Factors that affect the intention to use e wallets of university students in ho chi minh city

The factors that impact a consumer's attitude and intention to use mobile wallets areinvestigated in this study, which specifically focuses on university students in Ho ChiMinh City, Vie

MINISTRY OF EDUCATION AND TRAINING

UEH UNIVERSITY COLLEGE OF BUSINESS

FACTORS THAT AFFECT THE INTENTION

TO USE E-WALLETS OF UNIVERSITY STUDENTS IN HO CHI MINH CITY

Ho Chi Minh City, 2022

MINISTRY OF EDUCATION AND TRAINING

UEH UNIVERSITY COLLEGE OF BUSINESS

FACTORS THAT AFFECT THE INTENTION

TO USE E-WALLETS OF UNIVERSITY

STUDENTS IN HO CHI MINH CITY

Specialization: COMMERCIAL BUSINESS Supervisor: Master HO XUAN HUONG

Nguyen Thi Thuy Hang 312010218 hangnguyen.312010218@st.ueh.edu.vnTran Ngoc Khanh Huyen 312010218 huyentran.312010218@st.ueh.edu.vn

Le Huynh Y Thuong 312010243 thuongle.312010243@st.ueh.edu.vnPham Tran Khanh Tra 312010221 trapham.312010221@st.ueh.edu.vnNguyen Thi Kim Phung 312010219 phungnguyen.312010219@st.ueh.edu.vn

Ho Chi Minh City, 2022

We would like to express our deepest gratitude to the teachers of UEH University forcreating conditions for us to study Marketing Research to gain knowledge as a prerequisitefor future academic research Especially, we would like to express our sincerest thanks toour teacher, Mr Ho Xuan Huong, who wholeheartedly taught, supported and directlyguided us during the course of our thesis

Contemporarily, we would like to express our deep gratitude to all the students whoparticipated in our group's survey, so that we can apply the knowledge we have learned atschool and complete the research well

However, due to limited time and knowledge, as well as limited theoretical and practicalexperience, the research cannot avoid shortcomings It is our pleasure to receive commentsfrom you Once again, we would like to express our deepest and most sincere thanks

The factors that impact a consumer's attitude and intention to use mobile wallets areinvestigated in this study, which specifically focuses on university students in Ho ChiMinh City, Vietnam Using the unified theory of acceptance and use of technology(UTAUT), this study explores the impact of Perceived Usefulness, Perceived Ease Of Use,Trust, Security, Facilitating Conditions, Lifestyle Compatibility, and Attitude on theIntention to use an e-wallet among university students in Ho Chi Minh City For this study,the technology acceptance model (TAM) was selected to build the conceptual framework

A Google Form was used to conduct the citywide primary survey, which gathered datafrom 303 respondents Partial least square structural equation modeling (PLS-SEM) wasused to examine the gathered data As a result, customer’s attitude and intention towardmobile wallets are influenced by characteristics such as perceived ease of use (PEOU),perceived usefulness (PU), trust, security, facilitating conditions, and lifestylecompatibility 7 of the 17 hypotheses submitted were approved Usefulness and trust werestrongly impacted by perceived ease of use, security and facilitating conditions Inaddition, attitude and intention were significantly influenced by lifestyle compatibility andfacilitating conditions The importance of security and trust in deciding trust has beendiscovered

Keywords: Ho Chi Minh City; intention to use; mobile wallet; e-wallet

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CHAPTER 5 CONCLUSION AND IMPLICATIONS 50

LIST OF TABLES, CHARTS, FIGURES

Table 1 Relevant studies overview

Table 2 Measurement scales

Table 3 Profile of respondents

Table 4 Respondents’ degree of usage of mobile wallets

Table 5 Scale accuracy analysis

Table 6 Scale accuracy analysis: Discriminant validity assessment

Table 7 Measurement model cross loadings

Table 8 Summary of structural model results

Table 9 SSA structural model quality

Table 10 VIF value

Table 11 Results of testing the magnitude of the effect ( ) in further analysis𝑓2Table 12.𝑄2values

Figure 1 Proposed research model

Figure 2 Research process

Figure 3 Path coefficients and their significance

CHAPTER 1 INTRODUCTION

1.1 Reasons for choosing research thesis

In recent years, the industrial revolution 4.0 has had a significant impact on manysectors both economically and socially, boosting the development of e-commerce.According to the Vietnam E-commerce White Paper, in 2020, the growth rate ofe-commerce (e-commerce) reached 18% with the scale of 11.8 billion USD, makingVietnam the only country in Southeast Asia with double-digit e-commerce growth Thegrowth of e-commerce in Vietnam over the years has posed a requirement for a modernand diversified technology-based online payment system to assist businesses andconsumers in taking full advantage of the benefits of this new business method - e-wallet.Currently, e-wallets are no longer a strange concept for everyone Besides paymentmethods such as bank cards, Internet banking, mobile payments, … e-wallets are graduallybecoming an indispensable tool for consumers According to Pachpande and Kamble(2018), an e-wallet is a form of electronic card that can be used to make onlinetransactions through a smartphone or a computer The emergence of e-wallets has made ahuge impact on financial services (Bansal 2020) E-wallets can be used to make cashpayments without the use of cash or cash equivalents E-wallets replace cash and physicalwallets in digital form, besides it also stores personal information as a payment card on amobile device

