INTRODUCTION
The digital transformation of the economy and enterprises is an inevitable global trend, driving significant shifts that enhance competitiveness New technologies and business models, particularly in electronic payments, are reshaping how organizations operate and how customers engage with services and products Notably, non-cash payments surged by 51.14% in quantity in the first seven months of 2023 compared to the previous year, with Internet transactions increasing by 66.46% Mobile phone sales rose by 63.09%, and QR code purchases skyrocketed by 124.15% Despite Vietnam's vast potential, mobile payment adoption remains limited To promote mobile payment in Hanoi and across Vietnam, it is essential to understand the factors influencing electronic payment user behavior, particularly in Hai Ba Trung district, which has a large population and numerous universities, presenting a significant market of potential consumers.
Research on electronic payments has yet to clarify their influence on Generation Z's shopping behavior in Hanoi during the digital transition The objective and subjective factors affecting this demographic, along with the various influences and the associated challenges, remain ambiguous This understanding is crucial for the younger generation, new businesses, and consumers to grasp the full impact of electronic payments.
The article explores the significant rise of electronic payments in recent years, focusing on the shopping behavior of Hanoi's youth amid digital transformation Surveys will be conducted in universities and high schools in the Hai Ba Trung area to analyze this behavior Additionally, the research aims to offer practical suggestions to enhance the effectiveness of online payment technology for Generation Z in Hai Ba Trung and across Vietnam.
RESEARCH OBJECTIVES
This study aims to investigate the impact of electronic payments on the direct purchasing behavior of Generation Z in Hanoi's Hai Ba Trung district By analyzing factors related to acceptance, attitude, and intention to utilize electronic payment technologies, the research will offer valuable insights for family businesses, small and medium-sized enterprises, and large corporations regarding the implementation of electronic payment systems in their goods and services transactions.
The specific objectives are as follows:
- Analyze and study variables that influence whether consumers use electronic payments when shopping directly.
- Analyze and investigate the effects of changes in trade practices.
- Explores consumer choice behavior when utilizing electronic payment methods and how customers use technology (electronic payments) to make in-person shopping more comfortable and convenient.
LITERATURE REVIEW
E-payment
Electronic payments are variously defined by scholars, with some describing them as a connectivity method between organizations and individuals facilitated by banks for electronic cash transactions They are also characterized as a technique for transmitting money online in any currency In the context of e-commerce, electronic payments refer to the exchange of money through electronic means Ultimately, electronic payment represents a method for purchasing goods or services over the Internet, serving as an alternative to traditional cash payment methods.
According to Visa's "Consumer Payment Attitude Study 2021," Vietnam utilizes various electronic payment methods, including contactless cards (7%), contact card payments (8%), QR code payments (7%), contactless mobile payments (5%), online card payments (7%), and online e-wallets (15%) The mobile payment sector in Vietnam is projected to grow at a compound annual growth rate (CAGR) of 22.8%, reaching approximately 27.69 billion USD by 2025, as reported by PayNXT360 Additionally, mobile wallet payments are expected to increase at a CAGR of 23% from 2018 to 2025 Statista forecasts that by 2025, the number of MoMo users will reach around 59 million, while Viettelpay will have about 28 million users, and Shopee's Airpay, ZaloPay, and Grappay will have approximately 12 million, 6 million, and 2 million users, respectively.
E-payment Tools
Numerous studies have explored tools and systems related to electronic payments, leading to the development of various online payment systems over the years These systems can be broadly classified into two categories: electronic currency and account-based systems, where users can utilize their bank accounts for transactions.
E-payment by cards Card payments are the most common type of online payment on the Internet With the evolution of Electronic Payment Systems (EPS), particularly credit and debit cards/ATMs [57] Credit card use has risen rapidly, and it is the foundation for the creation and growth of the debit card system Credit and debit cards are both widely utilized as payment methods for services and goods
A credit card is a loan tool that allows users to borrow money for purchases, balance transfers, and cash advances, which must be repaid with interest later It is the most commonly used method for online payments However, high fees associated with credit card transactions can make it challenging for small payment transactions or small businesses to operate effectively.
