Factors affecting satisfaction when participating in zalo pay gamification of banking university in ho chi minh city 2021

1 MINISTRY OF EDUCATION AND TRAINING THE STATE BANK OF VIET NAM BANKING UNIVERSITY OF HO CHI MINH CITY NGUYEN HUU TAM FACTORS AFFECTING SATISFACTION WHEN PARTICIPATING IN ZALO PAY GAMIFICATION OF BANK.

MINISTRY OF EDUCATION AND TRAINING THE STATE BANK OF VIET NAM

BANKING UNIVERSITY OF HO CHI MINH CITY

NGUYEN HUU TAM

FACTORS AFFECTING SATISFACTION WHEN

PARTICIPATING IN ZALO PAY GAMIFICATION OF BANKING UNIVERSITY

STUDENTS IN HO CHI MINH CITY

GRADUATE THESIS OUTLINE MAJOR: BUSINESS ADMINISTRATION

CODE: 7340101

HO CHI MINH CITY, 2021

MINISTRY OF EDUCATION AND TRAINING THE STATE BANK OF VIET NAM

BANKING UNIVERSITY OF HO CHI MINH CITY

NGUYEN HUU TAM

FACTORS AFFECTING SATISFACTION WHEN

PARTICIPATING IN ZALO PAY GAMIFICATION OF BANKING UNIVERSITY

STUDENTS IN HO CHI MINH CITY

GRADUATE THESIS OUTLINE MAJOR: BUSINESS ADMINISTRATION

CODE: 7340101

SUPERVISOR

Dr DANG TRUONG THANH NHAN

HO CHI MINH CITY, 2021

DECLARATION

I hereby declare that this is my own research work, the research results presented in the thesis are honest and objective The sources of information cited in this thesis are clearly indicated

I am responsible for my thesis

Signature

Nguyễn Hữu Tâm

Lastly, I would like to thank all my friends who encouraged and assisted me whenever

I encountered difficulties while working on this thesis

TABLE OF CONTENT

CHAPTER 1: INTRODUCTION 1

1.1 Research background 1

1.2 Research objectives 3

1.3 Research questions 3

1.4 Research subject and scope 4

1.4.1 Research subject 4

1.4.2 Research respondents 4

1.4.3 Research scope 4

1.5 Research method 4

1.6 Research structure 4

CONCLUSION 5

CHAPTER 2: LITERATURE REVIEW 6

2.1 The concept of satisfaction of customer 6

2.2 Theories background 6

2.2.1 The expectation confirmation theory 6

2.2.2 Diffusion of innovations theory 7

2.3 ACSI model 8

2.4 ECSI model 8

2.5 The acencendens and mediator model 9

2.6 The previous research 9

2.7 Proposed model 14

2.8 Hypotheses 15

CONCLUSION 20

CHAPTER 3: RESEARCH METHOLODOGY 21

3.1 Research Process 21

3.2 Research Method 22

3.2.1 Qualitative Research 23

3.2.1 Quatitative Research 24

3.3 Adjust the scale 25

3.3 Data processing methods 32

3.3.1 Cronbach’s Alpha Analysis 32

3.3.2 EFA Analysis 33

3.3.3 Regression Analysis 34

CONCLUSION 35

CHAPTER 4: DATA ANALYSIS 37

4.1 Sample descriptions 37

4.2 Cronbach’s alpha analysis 39

4.2.1 Evaluate independent variable scale 39

4.2.2 Evaluate dependent variable scale 42

4.3 Exploratory factor analysis (EFA) 43

4.3.1 EFA analysis for Independent Variable Scale 43

4.3.2 EFA analysis for Dependent Variable Scale 46

4.4 Correlation analysis 48

4.5 Regression analysis 48

4.6 Test the difference of independent variables and controlled variables based on Robust check 53 4.6.1 The differences in gender 53