According to data from the Vietnam Internet Center, as of 2021, Vietnam has 68.72million Internet users, accounting for 70.3% of the population, and the mobile coveragerate is 98%, which are favorable conditions for the development of e-wallets As of theend of the first quarter of 2020, Vietnam had 13 million activated and used e-walletaccounts, and up to 225 million transactions were made (The State Bank of Vietnam,2020) According to State Bank statistics, 37 e-wallets from banks and fintech companieshave been approved to operate on the market so far In which three e-wallets, Momo,Moca, and ZaloPay, account for 90% of the total e-wallet payment market share Thisdemonstrates that the introduction of e-wallets contributes to limiting cash transactions,and is a convenient payment method, suitable for the demand of Vietnamese consumers,especially college students Specifically, in Ho Chi Minh City with more than 1.76 millioncollege students - according to author Le Van (2017), there is a great demand for utilizinge-wallets to pay for daily activities such as buying bus tickets, ordering food, paying atsupermarkets, paying for electricity, water, petrol Therefore, the study of factors

affecting the intention to use e-wallets of college students in Ho Chi Minh City is essentialfor financial technology businesses as well as online retailers.

Currently, in the world, there are quite a few research papers on the same issue as theone we are working on For example, “An Investigation of Factors Influencing Intention toUse Mobile Wallets of Mobile Financial Services Providers in Myanmar” by Phyo MinTun (2020), or “Determinants of the Use of E-Wallet for Transaction Payment amongCollege Students” by author Alwan Sri Kustono 1*, Ardhya Yudistira Adi Nanggala 2,Imam Mas'ud (2020),

However, in Vietnam with the context in Ho Chi Minh City - one of the major cities

in the field of financial technology, there are few in-depth studies exploring the factors thatinfluence college students' intention to use e-wallets For that reason, we have chosen thetopic "Factors affecting the intention to use e-wallets of college students in Ho Chi MinhCity" The study aims to provide more basis and administrative implications for businesses

to better understand user behavior, thereby offering strategies to improve user intent forfinancial technology companies in the context of the current booming e-wallet market

1.2 Research objectives

The research objective of this research is to find out the factors affecting the intention

to use e-wallets of students in Ho Chi Minh City Specifically, this study examines theinfluence of factors Perceived ease of use, Perceived usefulness, Trust, Security,Convenience, Compatibility in lifestyle and Attitude affects the intention to use E-wallet

of students in Ho Chi Minh City

The aim of this research is four-fold:

- Building a research model, testing a scale to measure factors affecting the intention

to use e-wallets of students in Ho Chi Minh City

- Determining the direction of the impact of factors on the intention to use e-wallet ofstudents in HCMC

- Determine the importance of factors to the intention to use the e-wallet of students

in Ho Chi Minh City

- Provide practical suggestions for executives in planning solutions to attractcustomers to use e-wallets

From the above objectives, the research focuses on researching and answering thefollowing questions:

- Research question 1: What factors affect students' intention to use e-wallets

- Research question 2: What is the impact of the factors on the intention to use thestudent's e-wallet?

1.3 Research subject

The object that we study in this project is the impact of different factors on the intention touse e-wallets of students in Ho Chi Minh City

1.4 Research methods

The research topic is carried out through quantitative research methods

The first stage of quantitative research is the pre-test It was conducted throughexperimental questionnaires with ten respondents in order to detect and edit observedvariables for the scales of concepts contained in the team's research model In discussionswith the respondents, the team explained to the candidates the scales in the study model ofthe definition and each observed variable of each scale The test results showed that themajority of respondents agreed with the observed variables of the factors that influencedthe intention to use the e-wallet In addition, some candidates offered opinions to edit thestatements so that they were more compact, concise and easy to understand

In the second stage, quantitative research is carried out by sending questionnairelinks to survey subjects in a convenience sampling method Specifically, the group sentsurvey questionnaires about “Intention to use mobile wallets” to many students fromuniversities in Ho Chi Minh City The questionnaire was built on a 7-point Likert scale,from 1 strongly disagree to 7 strongly agree There were 303 respondents in the survey and

17 hypotheses were proposed After obtaining the valid slips, the team used SmartPLS 3.3software to process the data, analyze and evaluate the scale, test the theoretical basis andresearch hypothesis

at 123.76 million In which, there are 92.88 million smartphone subscribers, accounting for

about 75% Thus, with the sample being students from universities in Ho Chi Minh City, it

is still limited, and the sample size is not large enough Research results can only beapplied to a certain extent because, in different areas, students have different lifestyles,incomes, or living standards

4 Quantitative research results

Presentation of data analysis and the results, discussion of research results

5 Conclusion and suggestions (solutions/recommendations)

Summary of research results, contributions, practical significance of the topic;managerial implications to apply research results into practice, limitations of the topic andfurther research directions proposal

CHAPTER 2 THEORETICAL BASIS

2.1 Relevant theories

2.1.1 Technology acceptance model (TAM)

Technology acceptance model (TAM) ) was introduced by Davis (1989) based on theTheory of Rational Action (TRA) of Fishbein and Ajzen (1967) The purpose of the TAMmodel is to explain the general determinants of computer acceptance that lead to anexplanation of the behavior of end users of computer technology over a wide range Thismodel shows that the acceptability of an information system is determined by two mainfactors: perceived usefulness and perceived ease of use Perceived usefulness is defined asthe degree to which a person believes that using a system will improve his or herperformance (Davis et al, 1986) Perceived ease of use refers to the degree to which aperson believes that using a system will be easy (David et al, 1989) This theory has shownthe influence of factors: perceived ease of use and perceived usefulness of technology on

an attitude towards using technology Subjective norms and facilitating conditions (FC)were added as external factors to the TAM framework by Teo et al (2008) Shaw (2014)proposed the enhanced TAM model in a research of e-wallet users in Canada Relevantconstructs such as trust, security, lifestyle compatibility (LC), facilitating conditions (FC)were added to this advanced model External variables affecting an individual will increase

or decrease the person's perceived usefulness and ease of use When the perceivedusefulness increases, they feel that the intention to use it will bring them more benefitsthan they think, and the use of e-wallets is also quite easy, not too complicated with highsecurity, which will give them a positive attitude towards the use of e-wallets Positiveattitudes lead to an increased intention to use e-wallets