Debit cards, also known as ATM cards, operate on a balance system similar to a savings account, requiring users to deposit funds before making withdrawals, transfers, or payments Transactions cannot be completed if the account balance is low or insufficient Additionally, debit card payments are generally considered to offer higher security compared to credit card transactions, which often involve strict identification requirements set by banks.
(iii) E-wallet E-wallets are also referred to as digital wallets or mobile wallets [66].
The evolution of payment methods from paper money to debit and credit cards, facilitated by companies like American Express, Discover, JCB, Mastercard, Union Pay, and Visa, led to the emergence of e-wallets E-wallets represent the latest advancement in mobile commerce, enabling users to perform transactions, shop online, place orders, and access various services seamlessly.
A research study stated that "'Mobile wallets are formed when your smartphone acts as a leather wallet: it can have digital coupons, digital coins (transactions), cards digital technology and digital receipts" [14].
Current e-wallets utilize advanced technologies such as NFC, QR code scanning, and built-in sound waves in banking apps, offering a variety of products and services These digital payment solutions are designed to be straightforward, compact, and user-friendly Future mobile wallets are expected to provide even more convenient payment options In Vietnam, popular e-wallets include MoMo, ZaloPay, ViettelPay, and VNPay As of the first quarter of 2023, MoMo dominated the e-wallet market with a 68% share, followed by ZaloPay at 53%, ViettelPay at 27%, ShopeePay at 25%, VNPay at 16%, and Moca e-wallet at 7%, according to Decision Lab's report "Digital Consumer - The Connected Consumer."
Market… Đại học Kinh tế…
Study on low- carbon, sustainable…
Figure 1: Market share of e-wallets in Vietnam in the first quarter of 2023
Source: Decision Lab (2023) The Connected Consumer Q1 2023.
Electronic money, as defined by the Bank for International Settlements (BIS) in October 1996, refers to "stored value or prepaid product in an electronically stored record of money or value available to consumers." This form of currency allows for faster transactions compared to debit and credit cards, as it does not require online authorization, signatures, or PIN entry Additionally, electronic money facilitates small transactions at low costs, making it a popular choice among consumers Its unique representation through a cryptographic sequence ensures that it cannot be counterfeited, further enhancing its appeal.
A bank transfer serves as a middleman system connecting the buyer's card account, the seller's account, and the bank, allowing for immediate fund collection upon transaction completion Despite the potential risks for both parties involved, a key benefit of this payment method is the ability to finalize transactions even when the buyer and seller are not in the same location.
Global Food Drink Trends 2019 Mintel
Consumer Behavior Concept
Consumer behavior encompasses the actions of individuals in ordering, consuming, and purchasing goods and services It involves a complex interplay of cognitive, emotional, and physical processes as people make decisions, acquire, use, and dispose of products to fulfill their needs and desires.
Studies indicate that consumer purchases are often driven by perceived value rather than the actual purpose of the goods Research on customer behavior enhances our understanding of purchasing topics, motivations, and frequency In essence, consumer behavior definitions emphasize the various factors influencing purchasing decisions, including awareness, information seeking, and evaluation of purchases, as well as post-purchase responses and their interaction with external elements.
The Theory of Innovation Diffusion
The concept of "diffusion of innovation," as outlined in the book Diffusion of Innovations, describes how innovations are communicated over time through specific channels within a social system This theory seeks to understand the factors influencing the spread of new ideas and technologies, the channels utilized for distribution, and the rates at which these innovations gain acceptance in the market.
