in the first stage of SEM to confirm the accuracy and dependability of the data collected. Factor loading is a component of CFA testing; reliability indicators include Cronbach's Alpha (CA), composite reliability (CR), and extracted average variance (AVE). To test the hypothesis, full model testing is the second step (Hair et al., 2016). Among the tests needed for SEM are structural relationships (F. Hair Jr et al, 2014). SEM calculations using Smart PLS 3.0 software which allows testing of larger models to gain new insights from the data. IV. Results and Discussion A. Respondent Demographics Based on the results of distributing questionnairesto 307 respondents, the percentage of women's Vietnam (56.03%) who participated in using mobile money was higher than that of men (43.97%). Age of the respondents is Gen X (1965-1980) accounted for 30.29%, Gen Y (1981-1996) was 38.11% and Gen Z (1997-2012) was 31.6%. Respondent residences distributed in the regions with a rate of 14.66% in the Northwest, 13.68% in the Mekong Delta, 13.03% in the Northeast, 12.7% in the Central Highlands, 12.38% in the North Central, 12.05% in the Southeast, 11.4% in the Red River Delta and 10.1% in the South Central Coast of Vietnam. The respondents mainly graduated from universities/colleges (40.07%), and high school/vocational intermediate education was 33.88%. Another 14.1% were comprised of those with postgraduate qualifications, 9.77% graduated from lower secondary schools and 2.28% only achieved elementary level educations. The majority of the interviewees (37.13%) had an average monthly income of 4-9 million VND (equivalent 164USD - 369.13USD), and individuals with incomes in the range of 9-14 million VND (equivalent 369.13USD - 574.03USD) accounted for 28.66%. The remaining income levels accounted for 10.75% of the interviewees, with incomes in the range of 14-19 million VND (equivalent 574.03USD - 782.86USD), 10.75% had incomes from 19 million VND and more, 8.47% had incomes below 4 million VND and 4.23% of the survey respondents had no income. The data obtained showed that Viettel's mobile money users were the highest with 144 people (42.1%). The second was VNPT, with 112 people (32.7%) and the last was MobiFone with 86 people, accounting for 25.1% (Viettel, VNPT, MobiPhone are mobile money service providers in Vietnam). The majority of the users (64.6%) used the services when there was a need for telecommunications services (to top up phone cards, scratch cards, buy packages). Money transfers and receipts accounted for 61.4%; bill payments (electricity, water, internet) accounted for 55.3%, shopping and entertainment (Lotto) accounted for 28.9%, finances and insurance (borrowing money, savings) accounted for 23.1%, travel and tourism (hotel bookings) accounted for 13.5% and other purposes accounted for 16.1%. The majority of the people used mobile commerce because friends referred them (55.0%). Advertising on television and social networks was 45.8%, referred by relatives GLOBAL BUSINESS & FINANCE REVIEW, Volume. 29 Issue. 2 (MARCH 2024) 85-99 92 was 43.6%, colleague referrals was 33.9%, mobile money dealers was 21.1%, means of transport (bus, taxi) was 20.9% and other reasons/options was 5.7%. B. Confirmatory Factor Analysis A research with an external loading factor (outer loading) > 0.6 was accepted. An exploratory research accepted an external factor loading factor > 0.4 (Moores & Chang, 2006) 0.7 (Joseph F. Hair ≥ et al., 2019). In the stuty, the outer loadings of the variables AT4 and TA2,3,4 are eliminated because the outer loading coefficient is less than 0.7, specifically 0.667 and 0.457; 0.241; 0.129. In other variables with outer loading coefficients were high [0.739 - 0.859] > 0.6. The quality of observed variables is guaranteed (Table 2). There are several reasons for outer loading of TA cannot exceed the limit of papers requirement or standard in the analysis section. Vietnamese culture in money management. The habit of using cash in payment is a barrier to the development of mobile money services in Vietnam. Vietnamese users are familiar with direct payment methods in cash, common online payment