Factors affecting decisions on using e wallet momo of students of banking university ho chi minh city 2022

MINISTRY OF EDUCATION AND TRAINING STATE BANK OF VIETNAM BANKING UNIVERSITY OF HO CHI MINH CITY PHẠM NGUYỄN ĐAN THÙY FACTORS AFFECTING DECISIONS ON USING E WALLET MOMO OF STUDENTS OF BANKING UNIVERSIT.

BANKING UNIVERSITY OF HO CHI MINH CITY

PHẠM NGUYỄN ĐAN THÙY

FACTORS AFFECTING DECISIONS ON USING E-WALLET MOMO OF STUDENTS

OF BANKING UNIVERSITY HO CHI MINH CITY

GRADUATION THESIS MAJOR: FINANCE – BANKING

CODE: 7340201

HO CHI MINH CITY, 2022

BANKING UNIVERSITY OF HO CHI MINH CITY

PHẠM NGUYỄN ĐAN THÙY

FACTORS AFFECTING DECISIONS ON USING E-WALLET MOMO OF STUDENTS

OF BANKING UNIVERSITY HO CHI MINH CITY

GRADUATION THESIS MAJOR: FINANCE – BANKING

CODE: 7340201

HO CHI MINH CITY, 2022

ABSTRACT

The purpose of this research is to identify the factors affecting decisions in using Momo E-wallet of students of Banking University of Ho Chi Minh City The study was conducted on a theoretical foundation and earlier research on decisions to use Momo, in which the factors affecting the decisions to use the service is closely examined

The research data was collected through a self-administered questionnaire which was distributed online with a total of 150 respondents Supported by the collected data, the study was conducted formal research by quantitative research method using descriptive statistical analysis, correlation and linear regression analysis The research results show that Social Influence, Perceived Usefulness and Perceived Reliability significantly show positive effect on decisions to use Momo of BUH students Additionally, Perceived Ease of Use and Perceived Cost also affect these decisions but possess a lower impact level

From the research findings above, the study suggests solutions and can be used

as recommendations relating to e-wallet service activities of Momo in order to improve the platform design as well as services to attract more consumers As a theoretical contribution, this study applies Technology Acceptance Model to investigate the factors affecting decisions in using Momo E-wallet of students of Banking University of Ho Chi Minh City

Keywords: Decisions on using, Momo, E-wallets, Technology Acceptance Model

COMMITMENT

I hereby declare that this thesis is my own work, with the support of my supervisor, Mr Nguyen Duy Linh, a lecturer at the Banking University of Ho Chi Minh City's Faculty of Finance To the best of my knowledge and belief, the thesis does not copy prior studies, and all assertions and material presented herein are correct and truthful The report's statistics and material are clearly cited and presented honestly

Ho Chi Minh City, ………

Author

Phạm Nguyễn Đan Thùy

ACKNOWLEDGEMENT

First of all, I would like to express my sincere gratitude to the teachers from Banking University Ho Chi Minh City, who generously assisted me throughout my four years of schooling I have gained a lot of knowledge over the last four years, all of which help me to become more confident and experience in the future

Secondly, I would like to express my deepest gratitude to my supervisor - Nguyen Duy Linh, Ph.D., who has wholeheartedly guided and helped me to complete this research

Due to the limitation of time, knowledge, and practical experience, this thesis certainly still has many shortcomings in the implementation process I am looking forward to receiving the sincere responses and suggestions of lecturers to improve this thesis This would be the basis, the premise for me to improve my knowledge in the future

Best regards!