4.6.2 The differnces in frequency 53

4.6.3 The differnces in purpose 54

4.7 The result of data analysis 55

CONCLUSION 55

CHAPTER 5: CONCLUSION AND IMPLICATIONS 57

5.1 Conclusion 57

5.2 Implications 58

5.3 Limitations and future research 61

REFERENCES 63

APPENDIX 1: FOCUS GROUP DISCUSSION (English Version) 68

APPENDIX 2: FOCUS GROUP DISCUSSION (Vietnamese Version) 69

APPENDIX 3: QUESTIONNAIRE SURVEY (English Version) 70

APPENDIX 4: QUESTIONNAIRE SURVEY (Vietnamese Version) 76

APPENDIX 5: DATA ANALYSIS RESULT 82

LIST OF ACRONNYMS

SPSS Statistical Package for the Social Sciences

LIST OF FIGURES

Figure 2.3 The actecendens and mediator model 23

LIST OF TABLES

Table 2.2 Synthesize the hypothesis of the current study 32

Table 3.2 Measurement scale of observed variables 38 Table 3.3 Coding the variables of the scale 42

Table 4.4 Cronbach’s Alpha coefficient of Indepenent Variable 50 Table 4.5 Cronbach’s Alpha coefficient of Depenent Variable 53 Table 4.6 KMO and Bartlett's Test for Independent Variables 54 Table 4.7 Eigenvalues and covariance deviations for independent

variables

55

Table 4.8 Factor loading for Independent Variables 55 Table 4.9 KMO and Bartlett's Test for dependent Variable 56 Table 4.10 Eigenvalues and covariance deviations for dependent

variables

57

Table 4.11 Factor loading for Dependent Variables 57

Table 4.15 Coefficients Analysis for Independent Variables 59 Table 4.16 Summary table of research hypothesis 61

Table 4.17 One-way analysis of variance by gender 64 Table 4.18 One-way analysis of variance by frequency 64 Table 4.19 One-way analysis of variance by purpose 65

ABSTRACT

Students at the University of Banking in Ho Chi Minh City are the subject of this thesis, which seeks to identify the factors that influence their level of satisfaction when using Gamification of Zalo Pay From the limitations of previous studies, there is no research focused on the satisfaction level when using gamification of Zalo Pay, which

is the reason for the author to decide to carry out the topic The research is founded on theories and models concerning customer satisfaction and product intent This investigation combines qualitative and quantitative research techniques The qualitative study conducted a literature review and interview the Baking University students to determine the factors influencing the level of satisfaction In the quantitative study, the author collects survey data from 205 Banking University students who have utilized Zalo Pay's gamification

Based on the research results, five factors influence satisfaction level when using Zalo Pay’s gamification: reliable, perceived convenience, cashback & reward, security system, ease of use and save time & effort The perceived convenience factor has the most decisive influence on the satisfaction level when using Zalo Pay’s gamification, and the reliable factor has the weakest factor Based on the results after testing with SPSS, it also helps the author to eliminate factors that do not affect the level of user satisfaction

From the study results, several governance implications have been proposed to improve and enhance the satisfaction level when using gamification of Zalo Pay

Keywords: Reliable, Perceived Convenience, Cashback & Reward, Security System,

Ease of Use, Save Time & Effort, Satisfactione Level, Zalo Pay’s gamification

CHAPTER 1: INTRODUCTION

1.1 Research background

E-wallets are one of the fields that have appeared for a long time but are not really popular with the public However, e-wallets have grown and exploded when attracting millions of consumers since 2014 with the appearance of many names such as Momo, VTC pay or Zalo pay (Hanh, 2019) It is because of the convenience as well as the preeminent features that e-wallets have become one of the areas of interest for many investors Currently, e-wallets are providing services to more than 31 million existing customers in the Vietnamese market (Yen, 2022) Besides, when the time of the Covid-

19 epidemic took place, e-wallets were one of the top solutions chosen by consumers to use According to the Director of the Payment Department of the State Bank, although the transaction value of e-wallets is not equal to that of banks, the number of transactions via e-wallets is almost equivalent to the number of transactions at banks

In addition, according to many studies, e-wallets also bring many benefits such as improving the consumption activities of households (Batista & Vincente, 2018), reducing transaction costs, increasing privacy and reducing costs theft risk (Hamdan, 2019), increasing school-age children's participation in school (Rotondi & Billari, 2021)