2.1.2 Unified theory of acceptance and use of technology (UTAUT)

The theoretical model of UTAUT developed by Viswanath Venkatesh (2003) andassociates: Michael G Moris, Gordon B.Davis, and Fred D Davis were developed for thepurpose of improving the TAM model, which investigates customers' intention to useinformation systems and their ongoing behavior This model is based on eight componentmodels/theory, which are: Theory of Reasoned Action (TRA), Theory of Planned Behavior(TPB), Technology Acceptance Model (TAM, TAM2), Motivation Model (MM), A modelcombining TAM and TPB (TAM&TPB), Model of PC Utilization (MPCUs), InnovationDiffusion Theory (IDT), and Social Cognitive Theory (SCT) The concepts in UTAUT aresynthesized from the strongest influencing factors in the previous eight models And there

are 04 main factors affecting behavioral intention in the model: performance expectancy,effort expectancy, social influence and facilitating conditions First, the performanceexpectancy is that the customer's expectations about the effectiveness of the e-walletsystem when in use will promote behavioral intentions It can be measured by managingtheir time and effort effectively while providing them with a free trading system and fastcustomer support, this can be seen as perceived usefulness According to Abdinoor andMbamba (2017), effort expectancy is defined as the customer's expectation of simplifyingthe system using an E-Wallet system that is easy for them to learn Social influences(relatives, colleagues, friends ) have a significant impact on their judgment and attitudes.Finally, a facilitating condition can be considered as the degree to which the customerbelieves that the technical and organizational infrastructure are available to support theiruse of the E-wallet system.

UTAUT is a model that integrates elements of 8 component models including theTAMs It has an advantage over TAMs, which are models formed from a methodicaltesting process by putting 8 component models into practice and testing on manyorganizations, selecting the factors that have the strongest influence on user behavior.After the model is formed, it is tested again on old and new data, in this process the TAMsare absent And the test results show that the explanatory power of this model is higherthan the component models including the TAMs

2.2 Overview of relevant studies

Table 1 Relevant studies overview Study Theory of context Antece

dents Mediat ors Findings Abstract

H1c PEOU positively affects attitude

H2a PU encompasses a positive effect on mobile wallettrust

H2b PU encompasses effect on the intention to usee-wallet

H2c PU positively affects attitude toward e-wallet

H3a PS encompasses effect on trust toward e-wallet

PEOU,Security

LC

Trust,PU,Attitude

According to thefindings of thisresearch, consumerattitudes and

intentions to usemobile wallets areinfluenced bycharacteristics such

as perceived ease

of use (PEOU),perceivedusefulness (PU),trust, security,facilitatingconditions, andlifestyle

compatibility 15 ofthe 17 hypothesessubmitted wereapproved Ease ofuse had a largeinfluence onusefulness andtrust, but PU had asignificant impact

A comprehensive approach isproposed utilizing the technologyacceptance model (TAM) and theunified hypothesis of acceptanceand utilization of technology(UTAUT), as well as othersignificant, ponders on factorsthat influence innovationselection A model instrumentwas made employing anamalgamation of an overview ofwriting on factors affectinginnovation appropriation, as well

as two center bunch dialogs(FGD) The survey was utilized

to execute an essential overview

of the nation The respondentswere chosen through comforttesting The study included 744members, and 17 theories weremade, with PLS-SEM utilized tocalculate and evaluate the

hypothesized demonstration Ithas been uncovered howimperative security and trust are

H3b PS affects the intention to use a mobile walletpositively.

H3c PS positively affects user attitude toward e-wallet

H4a FC improves PU in relation to mobile wallet

H4b FC positively affects attitude toward e-wallet

H4c FC positively affects intention toward e-wallet

H5a Trust influences attitude positively

H5b Trust encompasses an effect on intention

H6a LC positively affects attitude toward e-wallet

H6b LC positively affects intention toward e-wallet

H7 Attitude encompasses an effect on mobile walletadoption intentions

on trust, attitude,and intention Theimportance ofsecurity and trust indeciding trust hasbeen discovered

in deciding trust Ease of use had

a huge impact on the value andtrust, but PU had a noteworthyeffect on trust, attitude, andintention 15 out of the 17hypotheses presented wereaccepted

Phyo Min Tun

H1: PU positively influences the intention to use MW

H2: SERVQ positively influences the intention to useMW

H3: SATIS positively influences the intention to use

PU,SERVQ,

SATIS,

SI, FC,TR

The study'sfindings revealedthat in Myanmar,trust and perceivedusefulness

characteristics had

a substantial impact

on behaviorintention to use amobile wallet

Mobile wallets are fast becoming

a popular financial productthroughout the world, with rapidgrowth in poorer nations TheStructural Equation Modeling(SEM) approach was used toevaluate the data and formulatethe conclusions In Myanmar,survey data was obtained from

234 prospective mobile walletusers The study's findingsrevealed that in Myanmar, trustand perceived utility

characteristics had a substantialimpact on behavior intention touse a mobile wallet Useracquisition managers, marketingmanagers, and business