CONTENT

LIST OF ABBREVIATIONS vii

LIST OF FIGURES viii

LIST OF TABLES ix

CHAPTER 1: INTRODUCTION 1

1.1 Research motivation 1

1.2 Research gap 3

1.3 Research objectives 3

1.3.1 General objectives 3

1.3.2 Specific objectives 3

1.4 Research questions 3

1.5 Research object and Research scope 4

1.5.1 Research object 4

1.5.2 Research scope 4

1.6 Research methodology 4

1.6.1 The approach methods 4

1.6.2 Data collecting methods 5

1.6.3 Data processing methods 5

1.7 Research framework 5

1.8 Research contributions 6

1.8.1 In literature 6

1.8.2 In practice 6

1.9 Thesis structure 6

CHAPTER 2: LITERATURE REVIEWS 9

2.1 Cashless payment 9

2.1.1 Definition 9

2.1.2 The role of cashless payment 10

2.1.3 Types of cashless payments 11

2.2 Electronic wallet 12

2.2.1 Definition 12

2.2.2 Role of electronic wallet 13

2.3 Consumer decisions on using E-wallet service 14

2.3.1 Definition 14

2.3.2 The role of consumer decisions on using E-wallet service 15

2.4 Theoretical literatures 16

2.4.1 Theory of Reasoned Action – TRA 16

2.4.2 Theory of Planned Behavior – TPB 17

2.4.3 Technology Acceptance Model – TAM 18

2.5 Relative empirical studies 19

2.5.1 International studies 19

2.5.2 Domestic studies 21

2.6 General regression model 28

CHAPTER 3: RESEARCH METHODOLOGY 32

3.1 Research process 32

3.2 Proposed regression model for sample 33

3.3 Research hypotheses 33

3.3.1 Relationship between Perceived Usefulness and User Decision 33

3.3.2 Relationship between Perceived Ease of Use and User Decision 34

3.3.3 Relationship between Social Influence and User Decision 34

3.3.4 Relationship between Perceived Reliability and User Decision 35

3.3.5 Relationship between Perceived Cost and User Decision 35

3.4 Scale construction 36

3.5 Data collection methods 38

3.6 Model testing method 39

3.7 Data processing methods 39

3.7.1 Quantitative method 39

3.7.2 Descriptive statistics method 40

3.7.2.1 Measures of Frequency 40

3.7.2.2 Measures of Central Tendency 40

3.7.2.3 Measures of Dispersion 41

3.7.2.4 Cross-tabulation 41

3.7.3 Cronbach’s Alpha reliability coefficient method 41

3.7.4 Exploratory factor analysis 42

3.7.5 Pearson correlation matrix analysis 44

3.7.6 Regression analysis 44

CHAPTER 4: RESEARCH RESULTS AND DISCUSSIONS 47

4.1 Research results 47

4.1.1 Descriptive statistics 47

4.1.2 Analyzing the scale’s reliability 52

4.1.3 Exploratory Factors Analysis (EFA) 53

4.1.4 Pearson correlation coefficients 55

4.1.5 Regression test results 56

4.1.6 Variance Inflation Factor test 57

4.1.7 Heteroskedasticity test 58

4.1.8 Accepted linear regression model 59

4.1.8.1 Testing the assumptions of residual normal distribution 59

4.1.8.2 Testing assumption of the linear relationship 60

4.2 Discussions on the results of research findings 61

CHAPTER 5: RECOMMENDATIONS AND CONCLUSIONS 65

5.1 Conclusions 65

5.2 Recommendations 65

5.2.1 Perceived Usefulness 66

5.2.2 Perceived Ease of Use 66

5.2.3 Social Influence 67

5.2.4 Perceived Reliability 67

5.2.5 Perceived Cost 68

5.3 Limitations and research direction 68

REFERENCES 71

LIST OF ABBREVIATIONS

LIST OF FIGURES

Figure 2.1 Model of Consumer Behavior 15

Figure 2.2 Theory of Reasoned Action Model 17

Figure 2.3 Theory of Planned Behavior Model 18

Figure 2.4 Technology Acceptance Model 19

Figure 4.1 The degree of impact of factors affecting consumer’s decisions in using Momo E-wallet at BUH 58

Figure 4.2 Histogram graph and the Normal P-P Plot of Regression 59

Figure 4.3 Scatter plot 60

LIST OF TABLES

Table 3.1 Summary table of hypothesis and expected values 36

Table 3.2 Scales coding for variables 37

Table 4.1 Demographic statistics of Momo users at BUH 47

Table 4.2 Statistics for major of Momo users at BUH 48

Table 4.3 Statistics for average monthly income of Momo users at BUH 49

Table 4.4 Statistics for daily Internet usage of Momo users at BUH 50

Table 4.5 Statistics for Momo using period of users at BUH 50

Table 4.6 Statistics for daily Momo usage of users at BUH 51

Table 4.7 Reliability Statistics 52

Table 4.8 KMO and Barlett’s Test 53

Table 4.9 Total Variance Explained 53

Table 4.10 Exploratory Factors Analysis 54

Table 4.11 Pearson Correlation Coefficients 55

Table 4.12 Adjusted R-square and ANOVA 56

Table 4.13 Multicollinearity statistics 57

Table 4.14 Spearman Correlation Coefficient 58

Table 4.15 Results of Hypotheses testing 63

CHAPTER 1: INTRODUCTION

The first chapter introduces the research motivation and identifies the research gap Moreover, the research objectives, research scope, research methodology, contributions and processes are presented in detail in this chapter By the end of this chapter, a summary is provided to convey the core content and serve as a basis for chapter 2

1.1 Research motivation

With the development of industrial revolution 4.0, E-wallet is the key driver for financial inclusion, in both developing and developed countries An E-wallet is a virtual wallet that helps store payment card information on computers or mobile devices to facilitate not only online purchases but also payments at retail points (Tolety, 2018)

There has been an increasing number in academic studies and research models about factors affecting the decisions to use e-wallet in the world (Hayashi et al., 2014; Rathore, 2016; Matemba & Li, 2018; Aydin & Burnaz, 2016; Punwatkar & Verghese, 2018; Soodan & Rana, 2020; Singh & Sinha, 2020;) These authors analyze factor affecting the decisions on using e-wallet globally in the various ways For instance, three major factors that influence consumer decisions on using e-wallet, including convenience in buying products online, brand loyalty, and usefulness of digital wallets (Rathore, 2016) Another research discussed that it is not only advantageous for buyers; traders are accepting e-wallet as a payment method because of its fastest transaction process, efficient cash management and less cost of labor (Hayashi et al., 2014) In spite of presenting their own conclusions after research findings, these studies provide shared overview of this emerging payment industry and the positive impact of e-wallet in the development of the fintech market

Recognizing the importance in this business, in Vietnam, many domestic research papers have been published online in the recent years Exploring the factors affecting the emergence of mobile payment acceptance in Vietnam, (Phuong et al., 2020) concluded that customer satisfaction and trust considerably affect customers’ continuance intentions towards e-wallet usage By using the analysis results of the

Unified Theory of Acceptance and Use of Technology (UTAUT) model, the research shows that factors including “Perceived usefulness”, “Mobile application quality” and

“Payment security” all have significant influence on customer’s satisfaction According to Huong et al (2020), the strongest factor being “Customer perception to social impact” should be highly considered to better understand customer’s choosing intention regarding e-wallet In addition, another research discussed that the effectiveness of use has a substantial impact on the intention of using e-wallet service, which is the most leading factor considered by consumers (Cuong et al., 2020) However, throughout author’s research progress within the existing databases, it is noticed that there has been a limitation in studies to explore the factors affecting customer decisions on using e-wallet in Vietnam These above empirical studies mostly examined large populations rather than specific audience segment with distinctive behaviors, which can be inapplicable in consideration of the differences in economy, culture and society On the other hand, the domestic studies have only encountered the decisions of customer towards e-wallet service in general instead of focusing on a specific platform

In recent years, the advent of Fintech has brought about positive changes to Vietnam’s economy and created an impact on traditional finance organization’s business strategy Moreover, the arrival of digital wallets in Vietnam has received significant attention from consumers in recent years for the ease of use, as well as advantageous payment features with lower costs, wider and better access Witnessing advantages and potential in this emerging industry, the fierce competition in the digital wallet market has attracted the participation of over 30 service operators One of Vietnam’s dominating names with an estimated 20 million users, Momo has become widely known among the young generation Although the mobile payment industry continues to grow and attract investors’ interest, e-wallet has not made such an impact

on consumption habits of Vietnamese people, particularly the young generation who are always in contact with modern technology Therefore, it is essential to analyze the factors affecting decisions on using e-wallet Momo of students of Banking University

Ho Chi Minh City to help service provider establish a stable development

From reasons above, within in the framework of the thesis entitled “FACTORS AFFECTING DECISIONS ON USING E-WALLET MOMO OF STUDENTS OF

BANKING UNIVERSITY HO CHI MINH CITY”, the thesis will give detailed explanation about the mentioned factors and propose some recommendations to service providers of Momo in order to pay attention to these factors as well as improve the customers’ satisfaction when using Momo