methods using bank applications or via QR codes of e-wallets. Besides, other reasons may come from the survey subjects. Nearly 70 percent of respondents come from Gen Y and Gen Z. These generations were born when the internet was widely used. They grew up in a rapidly developing digital environment, with new and unique trends. Based on early and diverse exposure to technology, these generations tend to be creative and innovative in using technology to solve social problems. They also have the ability to use technology to connect and convey their messages to the global community through social networks and digital communication tools. Therefore, they do not appreciate TA factor. They may not be afraid of making mistakes or afraid to use new technology or worry about their data being violated when using mobile money. C. Structural Model According to Hair, internal consistency reliability and convergent validity should be established while testing for moderation effect (Hair et al., 2016). The CR and CA were the two metrics used to test the construct's reliability. The construct was deemed reliable if the CR and CA values were more than Factor Outer loading Factor Outer loading 1. Self-efficacy (SE) SE1 0.813 4. Perceived usefulness (PE) PU1 0.784 SE2 0.798 PU2 0.739 SE3 0.768 PU3 0.779 SE4 0.750 PU4 0.799 2. Technology anxiety (TA) TA1 0.795 PU5 0.770 TA2 0.457 5. Attitude toward mobile money (AT) AT1 0.828 TA3 0.241 AT2 0.762 TA4 0.129 AT3 0.765 3. Perceived ease-of-use (PEOU) PEOU1 0.814 AT4 0.667 6. Intention to 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 Source: Data processing results using SmartPLS Table 2. Outer loadings Thuy Hang Vu Thi 99 Appendix Variable Items Source Self-efficacy (SE) SE 1. I learn how to use mobile money on my smartphone easily; SE 2. I could use mobile money if someone showed me how to do it; SE 3. I could use mobile money if someone supports me when I am in trouble; SE 4. I can complete a money transfer or pay a bill with mobile money if I have plenty of time. (Davis, 1989), (Ellen et al., 1991), (Noe & Wilk, 1993), (Bandura, 1994), (Dabholkar & Bagozzi, 2002), (Pavlou & Fygenson, 2006) Technology anxiety (TA) TA 1. Mobile money service makes me feel uncomfortable; TA 2. I feel apprehensive about using new technology; TA 3. I fear that I will do the wrong thing when I use new technology; TA 4. I am worried about my data being compromised when using mobile money. (Parasuraman et al., 1985), (Meuter et al., 2003), (Liljander et al., 2006), (Chen & Chang, 2013), (Gelbrich & Sattler, 2014) Perceived Ease of Use (PEOU) PEOU 1. Mobile money allows me to easily control my financial transactions; PEOU 2. Mobile money brings convenience to use; PEOU 3. Steps to use mobile money are easy for me; PEOU 4. Mobile money gives me more freedom of mobility. (Davis, 1989), (Taylor & Todd, 1995), (Adams et al., 1992), (Ramayah Jantan et al, 2003), (Gefen et al., 2003), (Guriting & Oly Ndubisi, 2006), (Ha et al., 2023) Perceived Usefulness (PU) PU 1. In general, the mobile money could be useful for me PU 2. I can use mobile money to easily make financial transactions by phone PU 3. The mobile money service system is a useful mode of payment PU 4. Mobile money saves me time doing transaction service PU 5. Mobile money saves me shopping time (Davis, 1989), (Daragmeh et al., 2021), (Puriwat & Tripopsakul, 2021), (Prayudi et al., 2022), (Rahi et al., 2023) Attitude toward mobile money (AT) AT1. From negative to positive AT2. From inconvenience to convenience AT3. From poor to excellent AT4. From inattractive to attractive (Ajzen, 1991b), (Davis, 1989), (Lin, 2011), (Deb & Lomo-David, 2014) Intention to use (IU) IU1. I intend to use/reuse mobile money in the short or long term IU2. When there are suitable conditions (mobile device or financial capacity or access to mobile money service providers...), I will use mobile money services IU3. I will learn how to use mobile money better IU4. I will utilize mobile money for my transaction activities to the extent possible (Davis, 1989), (Ajzen, 1991b), (Venkatesh et al., 2003), (Liébana-Cabanillas et al., 2015) Source: Compiled by the author