Journal of

Technology

Management

MW

H4: SI positively influences the intention to use MW

H5: FC positively influence intention to use MW

H6: TR positively influences the intention to use MW

development managers may usethe findings of this study todesign plans and tactics forplacing their mobile wallet within

an appropriate user base

(H4) FC has a critical positive impact on the intention

to use e-wallets among adults

(H5) LC has a critical positive impact on the intention

to use e-wallets among adults

PU,PEOU,SocialInfluenc

e, FC,

LC, PT

Intentio

n to Usee-Wallet

At last, perceivedusefulness,

perceived ease ofuse, social

influence, lifestylecompatibility, andperceived trust allinfluenced e-walletintention andadoptionemphatically Theintention to utilize

an e-wallet wasobserved tomediate theconnectionsbetween variablesand e-walletselection Theimpact of the way

of life compatibility

on the intention toutilize an e-walletwas intervened bythe respondents'age and gender

Utilizing the unified hypothesis

of acceptance and use oftechnology (UTAUT), theimpacts of perceived usefulness,perceived ease of use, socialimpact, encouraging conditions,lifestyle compatibility, andperceived trust on both theintention to utilize and theappropriation of an e-walletamong adults were examined.This quantitative ponder uses aGoogle Shape to gather data from

501 individuals employing across-sectional researchprocedure To analyze theinformation, fractional slightestsquare basic condition modeling(PLS-SEM) was utilized As areaction, seen value, perceivedease of use, social impact,lifestyle compatibility, andperceived trust all affectede-wallet intention andappropriation altogether In thispaper, the intention to use an

(H6) PT has a critical positive impact on the intention

to use e-wallets among adults

(H7) Intention to use an e-wallet has a critical positiveimpact on the adoption of e-wallets among adults

(H8) The impacts of PU, PEOU, social influence, FC,

LC, and PT on adoption of e-wallets among adults wereintervened by the intention to use an e-wallet

(H9) Age moderates the connections of PU, PEOU,social influence, FC, LC, and PT with the intention toutilize e-wallets among adults

(H10) Gender moderates the connections of PU, PEOU,social influence, FC, LC, and PT with the intention touse e-wallets among adults

(H11) Level of education moderates the connections of

PU, PEOU, social influence, FC, LC, and PT with theintention to use e-wallets among adults

e-wallet was found to intercedethe affiliations between thecomponents and e-walletselection The impact of lifestylecompatibility on the intention toutilize an e-wallet was interceded

by the respondents' age andgender The study's findings willassist managers and regulators indeveloping effective methods forrecording consumers' desire touse and experience with ane-wallet in a dynamic market.Finally, such well-crafted policiesmay stimulate higher rates ofe-wallet usage in poor countries,

as well as promote the digitalplatform and web-based apps

AttitudetowardUsingMFS

To confirm thefindings, this articleused both the

technologyacceptance model(TAM) and theinnovationresistance theory(IRT) Customers'opinions towardMFS adoption arefavorably

influenced by

This study was conducted using amixed research approach Partialleast squares (PLS) path

modeling was used to examinethe data of 196 respondents Forthe quantitative portion,

non-probability sampling wasused to collect data via astandardized surveyquestionnaire To validate thequantitative findings, ten MFSusers from various backgroundsparticipated in a focus group

H3 Trust in MFS will have a significant positive effect

on attitudes toward accepting MFS

H4 Barriers of MFS are negatively related to attitudetoward using MFS

H5 Barriers of MFS are negatively related to intention

to use MFS

H6 Attitude toward using MFS is positively related tointention to use MFS

H7 Attitude toward using MFS mediates:

(a) The positive relationship between PU and intention

to adopt MFS

(b) The positive relationship between PEOU and

perceivedusefulness (PU),perceived ease ofuse (PEOU), andperceived trust(PT), according tothe authors

Furthermore,acceptabilitybarriers also have adetrimental

influence oncustomerperceptions andusage intentions Afocus group

discussion on theconstructs used inthis work alsocontributed usefulinformation

discussion According to theauthors, perceived usefulness(PU), perceived ease of use(PEOU), and perceived trust (PT)all influence people's attitudestowards MFS adoption

Researchers discovered thatacceptance barriers had adetrimental impact on customers'perceptions and usage intentions

PU,PEOU ATU According to thefindings, the

independentvariables have asubstantialassociation andimpact onbehavioralintention Finally,the researchershave maderecommendationsand ideas forfurther research

M-Wallet (Mobile Wallet) is aform of e-commerce designedspecifically for mobile devices.The purpose of this study is todetermine the relationshipbetween perceived usefulness(PU), perceived ease of use(PEOU), attitude toward use(ATU), and behavioral intention

to use (BINT) Data acquiredfrom 450 potential mobile walletusers via an online and offlinesurvey was used to

experimentally evaluate theresearch

H5: PU positively correlates with Behavioral IntentionH6: PEOU positively correlates with BehavioralIntention

H7: Attitude positively correlates with BehavioralIntention

2.3 Hypotheses development and research model

2.3.1 The relationship between PEOU and PU

As already stated, PEOU and PU are the two basic constructs of TAM PEOU is acrucial driver of customers’ attitudes and intention to receive and utilize technology.PEOU considers how basic a framework is to memorize and utilize, while PU considers incase the client feels the framework will move forward his or her performance (Davis,1989) Within the setting of mobile wallets, PEOU is characterized as the user'sdiscernment of how small exertion is required to memorize and utilize mobile wallets PU,

on the other hand, is characterized as the idea that utilizing a mobile wallet would improveshopper performance This may well be in terms of superior proficiency, with less workand time spent Within the case of m-services buyers in Australia, PEOU could be a solidindicator of PU (Revels et al., 2010) In Malaysia, Amin et al (2014) found that PEOUemphatically influenced PU in terms of website utilization PEOU's influence on PU hasbeen described in previous research (Gefen and Straub, 2003; Davis, 1989; Adams et al.,1992; Szajna, 1996; Lederer et al., 2000; Moon and Kim, 2001;) As such, the followinghypothesis is proposed:

H1a PEOU positively influences PU associated with mobile wallets.