1.2 Research gap

There has been a number of scientific publications and magazine articles released which contribute to the research on factors influencing the decisions on using e-wallet payment across major cities in Vietnam as well as oversea However, most of these documents likely to focus on the adoption and attitude of customers towards e-wallet payment systems in general so there is still a lack of studies on Fintech products and services such as Momo Following the relative empirical studies, the author applies the quantitative method as the same approach which most authors chose to analyze the research subject In short, this study is designed to supplement and contribute to Momo’s operations as well as the company further development in Vietnam

1.3 Research objectives

1.3.1 General objectives

This research investigates the factors that influence the decisions of using wallet Momo (Momo) of students of Banking University Ho Chi Minh City (BUH students) The results are used to propose some recommendations to Momo providers

e-in order to further improve their services as well as attract more customers

1.3.2 Specific objectives

 Identifying the factors which affect customers’ decisions on using E-wallet

 Examining the influence level of each factor on BUH students’ decisions when using Momo

 Proposing some recommendations to Momo developers in order to enhance consumers’ satisfaction

1.4 Research questions

 Which factors are affecting customers’ decisions on using E-wallet?

 How do these factors affect BUH students’ decisions when using Momo?

 What are recommendations to Momo developers in order to enhance consumers’ satisfaction?

1.5 Research object and Research scope

1.5.1 Research object

The research studies factors influencing the decisions of using Momo E-wallet among BUH students

1.5.2 Research scope

 Scope of space: Banking University Ho Chi Minh City

 Scope of time: January 2022 – April 2022

1.6 Research methodology

1.6.1 The approach methods

Study based on the acquisition and inheritance of theories as a basis for the research on factors affecting BUH students’ decisions on using Momo as follows:

 Theory of Reasoned Action (Fishbein & Ajzen, 1975) suggests that most behaviors of social relevance are under volitional control, and that a person's intention to perform a behavior is both the immediate determinant and the single best predictor of that behavior

 Theory of Planned Behavior (Ajzen, 1991) is an extension of the Theory of Reasoned Action to include behaviors that are not entirely under volitional control Therefore, a variable called “Perceived Behavioral Control” was added

to the TRA to accommodate such behaviors

 The author applies the Technology Acceptance Model (Davis, 1989), which is a particularly well-researched intention model that have proved successful in predicting technology acceptance behavior

 The study adopts related international and domestic studies of factors that influence customer’s decisions on using electronic payment methods (Taufan & Yuwono, 2019; Sfenrianto, 2015; Chin & Ahmad, 2015; Dastan & Gürler, 2016; Gia-Shie Liu & Tai, 2016; Thanh & Phuc, 2017; Bich & Ninh, 2020) These theories are also the basis for the study of factors affecting decisions on using Momo of BUH students Moreover, the study consults the relative empirical studies and research documents of factors affecting decisions on using e-wallet service

as a foundation for comparison and evaluation of the quantitative analysis results

1.6.2 Data collecting methods

The thesis collects primary data from an online survey, which takes place from January 2022 – April 2022 with respondents mainly are students from BUH Sample size chosen for the research includes 165 BUH students, who are familiar with the e-wallet industry and use Momo frequently The survey’s language is conducted in Vietnamese

1.6.3 Data processing methods

The research is conducted with quantitative research methods Quantitative research gathers the statistic results from questionnaires respondents and measures the effect of factors affecting decisions on using Momo of BUH students

 Use SPSS software

 Descriptive analysis

 Examine the reliability of measured scale

 Exploratory factor analysis

 Pearson correlation matrix analysis

 Analysis of multivariable linear regression model

 Testing of model defects (VIF, DW, Spearman)

1.7 Research framework

 Step 1: Determining research subject and research object

Research subject: factors affecting decisions on using Momo of BUH students Research object: analyzing factors influencing the decisions of using Momo among BUH students, thereby proposing some recommendations to enhance customer satisfaction

 Step 2: Reviewing literature and empirical studies

Approach methods: Theory of Reasoned Action (TRA), Theory of Planned Behavior (TPB), Technology Acceptance Model (TAM)

 Step 3: Collecting data

Primary data collected from online survey with BUH students as respondents

 Step 4: Conducting quantitative analysis

Using SPSS software to display descriptive analysis; examine scale’s reliability; exploratory factor analysis; Pearson correlation matrix analysis; analysis of multivariable linear regression model; testing of model defects (VIF, DW, Spearman)

 Step 5: Writing the report

Reviewing theories and empirical studies by both foreign and domestic studies h concerning decisions of customers on choosing e-wallet as a mode of digital payment method; Determining factors affecting decisions on using Momo of BUH students; Statistically analyzing the factors affecting decisions by estimating the multivariable linear regression model and testing of model defects (VIF, DW, Spearman); Proposing recommendations in terms of the findings, solutions to expand users’ network and improve customer satisfaction of Momo

1.9 Thesis structure

In addition to the table of contents, list of figures and tables, appendix, conclusions, references and citations using APA style (The American Psychological Association), the thesis is presented in five chapters:

 Chapter 1: Introduction

The first chapter introduces the research motivation and identifies the research gap Moreover, the research objectives, research scope, research methodology, contributions and processes are presented in detail in this chapter By the end of this chapter, a summary is provided to convey the core content and serve as a basis for chapter 2

 Chapter 2: Literature reviews

This chapter presents relevant concepts and a range of literature reviews regarding research objective Specifically, the second chapter exhibits (1) the concept and role of E-wallet; (2) basic concepts and characteristics of factors affecting decisions on using Momo of BUH students; (3) theoretical basis and (4) international and domestic empirical studies to identify research gaps Thereby, (5) presenting the multivariate linear regression models to evaluate the effects of studied factors By the end of this chapter, a summary is provided to serve as a basis for chapter 3

 Chapter 3: Research methodology

This chapter covers the main contents including specifying research methodology in the process of (1) approaching, (2) collecting and (3) processing data From there, the thesis (1) proceeds to build a multivariable linear regression model applied to the set of data with variables collected from surveying customers at Banking University Followed by (2) a demonstration of conducting the study scale and questionnaire as well as describing how to collect specific data Lastly, the chapter (3) performs the quantitative analysis steps implemented in processing data By the end of this chapter, a summary is provided to serve as a basis for chapter 4