Besides, when the time of the Covid-19 epidemic took place, e-wallets were one of the top solutions chosen by consumers to use According to the State Bank of Vietnam, more than 85% of consumers own at least one e-wallet payment application More than 71% of consumers use e-wallets at least once a week That shows the importance of today's e-wallet application is gradually becoming indispensable in our lives

The customer group also has many changes when Gen Z is gradually becoming the main customer group for products and services The characteristic of this target group

is that they tend to shop more online and do not have the habit of using cash

Therefore, gen Z is considered the target customer group of e-wallet brands However, along with the development of e-wallet applications, the level of competition also appears more and more Currently, more than 50 e-wallet applications have appeared

on the market and this number is increasing Therefore, to attract consumers to use the service, these brands have come up with solutions to improve features as well as launch marketing campaigns to attract consumers With the unique characteristics of e-wallet applications, basic forms of marketing are not enough to attract customers So names like Momo or Zalo pay or Shopee pay have used gamification activities in marketing campaigns to help attract the target audience Gamification is becoming a new trend used by brands when implementing their marketing campaigns

So what factors affect the level of consumer satisfaction when participating in gamification? How to improve consumer experience when participating in gamification? To answer the above questions, the author decided to carry out a

research topic for the graduate thesis, which is Factors affecting satisfaction when

participating in gamification of Zalo Pay to conduct research However, due to

limited practical knowledge, time and experience, it is possible to conduct a large-scale study Therefore, this study was only conducted within the Banking University of Ho Chi Minh City The main subjects selected for the research are students studying at the university

Currently, there are quite a few research papers on gamification in universities in

Vietnam, so the study "Factors affecting the satisfaction of banking university

students in Ho Chi Minh City when participating in the Zalo Pay gamification” is

one of the few research papers on this topic In Vietnam, most of the research papers only focus on studying the intention to use e-wallets or the level of satisfaction when using e-wallets Besides, gamification is also one of the new forms of marketing being used a lot by companies in recent times However, there are almost no research papers

in Vietnam that focus on researching and understanding the impact of gamification on customer satisfaction Especially for the target customer group of e-wallets is gen Z Research on the impact of factors affecting satisfaction when using gamification can bring a lot of value to Zalo Pay as well as provide solutions suitable for their customer group Therefore, this thesis will be valuable reference material for other studies at present and in the future

1.2 Research objectives

Analysis of factors affecting the satisfaction level of banking university students in Ho Chi Minh City when participating in gamification of Zalo Pay From there, provide solutions to help Zalo Pay improve the quality of gamification as well as attract more people to use the product

Based on the general goal to determine the general goals as follows:

(1) Determining the factors affecting the satisfaction level of banking university students in Ho Chi Minh City when participating in the gamification of Zalo Pay

(2) Assessing the influence of factors affecting the satisfaction of banking university students in Ho Chi Minh City when participating in the Zalo Pay gamification

(3) Providing governance implications for Zalo Pay to improve and innovate the gamification

(3) Which suggestions for Zalo Pay is improving and innovating gamification?

1.4 Research subject and scope

Research scope: Banking University of Ho Chi Minh city

Research time: The research is going to be carried out from March to May, 2022

1.5 Research method

This study uses two main methods to conduct research, which are qualitative research and quantitative research:

Qualitative research: Conducting preliminary research through interviews with subjects

in the survey group to check the validity of the questionnaire Arguing and referencing theoretical bases from previous studies, thereby building a suitable model for the research paper

Quantitative research: Designing questionnaires, building a 5-level Likert scale and processing the collected data Using SPSS software to test and evaluate the collected data through Cronbach Alpha test, KMO test, Exploratory factor analysis (EFA)

1.6 Research structure

In addition to the table of contents, the list of abbreviations, appendices and references, this research paper is divided into 5 chapters:

Chapter 1: Overview of thesis

Chapter 2: Literature reivew and review research models

Chapter 3: Research metholodogy

Chapter 4: Data Analysis

Chapter 5: Conclusion and recommendations

CONCLUSION

Chapter 1 introduces an overview of the research paper so that readers can see the problem of the research through the reasons why the author chooses the topic, research objectives as well as research questions Besides, in this chapter, the author also briefly introduces the research methods, research limitations as well as the contributions of the study In addition, the author also provides information about the structure of the entire research paper so that readers can easily follow