Online transactions, like PEOU and PU, require a high level of trust Making the platformbasic to utilize and explore is vital to setting up online trust Within the setting ofe-commerce, a user-friendly website diminishes user misunderstandings, permitting formore straightforwardness all through the value-based process (Flavián et al., 2006) Withinthe case of mobile wallets, easy-to-understand and express operations such as installment,revive, and exchanges help the improvement of trust PEOU ought to too boost certainty,concurring with Gefen et al (2003), by giving the impression that the e-vendor iscontributing to the association and so signaling a commitment to the organization PEOU

is accepted to emphatically impact trust in e-commerce since it helps buyers construct afavorable supposition of the e-vendor amid the primary appropriation process of aninternet benefit (Wu and Chen, 2005) PEOU has been found to be a main predictor ofcustomer trust in the situation of m-commerce by other researchers (Lee and Jun, 2007;Belanche et al., 2012; Kumar et al., 2018) As such, the following hypothesis is proposed:

H1b PEOU has a significantly positive effect on trust with mobile wallets.

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2.3.3 The relationship between PEOU and Attitude

According to Hew et al (2015), easy-to-use applications will entice customers toutilize them and so shape their attitudes Various research have demonstrated the impact ofPEOU on attitude (Chau and Lai, 2003) PEOU has a good and strong effect on attitudesregarding Internet banking, according to Suh and Han (2002) PEOU was found to have afavorable and significant effect on attitudes around mobile banking by Deb and David(2014) in their research of Indian mobile managing an account clients Lin (2011) foundthat PEOU basically influences attitude, which on the off chance that shoppers discovere-banking basic to utilize, they are more likely to embrace it As PEOU has been animportant indicator within the selection of various data innovation stages, it is sensible toaccept that the same will be genuine for mobile wallets As such, the taking after theory isproposed:

H1c There is a positive relationship between PEOU and attitude.

2.3.4 The relationship between PU and Trust

The commitment–trust hypothesis of relationship marketing set up by Morgan andChase (1994) best clarifies the thought of trust, which is characterized as a circumstance inwhich one party has confidence in the reliability and integrity of a trade accomplice In thisresearch, we extend trust within the setting of mobile wallets Within the case of mobilecommerce, Lee and Jun (2007) found that PU is a major indicator of customer trust.Concurring to the article almost versatile site fulfillment, Amin et al (2014) uncoveredthat PU is emphatically associated with trust The degree to which customers accept theservice would increment their proficiency and will have a favorable impact on trust inmobile wallets Moved forward execution and returns could be indicators of trust As such,the taking after theory is proposed:

H2a PU positively affects trust with mobile wallet.

2.3.5 The relationship between PU and Intention

Previous research investigations have regularly confirmed the speculations at firstexpressed within the TAM model Riquelme and Rios (2010) found that PU impactsbehavioral intention to utilize mobile managing an account in a ponder including internetusers in Singapore In a study of Thai mobile banking users, Mortimer et al (2015) foundthat PU predicts the desire to utilize mobile banking emphatically and impressively.Alalwan et al (2016) examined the part of value among Jordanian mobile banking usersand discovered that PU incorporates a noteworthy impact on behavioral intention Shaw

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(2014) discovered that PU impacts the purposeful to utilize a versatile wallet within thesetting of mobile wallets Numerous extra research examinations have uncoveredcomparative conclusions (Adams et al., 1992, Jackson et al., 1997; Suh and Han 2002;Shin, 2010; Sharma and Govindaluri 2014; Pham and Ho, 2015; Upadhyay and Jahanyan2016; Kumar et al., 2017; Matemba and Li, 2017) As such, the taking after speculation isproposed:

H2b PU positively affects Intention toward mobile wallet adoption.

2.3.6 The relationship between PU and Attitude

Previous research on technology adoption has more than once found that PU features

a critical effect on attitudes and eagerness to utilize online banking (Chong et al., 2010)and mobile banking (Chong et al., 2010) (Mohammadi, 2015) Agreeing to Teo et al.(2008), PU is a forerunner of attitude and features a solid effect on the attitude Within thecase of mobile banking in India, Deb and David (2014) found a positive relationshipbetween PU and attitude toward mobile banking A few studies have shown that PU andattitude are firmly associated (Aboelmaged and Gebba, 2013; Krishanan et al., 2016).Customers are more likely to have a great attitude and desire to utilize mobile bankingwhen they see clear benefits given by it (Lin, 2011) As such, the taking after hypothesis isproposed:

H2c PU positively affects attitude toward mobile wallets.