 Chapter 4: Research results and discussions

This chapter conducts quantitative analysis to analyze collected data by SPSS software, including (1) descriptive analysis; (2) examine scale’s reliability; (3) exploratory factor analysis; (4) Pearson correlation matrix analysis; (5) analysis of multivariable linear regression model; (6) testing of model defects (VIF, DW, Spearman) Therefore, the thesis presents a discussion of the research findings of each factor which affect decisions on using Momo of BUH students By the end of this chapter, a summary is provided to serve as a basis for chapter 5

 Chapter 5: Recommendation and conclusions

The final chapter proposes recommendations for factors affecting decisions on using e-wallet Momo of BUH students At the same time, concludes on the general role of this electronic payment system and the need to focus on influencing factors on consumer satisfaction Finally, the conclusion presents limitations to the topic and future research directions

SUMMARY OF CHAPTER 1

The first chapter of the study introduces reasons for selecting the research topic with a general overview of research objectives Accordingly, the study has outlined research questions along with choosing factors affecting decisions on using Momo of BUH students, which is the main research subject The following section of this chapter describes the scope of research that based on time and sample taken from primary data In the next part of this chapter, the study further conducts research methods through the process of approaching, collecting, processing data and proposing

a research process framework As a result, the thesis presents new research outcomes which will be contributed theoretically and empirically Besides, the thesis structure is composed of 5 chapters with each specific content presented in detail to help achieve research objectives

CHAPTER 2: LITERATURE REVIEWS

This chapter presents relevant concepts and a range of literature reviews regarding research objective Specifically, the second chapter exhibits (1) the concept and role of E-wallet; (2) basic concepts and characteristics of factors affecting decisions on using Momo of BUH students; (3) theoretical basis and (4) international and domestic empirical studies to identify research gaps Thereby, (5) presenting the multivariate linear regression models to evaluate the effects of studied factors By the end of this chapter, a summary is provided to serve as a basis for chapter 3

2.1 Cashless payment

2.1.1 Definition

The diffusion of cashless payment will result in the adoption of cashless transactions within the society or community, which makes it essential to learn the existing literature on cashless payment In prior studies of cashless payment, the review on definitions of non-cash payments has shown that research studies evolved with technological innovations of these payment methods

Cashless payments are digital methods for exchanging financial transactions between two parties Pursuant to Decree No 101/2012/ND-CP of Vietnamese government, cashless payment is mentioned as non-cash payment services which include payment services via payment accounts and a number of non-cash payment services via customer accounts Mallat (2007) defined cashless payment as the use of

an electronic device to conduct a payment transaction in which money or funds are transferred from payer to receiver via an intermediary or without an intermediary Pousttchi (2008) adds the details of a transaction process by including initiation, authorization, or completion of payment Another definition proposed by Gans and Scheelings (2009) stating that cashless payment as payments made through electronic signals linked directly to deposit or credit accounts Using cashless payments provide

an alternative to using traditional paper or coin currency Recently, a cashless payment also further refers to an economic setting whereby goods and services are transacted without cash (Paul & Friday, 2012), either through electronic transfer or cheque payment

To sum up, this study adopts these definitions and refers cashless payment to the transfer of an electronic value of payment from a payer to payee through an electronic payment mechanism which allows customers to remotely access and manage their bank accounts and transactions, executed through an electronic network (Lim et al., 2006; Sumanjeet, 2009)

2.1.2 The role of cashless payment

In recent years, customers’ high demand of a modern online payment method has not only grown considerably but also contributed to a positive change in customers consumption habits with the use of cashless payments With the recent introduction of several digital modes of payment, it has brought about significant benefits not only to customers but also the economy

For customers, cashless payments process is advantageous largely because anyone with a smartphone can make cross-border payments and purchases cheaply and efficiently Customers can also have the freedom to conduct transactions at any available time, especially in case of emergencies without the need to carry around wads of cash The development of transactions through a greater use of cashless payments creates the potential to reduce the functioning costs of the payment system and to limit the scale of transactions made in the shadow economy with the use of cash money (Schneider, 2011) Moreover, incentives and discounts when making online payments are increasingly promoted to help customers reduce costs and improve savings

The economic growth can be stimulated by making payments easier and convenient to further facilitate consumption with cashless payment systems (Financier Worldwide, 2021) According to Visa (2016), merchants who are cashless can protect their working capital by eliminating the risk that cash may be lost or stolen Going cashless can also provide time and cost savings opportunities for businesses, by reducing manual reconciliation, counting and cash handling, as well as reducing the governmental cost of issuing hard cash Cashless payment provides the benefits for e-commerce businesses to compete and boost sales, thereby attracting more customers and supporting their needs In addition, non-cash payments help to prevent loss of tax revenue for the government from hidden or non-transparent transactions; reduce money risk, control and issue payment ranges

In short, with the improvements and utilities that cashless payments offer compared to traditional payment methods, use of non-cash options continues to grow across industries, making cashless enablement a priority for businesses that want to enjoy the benefits of an increasingly digital world From there, we can see the important role of non-cash payment services to boost the move towards a cashless economy

2.1.3 Types of cashless payments

Cashless payment refers to financial exchange (Kalakota & Whinston, 1997; Zhang & Jasimuddin, 2012), consumers can save their time by carrying out banking transactions at any place and at any time, from home or office with all they need is Internet access (Fillimi, 2019) Cashless payments can be categorized into three most common methods which are internet banking (Argarmo, 2015); mobile banking (Pousttchi & Schurig, 2004) and POS terminals (Hosseini & Mohammadi, 2012)

 Internet Banking

Internet Banking is an electronic payment system that enables the customer to make financial or non-financial transactions via the Internet website established by the bank This service provides online access to almost every banking service ranging from withdrawal, making payments, paying bills, transferring cash, saving and investing money to ease of communication with the bank without moving the customer

it (Argamo, 2015; Kajuju, 2016) Once customers are registered for online banking, they can log-in to the respective online banking portal of their bank using the issued User-ID and password They have direct access to the bank’s information system from anywhere they have access to the internet In general, internet banking enables banks

to form and maintain an effective relationship with their clients and to lessen operating costs and fixed costs (Mols, 1999)

 Mobile Banking

Pousttchi and Schurig (2004) defined mobile banking as a way of administering financial services via mobile technology Mobile banking is a service provided by a bank or other financial institution that allows its customers to conduct financial transactions remotely using a mobile device such as a smartphone or tablet (SBV, 2012) It is discussed that mobile banking is accessible through short message service (SMS) technology, wireless application protocol (WAP), and mobile applications