CHAPTER 2: LITERATURE REVIEW

2.1 The concept of satisfaction of customer

According to Kotler (2001), customer satisfaction is defined as "the customer's feeling

of pleasure or disappointment when comparing the actual results received through consuming the product with their expectations" Customer satisfaction is the response

of the consumer when the desired is met (Oliver, 1997)

For Paul (2010) customer satisfaction is “a number of customers or percentage of total customers whose experience with a product/service exceeds the satisfaction criteria set out in corporate reporting”

According to Parasuraman et al (1998), customer satisfaction is their expectation about the perceived difference between known and perceived experience

From there, it is possible to see the satisfaction of customers when evaluating a certain service based on their perception of the process of experiencing that service and that product/service meets their expectations

2.2 Theories background

2.2.1 The expectation confirmation theory

A commonly used theory to look at customer satisfaction is the Confirmation Theory” The theory developed by Oliver (1988) is used to study customer satisfaction with a certain service or product The theory consists of two sub-processes that have an independent impact on customer satisfaction: service expectations before purchase and service perception after experience According to Oliver, the level of customer satisfaction after experiencing the service will occur in 3 cases:

“Expectation-(1) If the actual results that customers experience with the product/service are lower than their expectations, the customer will feel dissatisfied

(2) If the actual results the customer gets is equal to their expectations, the customer will feel satisfied

(3) If the actual results received by the customer exceed their expectations, the customer will feel extremely satisfied with the service/product experience

2.2.2 Diffusion of innovations theory

The diffusion of innovation theory was introduced in 1962 and adapted by Rogers (1995) This theory focuses on understanding why, how and at what rate innovative ideas spread in society (Rogers, 1962) Rather than focusing on persuading individuals

to change, this theory views change as primarily about the evolution or "re-creation" of products and behaviors so that they become more relevant to the needs of the individual individuals and groups In het diffusion of innovation theory, it is not the people who change, but the innovative product itself On the other hand, spillover is the process by which innovation is communicated through certain channels over time among members of the social system (Rogers, 1995)

Rogers (1995) argues that the process of consumer acceptance of a new product includes five stages: awareness, interest, evaluation, trial, acceptance:

_ First, the consumer becomes aware of the new product but lack of information about

_ When the product has reached customer satisfaction, they will decide to use the product regularly

2.3 ACSI model

The ACSI model is an American satisfaction index model developed at the University

of Michigan This model is a cause-and-effect model with indexes for factors driving customer satisfaction such as customer expectations, perceived quality, perceived value, customer complaints and customer loyalty

Indices are multivariate components measured by a number of weighted questions in the model Questions to assess customers' evaluations of the determinants of each indicator are deployed on a scale of 0 to 100 Thereby, the higher the expectation, the higher the perceived standard of the product/service the higher If the business can respond, it will help increase customer satisfaction, loyalty, and vice versa will be complaints about a bad experience

Figure 2.1 ACSI Model

2.4 ECSI model

In ECSI model, factors such as customer expectations, perceived quality, perceived value, customer satisfaction and loyalty are similar to the ACSI model However, the ECSI model has a few differences such as not including customer complaints and

having an additional association with the company image This factor is considered to have a direct impact on customer expectations, satisfaction and loyalty In addition, the ACSI index is often used in the public sector, while the ECSI is commonly used to measure the product of industries

Figure 2.2 ECSI Model

2.5 The acencendens and mediator model

This is a review model based on antecedent, intermediate and outcome factors of service quality that helps to improve the relationship between customer satisfaction and customer intention to use

Figure 2.3 The actecendens and mediator model

2.6 The previous research

Firstly, “E-Banking and Customers’ Satisfaction in Bangladesh: An Analysis” of Jannatul Mawa Nupur (2010)

This research aims to determine the effect of e-banking variables on customer satisfaction in Bangladesh The study period is from 2006 to November 2009 because e-banking services were relatively new during this time frame Based on the SERVQUAL model and the literature review, five service quality dimensions, namely reliability, responsiveness, assurance, empathy, and tangibles, have been established In e-banking, these variables have been examined to determine the relationship between service quality and customer satisfaction 250 customers were interviewed using a structured questionnaire to collect the data