2.3.7 The relationship between PS and Trust

The degree to which a user feels that utilizing a specific online payment method issecure is known as perceived security (PS) When conducting online transactions, Enck et

al (2009) defined PS as a consumer's conviction that his or her individual credentialswould not be accessed, spared, or modified by unauthorized users Security is a vital driver

of trust in e-commerce and online buying research (Flavián and Guinalu, 2006; Roca et al.,2009; Kim et al., 2011) It is critical, agreeing to Shin (2009), to set up PS metrics andtheir interface to believe within the mobile setting Agreeing to Flavián and Guinalu(2006), customers' perceptions of security with respect to the handling of their individualdata have a noteworthy effect on the building of trust Mukherjee and Nath (2007) foundthat the website's privacy and security features, as well as shared values, are basicpredecessors of trust, which emphatically impacts consumers' behavioral intention.Agreeing to Nath (2007), the website's privacy and security features, as well as sharedvalues, are critical forerunners of trust, which emphatically impacts customers' behavior

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intention In a later research counting e-wallet utilization in India, Kumar et al (2018)found that PS had a critical impact on trust As such, the following speculation isproposed:

H3a PS has a positive effect on Trust toward mobile wallets.

2.3.8 The relationship between PS and Intention

PS has been shown to have a positive effect on behavioral intentions (Flavián andGuinalu, 2006; Mukherjee and Nath, 2007; Shin, 2009) Mobile wallets make moresecurity concerns than conventional payment methods since they store and transportindividual and money-related data Security has been considered a vital indicator of onlinebuying purposeful, and numerous research examinations have uncovered that securityencompasses a positive impact on the craving to purchase online (Yousafzai et al., 2003;Kim et al., 2008) In their thinking about the Indian setting, Thakur and Srivastava (2013)recognized security and protection concerns as major obstructions to portable commerceappropriation Patel and Patel (2018) examined the selection of internet bankingadministrations in India and found that seen security had a positive effect on thepurposeful utilize internet banking As such, the following hypothesis is proposed:

H3b PS has a positive effect on the intention to use mobile wallets.

2.3.9 The relationship between PS and Attitude

Numerous researchers (O'Cass and Fenech, 2003; Vijayasarathy, 2004) havedemonstrated a positive association between security and attitude within the setting ofonline shopping It is sensible to expect that the more noteworthy the perceived security,the greater the trust within the technological platform, which would exchange into apositive feeling toward adoption This phenomenon is likely to happen with mobile wallets

as well As such, the following hypothesis is proposed:

H3c PS positively influences users' attitudes toward mobile wallets.

2.3.10 The relationship between FC and PU

According to Thompson et al., (1991) FC are described as existing circumstancesthat make completing an act easier For instance, one facilitating situation that can have animpact on system use is the availability of support for personal computer utilization FCrefers to factors from the external environment that influence a person's motivation tocomplete a task (Teo et al., 2008) Agarwal et al (2009) discovered that the degree towhich a person believes that the current organizational and technical infrastructure can

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support technology utilization is referred to as facilitating conditions Therefore, thefollowing hypothesis is proposed:

H4a FC enhances PU related to mobile wallets.

2.3.11 The relationship between FC and Attitude

Lin et al., (2011) found that within the setting of mobile banking, users obtainknowledge-based trust based on the competence of related parties like banks,telecommunications companies, and financial institutions In case customers accept thesefirms are able to supply productive service as well as guarantee to have adequate assurance

of their transaction information, they will tend to proceed to utilize it Therefore, theseinstitutions play a vital part in generating a conducive environment, thereby creating trustamong users and then shaping their attitudes As a result, FC is likely to influence people’sattitudes toward mobile wallets The following hypothesis is proposed:

H4b FC positively influences attitude toward mobile wallets.

2.3.12 The relationship between FC and Intention

Furthermore, Karjaluoto et al (2002) found that factors that facilitate technologyadoption include experience with computers, previous technology experience, andpersonal banking experience These all have an impact on attitudes regarding onlinebanking In the context of mobile wallets, FC can be understood as the availability ofsmartphones, the affordable price of owning a smartphone, and the ability to access theinternet, necessitating knowledge of mobile phones, security, and privacy regulations, all

of which influence the adoption of mobile wallets FC has a direct positive influence onbehavioral intentions, according to Yang (2010) Personal word of mouth and word ofmouth in social networks, according to Shaw (2014), are informal learning sources thatinfluence the intention to use a mobile wallet FC can also be the availability ofinformation sources that assist in finding information As such, the following hypothesis isproposed:

H4c FC positively influences intention toward a mobile wallet.

2.3.13 The relationship between Trust and Attitude

Trust frequently consists of three dimensions: ability, integrity and benevolence(Benamati et al, 2010) Ability refers to a mobile service provider's ability to completeduties Ability implies that mobile service providers have sufficient knowledge and skills

to do their duties; and benevolence refers to a mobile service provider's concern for theinterests of users rather than their own A number of previous research have found a

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connection between trust and attitude (Agag and El-Masry, 2016) In a study of Internetusers in Korea, Suh and Han (2002) discovered that trust had a favorable and significantimpact on customers' attitudes and intentions regarding Internet banking In a research ofIndian mobile users, Thakur (2013) realized that trust and satisfaction have a positiveimpact on customer loyalty As such, the following hypothesis is proposed:

H5a Trust has a positive effect on attitude.

2.3.14 The relationship between Trust and Intention

Despite the fact that trust is becoming increasingly crucial in mobile commerce(Misra and Wickamasinghe, 2004; Hong and Cha, 2013; Zhou, 2011; Shaw, 2014), trust ispostulated as an antecedent variable that influences user desire to utilize a mobile wallet

In fact, the greater the consumer's perception of trust, the more inclined they are topurchase (Han and Windsor, 2011; Hajli, 2014) Gu et al (2009) discovered a positive andsignificant relationship between trust and behavioral intention in their integrated model.According to Bashir and Madhavaiah (2014), Trust has a major impact on young Indiancustomers' intentions to utilize internet banking Kumar et al (2017) discovered that trusttendency was substantially connected with the intention to use mobile wallets in a studydone among management students in India In a study utilizing mobile wallets, Kumar et

al IJBM (2018) discovered that trust influences M-wallet continuation intention favorably

As such, the following hypothesis is proposed:

H5b Trust has a positive effect on intention.