Through this modern distribution channel, customers can benefit from the ease of performing banking transactions such as transferring funds, saving money, paying bills and keeping track of their transaction’s information via SMS Thereby, customer can log in to their account from their phone and access it wherever, and more importantly, whenever they need to

 Point-of-sales (POS) terminals

One of the most prevalent channels of providing new banking services is the POS terminal, which is an electronic device used for credit and/or debit cards transactions at retail locations, such as shops, restaurants, and hotels It enables customers to perform banking transactions using their credit or debit cards 24 hours a day (Kajuju, 2016) A POS terminal generally connects to the bank’s main server through a telephone line or other types of communication, like wireless connections, and transfers money from a buyer’s account to the merchant’s account (Hosseini & Mohammadi, 2012) POS terminals are accessible, and they significantly facilitate banking transactions; thus, they can lead to improvement of the bank’s market share (Bahrami et al., 2014)

2.2 Electronic wallet

2.2.1 Definition

Opinions on E-wallet nowadays are very diverse and distinguished by certain differences depending on the perspective of each researcher, each research field as well as specific legal regulations of each country

In Vietnam, E-wallet were first mentioned as an intermediary service for cash payment in Decree No 101/2012/ND-CP dated November 22nd, 2012 However,

non-on December 11th, 2014, the new term for E-wallet was regulated in Circular No 39/2014/TT-NHNN as a service that provides customers with a nominal electronic account, which is created by service providers on information carriers (such as electronic chips, mobile phone sims, computers, etc.), allowing to store a monetary value that is guaranteed in the form of deposit equivalent to the sum of money transferred from the customer’s payment account at a bank to a secured payment account of the provider of digital wallet service with the ratio of 1:1 and used as a means of non-cash payment Another definition made by Wasiul (2020) that E-wallet

is an application which allows users to make any e-commerce transactions by storing their financial and credit card information This cellular-based payment system is

widely being used for transactions and payments through using mobile applications because consumers consider this method to be beneficial (Gokilavani et al., 2018) Moreover, Uddin et al (2014) believe that payment through e-wallet is considered as one of the most prominent transaction methods at present because an electronic transaction using a digital wallet has the advantage of ease, flexibility, and protection

As a result, witnessing this emerging market, E-wallet has also attracted the participation of many service providers from not only banks but also Fintech companies With the evolution of network technologies and the widespread population

of smartphones (Slade et al., 2013), E-wallet is developed to provide solutions for commerce and used as an alternative method of payment which utilizes Internet media Such benefits allow E-Wallet to continue growing and receiving a lot of attention from the public

e-2.2.2 Role of electronic wallet

Advancing from the digital revolution of technology, a transformation of the traditional physical wallet into the e-wallet application on smartphones has progressively played an important role and influenced different aspects of our daily lives

According to Blockchains (2018), it is believed that payments done using wallet is more convenient and faster than conventional banking system as it saves time and money An online transaction can be done with just a simple click on an electronic payment system, enabling customer to pay for goods and services by using integrated hardware and software systems E-wallet saves travelling time for consumers as all they need is just to scan their card or E-wallet app rather than taking their time looking for cash and queuing up to buy tickets

e-In relation to consumers in Vietnam, E-wallet provides a great convenience to consumers who purchase online frequently since E-wallet stores every financial data resulting in a fast hassle-free transaction By using E-Wallet, it allows each registered user to make online payments comfortably and securely without disclosing their financial data, as well as sending and receiving money transfers using only their login details on smartphone application These types of transactions are also commonly being done in physical stores where customers scan the (QR) code by using their mobile device to confirm the payment (Lu, 2018)

Payment using e-wallet not only provides a level of ease and speed but also gives consumers a sense of comfort and a sense of security in transactions elsewhere and anytime (Liébana-Cabanillas et al., 2014) The use of cash can be replaced with E-wallet with the provisions of facilitating transactions, reducing time, increasing security and preventing potential risk of identity loss E-wallets also ensure high-security features for the users by authorizing every transaction with a PIN or password

or fingerprint scanner

In conclusion, thanks to these advantageous features from E-wallet, financial transactions have gradually become more convenient and easier for consumers The advent of e-wallet has also made great contribution to the development of a faster e-commerce business system, improve the activities of buying and selling goods online, bring convenience to buyers, sellers, financial institutions, and society as a whole

2.3 Consumer decisions on using E-wallet service

2.3.1 Definition

According to Kotler (2011), consumer behavior can be defined as the buying behavior of final consumers – individuals and households who buy goods and services for personal consumption Another definition formed by Solomon et al (1995) describes consumer buying behavior as a process of choosing, purchasing, using and disposing of products or services by the individuals and groups in order to satisfy their needs and wants

In the consumer behavior model developed by Kotler (2011), consumer decisions respond to the results of allowing Marketing and other stimuli to affect buyer’s black box, which include their characteristics and decision-making process

 Marketing and other stimuli

A consumer is confronted with a stimulus in the environment This stimulus could be of two kinds which include one that is presented by the marketer through the marketing mix and the other that is presented by the environment, economic, technological, political, and cultural

 Buyer’s black box

The buyer’s black box comprises two components, which are the buyer’s characteristics such as personal, psychological, cultural and social and the decision process affected by these characteristics

 Buyer’s responses

A decision is a function which maps perceived problems and opportunities to an appropriate action Through the process of recognizing the problem, searching and processing information, consumer decisions are the responses from the results of linking their lifestyle to external influences Decision rules play an important role in the theory of statistics and economics

Source: Kotler (2011)

Figure 2.1 Model of Consumer Behavior

In brief, Kotler (2011) highlights the importance of acknowledging consumer buying behavior and understanding the ways how the customers choose their products and service By doing so, not only this will benefit manufacturers as well as service providers but also provide them with competitive advantage over its competitors in several aspects They may use the knowledge obtained through studying customers’ behavioral intention in purchasing goods to set their strategies towards offering the right products and services to the right audience of customers reflecting their needs and wants effectively

2.3.2 The role of consumer decisions on using E-wallet service

As Vietnam’s economy has been growing fast and strongly recently, the demand for services is rising significantly with the trend of cashless society and arrival

of E-wallet service This also leads to the significant role of consumer decisions on using this service with influential effects on not only consumer’s daily lives but also the economy

Consumer focuses on whether with existing resources (time, money, effort), the individual will decide how to use them on the consumption of relevant items The consumer decision starts with recognizing the need to purchase a product and go through the process to choose the product Therefore, when consumers show their believes in providers of electronic services and their benefits in work and life, e-wallet will be regarded as useful (Gefen et al., 2003)