Secondly, “An empirical study of factors affecting e-service satisfaction” – A study investigate the factors that influence e-service satisfaction of Xiaoni Zhang, Victor Prybutok and Albert Huang (2006)

A questionnaire-based survey was conducted to ascertain the factors affecting user satisfaction with e-services The questionnaire was developed in part from previously published research and validated by a panel of researchers and industry experts The questionnaire yielded over 700 usable responses, which were analyzed The findings indicate that user satisfaction with e-services is related to perceived convenience, user capabilities and experiences, and perceived security

Thirdly, “Gaps in customer satisfaction with digital wallets: challenge for sustainability” of Ramesh Kumar Bagla and Vivek Sancheti (2018)

The aim of this paper is to analyze the factors that contribute to the rising popularity of digital wallets in India and the challenges that this innovative product faces in terms of gaps between user expectations and their level of satisfaction with leading wallet brands such as Paytm, Freecharge, Mobikwik, and Oxigen The descriptive research is based on primary data collected via structured questionnaire from 313 survey participants in Delhi's National Capital Region who were chosen using a non-

probability convenience sampling technique SPSS 23.0 software was used to transform the collected data to a data matrix and inferential analysis was performed Fourthly, “A Study of Customer Satisfaction Towards E-Wallet Payment System in Bangladesh” of Md Wasiul Karim, Mohammad Abdul Matin Chowdhury and AKM Ahasanul Haque (2013)

Payment systems have been fundamentally altered by the introduction of a new dimension in fintech, allowing for the use of e-wallets in conjunction with mobile payment The intense competition in the e-wallet space has compelled providers to focus exclusively on customer satisfaction A total of 480 data points were collected from respondents residing in Dhaka The structure of this study was developed by approaching the TAM model, and all hypotheses were examined using Structural Equation Modeling The findings indicate that technology self-efficacy is one of the critical factors of satisfaction with a positive relationship Except for the relationship between perceived usefulness and satisfaction, all hypotheses were found to be significant

Fifthly, “Analysis of Factors Affecting Customer Satisfaction: Study on E-wallet Services” of Azzah Fathan Nadhira (2021)

The study's objectives are to determine the effect of availability on customer satisfaction and the effect of perceived risk on customer satisfaction Additionally, the study examines the relationship between ease of use and customer satisfaction The data was gathered via an online questionnaire distributed to 150 users of Surakarta's e-wallet Purposive Sampling was used in this study to obtain a sample of 150 respondents The findings of this study indicate that there is a significant relationship between customer satisfaction and availability, perceived risk, and ease of use

Sixthly, “A study on customer satisfaction towards e-wallet in Tirunelveli city” of Abdul Rahuman (2021)

The purpose of this article is to ascertain the level of customer satisfaction among those who use e-payment apps The purpose of this paper is to understand the dynamics of the Tirunelveli E-Payment App by examining a variety of factors such as pricing, market share, revenue models, consumer behavior, and app convenience The descriptive research is based on primary data collected from 160 survey participants via structured questionnaires

The following Table 2.1 summarizes the studies related to satisfaction level of customer and the factors influencing satisfaction level:

Table 2.1 Previous studies summary

Cashback and Rewards

Convenience

Instant transfer

of money

Minimum Risk

No Transaction Fee

Insistence by Merchants/Service Providers for payment through a digital wallet

Technological efficacy

Self-Perceived Usefulness

Perceived Ease of Use

(2021) towards e-wallet in Tirunelveli city services

Save time and efforts

The Speed of login

of your Account is fast

Easier to use than Government app

Secured your information

Source: The Author’s summary

2.7 Proposed model

In order to increase the reliability of this thesis, the research model of factors affecting satisfaction level when participating Zalo Pay gamification of banking university in Ho Chi Minh city was built on the basis of inheritance of previous research results Research on the impact of factors affecting satisfaction when using gamification can bring a lot of value to Zalo Pay as well as provide solutions suitable for their customer group In this paper, a total of 6 independent variables and 1 dependent variable