2.3.15 The relationship between LC and Attitude

Consumers go through a process of knowledge, persuasion, decision, andconfirmation before adopting a product, service, or idea (Rogers and Shoemaker, 1971)

LC is defined as a natural connection between two people's lifestyle choices and values Inthe context of technology adoption, this term can be expanded to encompass computer andmobile devices, as well as other related parties functioning in the environment The degree

to which an individual believes it is important for others to believe he or she is using thenew method is referred to as social influence (Agarwal et al., 2009) According toRiquelme and Rios (2010), social norms can be explained by external (friends, peer group,and superior) and internal (family and relatives) And these ones have an influence onlifestyle, thereby determining the behavior of adopting mobile banking Deb and David(2014) discovered a positive association between social influence (friends and familyacceptance) and attitudes toward mobile banking The intention to use internet banking is

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also found to be considerably and favorably influenced by social influence (Bashir andMadhavaiah, 2014) Lin (2011) discovered that the degree to which mobile banking ismatched with individuals values, experiences, lifestyle, and preferences can explain LC Inanother survey conducted in Iran by Mohammadi (2015), the results suggested that LCwas the most important element influencing user attitudes about mobile banking As such,the following hypothesis is proposed:

H6a LC positively influences attitudes toward mobile wallets.

2.3.16 The relationship between LC and Intention

Agreeing to Harrison (2015), LC had the most prominent impact on behavioralintention In their external TAM show, Muoz-Leiva et al (2017) utilized social image.They accept that since the uncertainties that come with modern technologies, individualslook for direction from others, based on sentiments of respect, honor, prestige, notoriety,validity, social connection, and so on Users incline to interface themselves withlike-minded companies that utilize comparable technological platforms Thus, LC isthought to be vital for any modern technology adoption This compatibility gives them apositive social image among their peers This peer community's shared assertion ofadmiration and esteem supports the improvement of a favorable demeanor towarddevelopment According to Singh and Srivastava (2014), LC may be a vital indicator inunderstanding the slant to utilize mobile banking among Indian clients As such, thefollowing hypothesis is proposed:

H6b LC positively influences intention toward mobile wallet.

2.3.17 The relationship between Attitude and Intention

The behavioral intention may be described by the attitude toward behavior, which isdefined as an individual's positive and negative attitudes toward acting in a given way,according to the TRA developed by Fishbein and Ajzen (1975) Furthermore, Davis(1989) proposed that attitude toward a system can explain behavioral intention Lin (2011)revealed a significant and positive relationship between attitude and behavioral intention inexplaining mobile banking adoption and usage Deb and David (2014) found that one'sattitude has a favorable impact on one's behavioral intention As a result, the followingtheory is put forth:

H7 Attitude has a positive effect on the intention to adopt mobile wallets.

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To know better about mobile wallet adoption, the suggested research modelintegrates the primary structures of the TAM, UTAUT model, and additional constructs.The research technique is discussed in the following section.

2.3.18 Research model

Based on The unified theory of acceptance and use of technology (UTAUT), thetheory of technology acceptance model (TAM), and research models related to the use ofe-wallets, the authors propose a research model The study consists of 7 factors: (1)Perceived ease of use, (2) Perceived usefulness, (3) Trust, (4) Security, (5) Facilitatingconditions, (6) Lifestyle compatibility, (7) Attitude affects intention to use e-wallets

Figure 1 Proposed research model.

2.3.19 Research gap

There have been various studies using the Unified theory of acceptance and use oftechnology model (UTAUT) and the technology acceptance model (TAM) to account forconsumer intention and the adoption of various technologies such as internet banking(Akinci at al, 2004), bank technology (Wan et al, 2005),online commerce (Zhang et al,2006), However, as summarized in Table 1 , there is a few research on the intention touse e-wallets under the influence of important factors such as trust, security, FC, LC Withthe remarkable growth in the e-wallet payment market in Vietnam, especially the high use

of students in Ho Chi Minh City, the study of factors related to the attitudes and intentions

of college students is necessary

Currently, there are few studies combining the impact of factors such as FC and LC

on both attitudes and intentions to use e-wallets A study exploring the causal relationship

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between antecedents and consumer preferences and attitudes in India has been publishedaround the world (Singh et al 2017) This article is unique, so it investigates the elementsthat influence people's attitudes and intentions towards using e-wallets The TAM andUTAUT theoretical models were chosen since both have been widely used in explainingthe application of various types of innovative technologies Because mobile wallets are atechnology-driven innovation platform, this study relies on elements and linkagesestablished by these hypotheses and aims to investigate if these relationships areacceptable for the context of mobile wallets As a result, the goal of this study is to address

a research vacuum by constructing a model that contains significant factors in order toincrease the ability to explain students' desire to use e-wallets in Ho Chi Minh City