In today's digital environment, consumers consistently move from one channel

to another, from online to offline, and vice versa (Phuong et al., 2020) These decisions lead to the fierce competition in the e-wallet market for providers to come up with more innovative functions and attract more customers For E-wallet payment, consumers’ decisions on using this service affected by certain factors also play a great role in helping to boost the use of e-payment, creating non-cash consumption habits, reducing labor work and production cost of coins or paper money, generating more data to analyze policies by keeping track of transactions, decreasing inflation, contributing to prevention against money laundering and terrorist financing, etc

Consumer’s decision to use E-wallet service plays a key role in the development of E-wallet payment systems for expanding their market share Thereby, consumer’s decisions to use E-wallet service not only benefit businesses, financial institutions, consumers but also the economy

2.4.1 Theory of Reasoned Action – TRA

The Theory of Reasoned Action (TRA), developed by Fishbein and Ajzen in

1975, was originally introduced in the field of Social Psychology The theory of Reasoned Action demonstrated effectiveness in predicting variability in people’s behavior across many contexts, populations, and behaviors Within the TRA framework, behavioral intention, which largely determines actual behavior, is an additive function of two variables: the Individual's Attitude towards the outcome of the behavior (positive or negative evaluation of performing a behavior), and Subjective Norms (perceived influences that others may have)

Attitude towards the behavior reflects an individual's evaluation or general feeling toward a target behavior It indicates an individual's positive or negative

evaluation about performing the behavior The attitude toward behavior is a product of beliefs about the behavior and the individual's evaluation of the outcome resulting from that behavior Subjective Norm refers to an individual's perceived social pressure

to perform or not to perform a target behavior The subjective norm is a composite of normative beliefs about a certain behavior and the individual's motivation to comply with relevant others (Fishbein & Ajzen, 1975)

Source: Fishbein & Ajzen (1975)

Figure 2.2 Theory of Reasoned Action Model

To sum up, the theory suggests that people often act based on their perception

of what others think they should do, and their intention to adopt a behavior is potentially influenced by people close to them Consequently, the more favorable the attitude and the subjective norms and the greater the perceived control, the stronger the person’s intention to perform the behavior (Ajzen, 1991)

2.4.2 Theory of Planned Behavior – TPB

The Theory of Planned Behavior (TPB), proposed by Ajzen (1991) is an extension of the Theory of Reasoned Action (TRA) (Fishbein & Ajzen, 1975; Ajzen & Fishbein, 1980) According to Conner (2001), the TPB's key contribution is the concept of Perceived Behavioral Control (PBC), defined as an individual's perception

of the ease or difficulty of performing a particular behavior

Ajzen also proposed that when perceived behavioral control closely reflects actual control, together with behavioral intention, they can be used directly to predict behavioral achievement However, perceived behavioral control may not be

particularly realistic when a person has relatively little information about the behavior, when requirements or available resources have changed, or when new and unfamiliar elements have entered the situation Under those conditions, a measure of perceived behavioral control may add little to accuracy of behavioral prediction However, to the extent that perceived control is realistic, it can be used to predict the probability of a successful behavioral attempt (Ajzen, 1985)

Source: Ajzen (1991)

Figure 2.3 Theory of Planned Behavior Model

In short, under circumstances where individuals’ perceptions of control closely reflect actual control, perceived behavioral control would determine the strength of the relationship between intention and behavior When their perceived behavioral control was high, individuals would be more likely to act on their intentions and perceives that the behavior is under their personal control (Conner, 2001)

2.4.3 Technology Acceptance Model – TAM

Technology acceptance first begins with an attitude Information System researchers have made significant efforts in building theories to examine and predict the determinant factors of information technology (IT) acceptance One of the most prominent models of technology adoption is the technology acceptance model (TAM) developed by Davis in 1989

The technology acceptance model (TAM) adapts the belief, attitude, intention, and behavior relationship to a user’s IT acceptance According to Davis (1989), the

model suggests that when users are presented with new technology, some factors influence their decision about how and when they will use it The purpose of TAM is

to explain and predict IT acceptance and facilitate design changes before users have experience with a system TAM predicts user acceptance based on two specific behavioral beliefs: Perceived Ease of Use (PEU) and Perceived Usefulness (PU), which determine an individual’s behavior intention (BI) to use an IT (Davis et al., 1989) PU relates to the rate at which users recognize usage of a certain digital platform to be suitable to them, while PEU is regarded as the degree in which users identify usage of the IT system would be easy to learn Other factors including Perceived Risk (PR), Trust (T), Security (S), and Privacy (P) etc are also introduced

as decisive and direct determinants to understand user behavior and acceptance

Source: Davis (1989)

Figure 2.4 Technology Acceptance Model

In general, the study is based on the theoretical foundation of TRA and TPB Besides TAM, there are actually many other methods regarding user adoption, such as Uses and Gratification Theory (Katz & Blumler, 1974) or Diffusion of Innovation Theory (Rogers, 1983) However, the idea behind selection of the TAM model for this research is mainly due to its capability to be modified according to the factors needed for decisions of consumers for e-wallet payment research

2.5 Relative empirical studies

2.5.1 International studies

Being able to use the E-wallet for payment, consumers should first develop a thinking that such capability does exist, and further be willing to accept the technology

and believe in the precisely and securely completed financial transactions In this section, the derivation of the research hypotheses is based on constructs from the oversea studies:

E-wallet payment system is making rapid progress in developing nations, such

as Indonesia Research conducted by Taufan and Yuwono (2019) to explore factors that affect consumers’ intention to use e-wallet, specifically in the case study of GO-PAY The study obtained data from a total of 214 respondents participated in giving their opinions on GO-PAY services through online questionnaires The authors applied

a TAM approach based on the results related to the discussion of research and processed questionnaire data using the SEM method From the results of hypothesis test, perceived value, perceived usefulness, and perceived ease of use are the three factors found to have accounted for the largest impact on users’ intentions towards GO-PAY e-wallet The relationships between perceived usefulness and perceived value has a positive value to intention to use while perceived ease of use positively affects social influence on consumers