Figure 2.4 Proposed Research Model

2.8 Hypotheses

The first hypothesis, Reliable - signed H1

Internet banking saves the bank time and money, in addition to reducing the likelihood that bank tellers will make mistakes (Jayawardhena & Foley, 2000) Robinson (2000) argues that the provision of Internet banking services enables banks to establish and

strengthen customer relationships In addition to the online payment applications provided by banks, e-wallets are developing and completing policies to ensure the interests of customers when using the service Transactions and payments made in e-wallets are completely transparent and users can fully check invoices and documents

In addition, the company also implements support policies if customers have any difficulties or problems when using the service Research by the authors Jannatul Mawa Nupur (2010) shows the influence of Reliable on user satisfaction level Hence, the hypothesis of H1 followed as:

H1: Reliable is correlated with the satisfaction level when participating in Zalo Pay gamification of Banking University students in Ho Chi Minh city

The second hypothesis, Perceived Convenience - signed H2

Convenience is a general concept applicable to a variety of business contexts; therefore, it is significant in both traditional and e-service environments Based on the work of Berry et al (2002), the definition of convenience uses access convenience and transaction convenience to measure perceived convenience Convenience is a concept that is difficult to define and poorly understood It can include multiple dimensions, including reduced waiting time and reduced effort Some prior studies have linked convenience with satisfaction, for instance “What hooks m-commerce customers?” of Magura (2003), “A consumer perspective of e-service quality” of Zhang et al (2005) Utilities are one of the factors that contribute to a user's decision to choose a product or service Today, we face a huge amount of work, so applications that bring convenience are the choice of many people Research by the authors Xiaoni Zhang, Victor Prybutok and Albert Huang (2006) shows the influence of Perceived Convenience on user satisfaction level Hence, the hypothesis of H2 followed as:

H2: Perceived Convenience is correlated with the satisfaction level when participating

in Zalo Pay gamification of Banking University students in Ho Chi Minh city

The third hypothesis, Cashback and Rewards - signed H3

Today, marketing campaigns are not only done through branding or social media as in the past With the change of consumer trends, companies also pay more attention to different marketing methods One of them is the application of gamification to the product to increase the level of user satisfaction with the product However, gamification is not enough, without promotions and rewards, users will not be motivated to participate Research by the authors Ramesh Kumar Bagla and Vivek Sancheti (2018) shows the influence of Cashback and Rewards on user satisfaction level Hence, the hypothesis of H3 followed as:

H3: Cashback and Rewards is correlated with the satisfaction level when participating

in Zalo Pay gamification of Banking University students in Ho Chi Minh city

The fourth hypothesis, Sercurity System - signed H4

Mattila and Mattila (2005) asserted that security has been widely acknowledged as one

of the primary barriers to the adoption of the Internet, which is dependent on the availability of internet service and, intriguingly, a number of other social and psychological factors as well Today, users tend to choose products and services that guarantee security Because they are afraid that personal information may be stolen when using or participating in Internet-based applications Research by the authors Md Wasiul Karim, Mohammad Abdul Matin Chowdhury and AKM Ahasanul Haque (2013) shows the influence of Sercurity System on user satisfaction level Hence, the hypothesis of H4 followed as:

H4: Sercurity System is correlated with the satisfaction level when participating in Zalo Pay gamification of Banking University students in Ho Chi Minh city

The firfth hypothesis, Ease of Use - signed H5

According to Amin et al (2014), the Ease of Use of mobile networks would directly boost individual creativity Al-Maroof and Al-Emran (2018) conducted research on undergraduate students who believe web service technology is simple and user-friendly, thereby significantly influencing its overall usefulness In Malaysian markets, the recent development of mobile-based technology, such as e-wallets, has garnered a great deal of attention Empirical research on e-wallet usage behavior hypothesizes that the more versatile or practical mobile technology is, the simpler it is to use (Karim et al., 2020) Mobile phones on the globalized market are quite remarkable communication devices, with their usability and user interface constituting the phenomenon of contentment (Amin et al., 2014) Research by the authors Azzah Fathan Nadhira (2022) shows the influence of Ease of Use on user satisfaction level Hence, the hypothesis of H5 followed as:

H5: Ease of Use is correlated with the satisfaction level when participating in Zalo Pay gamification of Banking University students in Ho Chi Minh city

The sixth hypothesis, Save time and efforts - signed H6

Today, we are faced with too much work to handle, so proper time management can save us time to deal with work Services and apps that can help people solve time problems are always first choices Besides, the current general trend is to solve problems through the Internet, so services and products can help users save time and improve customer satisfaction when using Research by the authors Abdul Rahuman (2021) shows the influence of Save time and efforts on user satisfaction level Hence, the hypothesis of H6 followed as:

H6: Save time and efforts is correlated with the satisfaction level when participating in Zalo Pay gamification of Banking University students in Ho Chi Minh city

The following table summarizes the hypotheses that the author expects the factors that will positively influence brand equity:

Table 2.2 Synthesize the hypothesis of the current study

H1 Reliable is correlated relationship with

the satisfaction level when participating in Zalo Pay gamification

of Banking University students in Ho Chi Minh city

Correlated

H2 Perceived Convenience is correlated

relationship with the satisfaction level when participating in Zalo Pay gamification of Banking University students in Ho Chi Minh city

Correlated

H3 Cashback and Rewards is correlated

relationship with the satisfaction level when participating in Zalo Pay gamification of Banking University students in Ho Chi Minh city

Correlated

H4 Sercurity System is correlated

relationship with the satisfaction level when participating in Zalo Pay gamification of Banking University

Correlated

students in Ho Chi Minh city

H5 Ease of Use is correlated relationship

with the satisfaction level when participating in Zalo Pay gamification

of Banking University students in Ho Chi Minh city

Correlated

H6 Save time and efforts is correlated

relationship with the satisfaction level when participating in Zalo Pay gamification of Banking University students in Ho Chi Minh city

CHAPTER 3: RESEARCH METHOLODOGY

3.1 Research Process

On the basis of their theoretical foundation, researchers can choose between qualitative and quantitative methods, or both Qualitative methods involve sifting through data from a small number of surveys and observations, whereas quantitative methods require the researcher to collect data from market surveys, such as questionnaires (Halvorsen, 1992)

This study was conducted in two phases: (1) qualitative research to develop a questionnaire, and (2) quantitative research to collect, analyze exploration data, estimate, and validate the model

The objective of qualitative research is to correct, add scales to research concepts, and design appropriate questionnaire surveys On the basis of the identified research objectives and the theoretical foundation, the author has developed the first questionnaire survey question Nevertheless, the first questionnaire is undoubtedly inappropriate As a result, when the teacher's guide and reference materials were revised, the author formulated the second customer survey questionnaire, which was to

be used for quantitative research

The content is shown in the following figure:

Figure 3.1: Research Process

3.2 Research Method

Research methodology plays an essential role in research design for determining how the information will be collected Usually, scientific research in marketing focuses on two main methods: the qualitative research method and the quantitative research method (Cavana et al., 2001) The quantitative research requires being objective and hypothetical, starting with a theoretical hypothesis and providing evidence that supports or opposes a predefined hypothesis In contrast, the qualitative research is subjective and inductive, starting with observations and finding suitable patterns and processes (Cavana et al., 2001) This study aims to determine the model of factors affecting the satisfaction level when participating in Zalo Pay gamification of Banking

Research problem Objective of

reserach

Review the literature

Models and hypotheses

Preliminary research

Formal scale and

questionnaire

Collecting data Statistical analysis The result, the

solution implication Cronbach’s Alpha

Exploratory factor analysis

(EFA) Regession analysis

University students in Ho Chi Minh city with a set of predefined hypotheses Therefore, the quantitative method will be applied a official research

3.2.1 Qualitative Research

Qualitative preliminary research was conducted in Ho Chi Minh City, HCM, in May of

2022 Utilizing structured questionnaires, the research team clarified seven research concepts: (1) Reliability, (2) Perceived Convenience, (3) Cashbacks and Rewards, Security System(4), (5) Ease of Use, (6) Save Time and Efforts, and (7) Gamification Satisfaction Level In addition, the questionnaire was used to test the questionnaire in order to make any necessary adjustments and additions before conducting the official interview