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CHAPTER 3 RESEARCH METHOD

3.1 Research process

The research process was conducted in four basic steps as follows: First, the authorreviews the studies related to the intention to use e-wallets and summarizes the researchand related theories After that, find research gaps and build a proposed research modeland scale Next, the authors used a quantitative research method to interview groups offour candidates to ensure the appropriateness of the model as well as of its scale withreality, and to make adjustments to ensure the logical significance of each question item.Finally, quantitative research is used to evaluate the measurement model and to test thestructural model The study evaluates the reliability and validity (including convergentvalue and discriminant value) of the scale by using the composite reliability coefficient(CR) and the average extracted variance (AVE) Next, the study also tested themulticollinearity of the scale through the VIF coefficient (Henseler & Chin, 2010) Next,the study uses the coefficient of determination (R2) and the relationship of the forecast(Q2) to evaluate the explanatory power of the dependent variables The bootstrappingprocedure (5000 samples) was also used to test the research hypotheses through the test(Hair et al., 2021) The specific research process is shown in Figure 2:

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Figure 2 Research process 3.1.1 The pre-test stage

In this study, quantitative methods were chosen to be used for data analysis The firststage is the pre-test, which provides an effective way to revise the questionnaires to ensuretheir clarity and intelligibility The first step in this process is to review the relevantprevious literature in order to apply the scale to all studied constructs (i.e., perceived ease

of use, perceived usefulness, trust, security, and safety, favorable conditions, compatibility

in lifestyle) After the measurement scale, a questionnaire was designed and tested inadvance with 10 students in HCMC The questionnaire was then adjusted to guaranteereadability before being finished and distributed

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3.1.2 Quantitative research

3.1.2.1 Data collection

After conducting a pre-test, the author has obtained a semantically adjustedquestionnaire suitable for the context in HCMC This study was carried out using anon-probability convenience sampling method Survey data shows that students in Ho ChiMinh City have knowledge about e-wallets (Momo, ZaloPay, ShopeePay, etc.) The datacollection process is carried out according to the following steps:

Step 1: Create the survey questionnaire.

The Vietnamese questionnaire has been adjusted after qualitative research Google formlink to the soft table

Step 2: Determine the Size of the Research Sample

The hypothesized model was evaluated and tested using the partial least squares structuralequation model (PLS-SEM) The minimum sample size for a PLS model should be at leastten times the number of inner model routes aiming towards a certain construct in the innermodel (Barclay et al., 1995) In this case, the sample size was 286, which was larger thanthe minimum required size of 60 ( Hair and colleagues (2017))

Step 3: Distribute the questionnaire to survey participants.

The author team will contact and send the link to the survey to students at universities in

Ho Chi Minh City via Facebook, Zalo, The total number of votes collected was 303 Thecollection period is from April 27, 2022, to May 2, 2022

3.1.2.2 Data analysis methods

This study uses the partial least square structural equation modeling (PLS-SEM)approach as the main tool for data analysis PLS is preferred since it does not require thedataset to be normally distributed or has no multicollinearity problem Furthermore,PLS-SEM can analyze models with many latent variables measured by many differentparameters at the same time, especially those measured by higher order variables (Hair etal., 2017) The PLS-SEM is a multivariate technique that is used in a variety of areas such

as accounting (Lee et al., 2011), operations management (Peng and Lai, 2012), marketing(Hair et al., 2012), and other functional areas of management PLS-SEM is beneficial forboth predictive and exploratory research When the data is non-normal and the sample size

is limited, researchers frequently use this strategy (Reinartz et al., 2009)

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Statistical software SmartPLS 3.3.3 is used, through the PLS algorithm (PLS algorithm) toanalyze the accuracy of the scales,𝑅2and The bootstrapping method was performed to𝑓2test the significance of the path coefficients.

3.2 Questionnaire design

The questionnaire had three sections: Section 1 is a filter question "Have you everused an e-wallet?", if yes, continue the survey, if not, stop the survey form Section 2 is themain content for the variables in the structural model in the research such as Perceivedease of use, Perceived Usefulness, Trust, Security, Facilitating Conditions, LifestyleCompatibility, Attitude, Intention Finally, Section 3 is the demographic section likegender, age, income, which university

require minimum effortPEOU4 I believe it is easy to transfer money through mobile wallet

as minimum steps are requiredPEOU5 Overall I think mobile wallet is very easy to usePerceived Usefulness

(PU) (adapted from

Davis, 1989, Davis et

2003)

PU1 I think using mobile wallet would enable me to accomplish

transactions more quicklyPU2 I believe mobile wallet would be useful for conducting

online transactionsPU3 I believe using mobile wallet would improve my efficiency

of online transactionsPU4 I think using mobile wallet would make it easier for me to

make online paymentsPU5 I believe mobile wallet improves the quality of online

transactionPU6 Overall, I think using a mobile wallet would improve my

performanceTrust (TR) (adapted T1 I trust transactions happening through mobile wallet

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from Lee and Turban,

2001, Suh and Han,

2002 and Belanche et

al., 2012)

T2 I trust the business providers of mobile wallet will not

divulge any of my information to third partyT3 I believe mobile wallet keeps customers’

interests best in mindT4 I believe mobile wallet keeps its promises and commitmentsT5 I believe that in case of any issue the service provider will

provide me assistanceT6 I believe that the mobile wallet service

providers follow consumer laws

traditional payment options such as credit cards and cashS4 I believe that transactions conducted through mobile wallet

are secure

wallet are lowFacilitating

while using mobile walletLifestyle

shop onlineLC4 I think mobile wallet is more suitable to me since I spend

more time on mobile apps than on desktopLC5 Keeping a record of transactions and receipts is my habit

and I believe mobile wallet fulfills them

(adapted from Davis,

1989 and Venkatesh

ATT1 I perceive that mobile wallet is a new and unique idea

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point-of-saleINT3 I will frequently use mobile wallet in futureINT4 I intend to recommend others to use mobile wallet

Table 2 Measurement scales

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