Development of E-wallet service in India has shown a significant increase thanks to payment convenience Kumar (2018) proceeded to study the effect of perceived usefulness, perceived security, perceived ease of use, trust, grievance redressal and satisfaction on young users’ continuance intention to E-wallet usage The research collected data from more than 400 MBA students in India in 2018 using self-administered questionnaires items The author formulated a research model based on the expectation-confirmation theory and tested it empirically using data from E-wallets young users based on structural equation modeling (SEM) Results from the analysis indicated that perceived usefulness and perceived ease of use hold a considerable impact on consumers’ satisfaction and intention to continue using E-wallet It is shown that consumer’s satisfaction can further be affected by payment security while grievance redressal mediates the effect of payment security on intention to continually use E-wallet In addition, the mechanism of developing customer belief during the development from online to E-wallet payment system was investigated, also the influence of trust on customer satisfaction and customer continuance intention to use E-wallet payment system were examined

Wasiul (2020) investigated factors influencing the use of E-wallet as a payment method among Malaysian young adults The study examined these factors based on the technology acceptance model (TAM) Total of 330 data was collected from online survey and in person conversation of e-wallet users in Klang Valley of Malaysia and analyzed by using partial least squares structural equation modeling (PLS-SEM) The research was conducted through applying two-step approach for instance, measurement model for indicator loadings, convergent validity, reliability, and structural model for path analysis Accordingly, the findings from this study reveal that perceived usefulness, perceived ease of use and privacy and security have positive and significant relationship with behavioral intention to use e-wallet

In short, through sharing the same approach for analyzing the research subject, most authors came to the conclusion that perceived ease of use and perceived usefulness are recognized as the key factors which have the most considerable impact

on consumers decisions on using E-wallet Furthermore, consumers’ satisfaction is greatly affected by privacy and security, which are accounted for the factors to build trust, belief and continuance intention in the service usage

2.5.2 Domestic studies

In Vietnam, there has been a growing focus on E-wallet usage with many studies showing factors affecting consumers’ decisions in this emerging market The thesis summarizes some significant studies within national context as follow:

Bich and Ninh (2020) examined the effect of determining factors that influence the decision of Generation Z to adopt E-wallet including Compatibility, Perceived Convenience, Perceived Trust, Perceived Reputation, Perceived Usefulness, and Perceived Ease of Use The moderator role of Social Influence on user’s intention to use is also under examination The research adopted quantitative method to collect data through an online survey with 170 Generation Z respondents who have used e-wallet Applying a research model based on the integrated constructions of TAM and UTAUT models, results from the study show indicate an indirect effect between Compatibility, Perceived Ease of Use, Perceived Trust and Social Influence toward intention to adopt E-wallet, or both of those factors are mediated by Perceived Convenience, Perceived Usefulness, and Reputation Moreover, research finding

highlights the predominant role of Perceived Usefulness as Generation Z’s intention determinant to use E-Wallet

From the research of Trong et al (2020), the authors studied an empirical case

of factors affecting the behavioral intention and behavior of using E–wallets of youth

in Vietnam The study was aimed to identify the key constructs of UTAUT model (Venkatesh, Morris, Davis & Davis, 2003) and the relationship between security and privacy of the Theory of Perceived Risk (TPR) (Bauer, 1960) A total of 200 data was retrieved from an online survey of 200 young Internet users aged 18 to 25 The study was conducted through two steps: preliminary research by qualitative research method

to form the official research scale then formal research by quantitative research method using CFA and SEM to test the research model The research results show that Performance Expectancy and Social Influence significantly predict behavioral intention to use e-wallets in payment In contrast, the factors, namely, Security and Privacy, and Effort Expectancy, are statistically insignificant on behavioral intention Nevertheless, the facilitating conditions factor still affects the behavior of using e-wallets The findings of this study suggest that Social Influence significantly affects the intention of young people to use e-wallets instead of Security and Privacy

Research conducted by Lan et al (2020) explores the factors influencing the intention to choose e-wallet in shopping online of Ha Noi citizens The study employs

a survey data of 418 Hanoi citizens who are e-wallet users or aware of e-wallet industry Based on TAM, the authors proposed a research model including five factors that have influence consumer’s intention to use e-wallet which are Perceived Usefulness, Perceived Ease of Use, Perceived Security, Perceived Cost and Social Influence/Subjective Norms It was revealed from the results of the research that customer’s evaluation towards Perceived Usefulness, Perceived Ease of Use and Subjective Norms has positive effect on the intention to choose the e-wallet when shopping online Two other elements, which are Perceived Cost and Perceived Security indicate that consumers are likely to choose e-wallet because of the low cost and secured system From there, consumer’s choosing intentions show that they will introduce this payment method to others but cost and security are not set as prioritized factors

Overall, Vietnam is considered an attractive environment with stable political conditions, promising economic growth (Bui, 2020) which encourages the development of electronic payment services Three core components including Perceived Usefulness, Perceived Ease of Use and Social Influence play a predominant role as essential constructs of Vietnamese consumer’s decisions on using E-wallet On the other hand, Cost and Security are not as highly regarded to affect consumer’s decisions because the customers' assets are always the top priority of the company and safely protected by laws

Table 2.1 Summary of previous studies

Author Data Sources Research

Subjects

Research Methods Research results

of use, trust, grievance redressal and satisfaction on young users’

intention to continually use M-wallet

in India

A research framework based

on the expectation–

confirmation model (ECM) has been formulated and tested empirically using data from M- wallets young users in India based on SEM

The analysis reveals that perceived usefulness and perceived ease of use significantly affect user satisfaction and intention to continually use M- wallets The effect of perceived security on user satisfaction is significant, and grievance redressal mediates the effect of perceived security on intention to continually use M-wallets

in Indonesia

Applying research models based on TAM, SEM as well

as using exploratory factor analysis,

confirmatory factor analysis

The three factors that influence the intention to use in this case study was found, namely perceived value, perceived usefulness and perceived ease of use

To validate the reliability of

Benefits, self-efficacy, and ease of use significantly influence consumers’

with 183 valid

responses

perception towards electronic payment (e- payment) from the Malaysian consumers’

perspective

research model, the study uses the multiple regression analysis

perception towards e-payment However, the insignificant results obtained for trust and security warrant further investigation

The study evaluates a number of past studies of TAM and develops a research model

The results of this empirical study confirm that perceived usefulness is the most important factor that influences consumers Trust also had

a significant influence, highlighting concerns about security and privacy

A further contribution of this paper is the role of informal learning and how trust mediates the effect of

informal learning on intention to use

to use e-wallet

as a payment method

Using technology acceptance model and partial least squares structural equation modeling (PLS- SEM)