For research projects on the factors that influence user satisfaction when using Zalo Pay gamification, the author will select a closed-ended question type to assess consumer respondents' attitudes and perspectives on satisfaction The closed question format indicates that the respondent will choose to agree or disagree with the statements regarding the questionnaire's components Through the questionnaire's available responses, the team will be better able to quantify the response and discern the respondents' evaluation level Respondents will be able to express their views and opinions on factors relating to their level of satisfaction when using gamification, which will be acknowledged by the authority responsible for revising the questionnaire Inquire about the standard scale utilized in quantitative research methods In addition, the research team examined the survey's grammatical and grammatical structure in order to unify, clarify, and avoid confusing respondents during interviews In order to measure independent and dependent variables, this paper will employ a 5-point Likert scale

The Likert scale is a range scale, so the researcher can process and quantify the collected data to determine the correlation and linear relationship between independent variables and the dependent variable

The questions in the questionnaire are assessed on the following 5 levels:

analysis For optimal results, the sample size must satisfy the following formula: n> =

50 + 8p

n is the sample size; p is the number of independent variables in the model

In this paper, six independent variables are used in the model, which results in 98 samples when the formula 50 + 8 * 6 is applied To obtain the most accurate regression model, a minimum of 98 samples is required In order to minimize risks and errors during the implementation of the survey and increase the topic's accuracy, the research team surveyed 205 Banking University students, ranging from freshmen to seniors, in order to ensure that the results of the study are of high significance In addition, the research paper included an EFA discovery factor analysis, which, according to Hair et

al (1998), requires a sample size of at least 50, preferably 100, with a variable ratio of 5: 1 and the formula n> = 5 * q to be performed

In that: Size of the sample q: Quantity of questions

Twenty-five questions were used throughout the thesis The minimum sample size required to conduct an EFA discovery factor analysis is therefore n> = 5 * 25 = 125 samples In order to combine EFA and regression analysis, a minimum of 125 samples are required

3.3 Adjust the scale

Based on the results of the interviews with 15 interviewees, the authors modified and added to the components that influence the level of customer satisfaction when using Zalo Pay gamification by freshmen to seniors at Banking University When conducting

a interview with students about the questionnaire, the author recorded the feedback on the questionnaire In it, the author has changed a word to make the question easier to understand and fix correctly grammar In addition, some questions were also changed

to fit the Vietnamese context The adjustment of the questionnaire through interviews helps to make the results recorded when conducting the survey more accurate and transparent Concurrently evolved into a draft scale Based on the outcomes of the interviews, the author devised a method for measuring the factors that influence user satisfaction with Zalo Pay's gamification Students of Banking University's satisfaction

with Zalo Pay gamification is measured based on six factors: (1) Reliability, (2) Perceived Convenience, (3) Cashbacks and Rewards, Security System(4), (5) Ease of Use, and (6) Save Time and Effort

Table 3.2: Measurement scale of observed variables

1 Reliable (R) I believe Zalo Pay's gamification

system is reliable

Jannatul Mawa Nupur (2010)

Ridaryanto et al (2020)

I feel safe when participating in Zalo Pay's gamification

I trust the information provided

by Zalo Pay's gamification

I believe that Zalo Pay's gamification wallet will put the user's interests first

I believe my personal information will not be disclosed to other partners that I don't expect

The interface of, I easily manipulate and search for information

I easily manipulate the gamification of Zalo Pay

3 Cashbacks &

Rewards (CR)

The gamification of Zalo Pay provides me many attractive rewards

Ramesh Kumar Bagla and Vivek Sancheti (2018)

I have a chance to receive more vouchers when participating in Zalo Pay's gamification

I get cashback by accumulating coins when participating in Zalo Pay's gamification

The rewards from Zalo Pay's gamification keep me motivated

Chen (2008)

Vi et al (2020)

I believe that Zalo Pay e-wallet is always prepared to deal with risks and ensures data security

I believe that personal information My account will not

be used for other purposes

I believe that the information I