By applying two-step approach, the findings from this study reveal that perceived usefulness, perceived ease

of use and privacy and security have positive and significant relationship with behavioural intention to use e- wallet

to adopt wallet

E-A research model was developed based on the integrated constructions of the TAM and UTAUT model

The results indicate an indirect effect between Compatibility, Perceived Ease of Use, Perceived Trust and Social Influence toward intention to adopt e-wallet, or both

of those factors are mediated by Perceived Convenience, Perceived Usefulness, and Reputation

Moreover, research finding highlights the role of Perceived Usefulness as Generation Z’s intention determinant

to use E-Wallet

on continuance intention in the context

of electronic wallet in Vietnam

The author combines TAM and UTAUT to to build the

conceptual model explaining customer continuance intention of E- wallet platform

The research findings confirm the positive effects which mobile application quality, mobile wallet familiarity and situational normality have on customer’s satisfaction On the other hand, payment security and feedback mechanism affect positively customer’ trust As a result, these five mobile wallet features are concluded

as fundamental elements which influence customer’ continuance intention to use mobile wallet in Vietnam

Using TAM with Cronbach's Alpha reliability test, exploratory factor analysis, regression analysis, and the

Independent Samples T-Test for data analysis

Customer’s evaluation towards perceived usefulness, perceived ease

of use and subjective norms have positive effect on the intention to choose the e-wallet when shopping online Two other elements, which are cost and choosing intention indicate that consumers are likely to choose e- wallet because of the low cost and introduce to others but not set as a priority

Scale test by Cronbach's Alpha coefficient, EFA discovery factor analysis, CFA confirmatory factor analysis

and model analysis, linear structure SEM

The obtained results show that the intention to use the Momo e-wallet is positively influenced by perceived ease of use, explaining that consumers always love fast and easy payment services

However, consumer’s intentions are not affected by the risk perception group because the customers' assets are always the top priority of the company and safely protected by laws

The study proposes a model

to generalize the online payment environment through the

The research results show that performance expectancy and social influence significantly predict behavioural intention to use e-wallets

in payment In contrast, the factors, namely, security and privacy, and

young Vietnamese

integration of UTAUT and TPR models

effort expectancy, are statistically insignificant on behavioural intention Nevertheless, the facilitating

conditions factor still affects the behaviour of using e-wallets

Source: Synthesized by the author

From the summary of previous studies, most research have clearly affirmed the positive role of e-wallets towards consumer’s intention to adopt a non-cash payment method as well as their payment habits Regardless of differences in locality, research time, scope and approaches, these studies reveal that Perceived Usefulness (PU), Perceived Ease of Use (PEU), Performance Expectancy (PE) and Social Influence (SI) all have significant impact on consumer’s satisfaction, while Payment Security (PS) shows an influential effect on consumer’s trust In the acceptance of the latest technology, the TAM model (Davis, 1985) refers to PU as the degree to which a person believes that using a particular system would enhance their job performance, while PEU is regarded as the degree to which a person believes that using a particular system would be free of effort According to Venkatesh et al (2003), the extent to which users believe that technology usage will help them achieve high performance is called Performance Expectancy (PE) In addition, the influence of importance from others to an individual regarding whether he or she should adopt the innovation is called Social Influence (SI) (Im et al., 2011; Wijenayake et al 2020), and the degree to which customers believe that using a specific payment method via the mobile application will be kept safe refers to Payment Security (PS) (Donald & Remy, 2012)

Research findings show that PEU and PU have the greatest impact meaning that users always favor fast and easy payment services (Kumar et al., 2018; Taufan & Yuwono, 2019; Teoh et al., 2013; Wasiul, 2020; Lan et al., 2020; Tuan et al., 2021) Not only because of the speedy convenience and how easy it is to use, what also attracts the attention of young consumers to experience e-wallet mostly comes from the Performance Expectancy (PE) as well as Social Influence (SI) (Trong et al., 2020; Bich & Ninh, 2020) Young people are known for being well-adapted to the use of new technology quickly and impacted by influential factors such as relatives, friends, celebrities, social medias Therefore, acknowledging this matter to satisfy their needs

is necessary to achieve expected performances By understanding what they want,

their trust in using e-wallet without the fear of losing private information can also be enhanced through the payment security (Shaw, 2014; Phuong et al., 2020)

On the other hand, it is also pointed out thatconsumer’s intentions to choose wallet are not affected by the Risk (R) and Cost (C) perception group The concept of Risk (R) is introduced by Bauer (1960) to explain consumer’s perception related to risk in a way that any behavior may result in consequences which cannot be predicted, and some of which might be unpleasant While using a particular technology, Cost (C)

e-is the extent to which an individual believes that the-is activity will cost money (Chanchai et al., 2015) Research results indicate that consumers’ intentions are not affected by these two factors because of their trust in the highly secured technology provided by the company to protect their information from any possible risk (Tuan et al., 2021) Moreover, Lan et al (2020) also discussed that the low cost of e-wallet usage is not set as a priority when it comes to their intentions in using this method Accordingly, the studies have suggested suitable solutions to this problem based on consumer’s distinctive needs

In Vietnam, there is a number of scientific publications and magazine articles related to the research on factors influencing the decisions on using e-wallet payment across major cities However, most of these documents likely to focus on the adoption and attitude of customers towards e-wallet payment systems in general so there is still

a lack of studies on Fintech products and services such as Momo Following the relative empirical studies, the author applies the quantitative method as the same approach which most authors chose to analyze the research subject In short, this study

is designed to supplement and contribute to Momo’s operations as well as the company further development in Vietnam

2.6 General regression model

Table 2.2 Summary of variables in previous studies

Author Dependent

Variables

Independent Variables

Perceived Usefulness (PU)

Perceived Ease of Use (PEU)

Perceived Security (PS)

Perceived Value (PV)

Social Influence (SI)

Trust (T)

Cost (C)

Source: Synthesized by author

Based on literature reviews, the thesis proceeds to build a multiple linear regression model as follows:

In which,

Y is a dependent variable (Decision to use e-wallet)

are independent variables (Perceived Usefulness, Perceived Ease of Use, Social Influence, Perceived Reliability, Perceived Cost)

are coefficients, i = 1, 2, 3, … n

are random error terms in the population

To sum up, various scholars attempted to investigate factors affecting consumer’s decisions on using E-wallet with results primarily showing Perceived