Rogers emphasizes that the speed at which a new concept spreads in the market is influenced by factors such as the innovation itself, communication channels, adaptation time, and the social system He identifies relative benefit, trialability, complexity, compatibility, and observability as key elements affecting the Innovation Diffusion Theory (IDT) While most traits positively influence innovation adoption, complexity negatively impacts decision-makers' behavior Previous studies highlight that relative advantage, ease of use, and compatibility are critical factors driving the adoption of Internet and mobile technologies.
Technology Acceptance Model (TAM)
Research in social psychology has led to the development of the theory of reasoned action (TRA), which explores the relationship between attitudes and behavior However, the TRA's theoretical model and technology adoption scale have notable limitations To address these issues, the technology acceptance model (TAM) was developed, building on TRA's foundational concepts The TAM outlines a three-stage process for technology acceptance, where external variables trigger cognitive and emotional responses, ultimately shaping attitudes and intentions to use technology Central to the TAM are two key factors influencing IT usage behavior: "perceived usefulness" and "perceived ease of use."
The Technology Acceptance Model (TAM) has evolved into versions such as TAM2 and TAM3, which have been positively recognized in various studies focusing on consumer attitudes towards technology, particularly in e-commerce and online shopping tools that facilitate transactions These models highlight how attitudes towards technology can influence consumer behavior and enhance purchasing intentions However, research indicates that the predictive power of the TAM3 model is diminished in the context of mobile commerce and mobile payment technologies, as user perceptions are significantly affected by factors such as output quality, image, self-efficacy, and perceived external control.
Theory of Planned Behavior (TPB)
The theory of planned behavior (TPB), an extension of the theory of reasoned action (TRA), posits that an individual's intentions are influenced by their attitudes toward an activity, subjective norms, and perceived behavioral control This framework suggests that intentions can be forecasted based on perceived behavioral control Understanding consumer behavior through this lens is crucial for companies and offline retailers considering the adoption of electronic payment methods.
Unified Theory of Acceptance and Use of Technology (UTAUT)
A unified model of technology adoption and use integrates key factors influencing behavioral intentions and actual usage Based on the UTAUT theoretical framework, behavioral intention is a crucial determinant of technology use Users' perceptions are shaped by four main aspects: performance expectancy, effort expectation, social influence, and facilitating conditions Additionally, effectiveness is influenced by variables such as age, gender, experience, and willingness to adopt the technology.
(i) Performance Expectancy It is described as "the degree to which an individual believes that using the system will help him or her achieve performance on the job"
[69] This is regarded as the most potent predictor of intention to use in both voluntary and mandatory circumstances [78], [72].
Effort expectation refers to the perceived ease of using a system, highlighting how user-friendly or challenging the interface may be This concept emphasizes the importance of usability in enhancing user experience.
Social influence refers to the extent to which individuals feel that important others expect them to adopt a new system This concept highlights that when consumers are required to use technology due to regulations, their choices may be swayed by social pressures rather than personal preferences, making social influence similar to subjective norms and social factors.
Favorable conditions refer to the extent to which an individual perceives that the necessary organizational and technical infrastructure is in place to facilitate system use According to the UTAUT model, this factor significantly influences usage behavior, as positive perceptions of favorable conditions directly enhance usage intention.
User intention to use electronic payment systems is significantly influenced by factors such as age and gender Age impacts all other predictors, while gender modifies the relationship between expected performance, expected effort, and social influence, as outlined in the UTAUT model Therefore, understanding the effects of age and gender is crucial for refining the proposed model in this study to better analyze behaviors and intentions related to in-store electronic payment usage.
Unified Theory of Acceptance and Use of Technology 2 (UTAUT2)
The UTAUT model initially focused on organizational contexts in theory and research Its extension, UTAUT2, was developed to create a comprehensive framework for evaluating technology acceptance and to introduce a new model that addresses customer technology acceptance behavior.
11 model's numerous limitations In terms of understanding user behavior, the UTAUT2 model is more accurate [70], [6].
The UTAUT2 model builds upon the original UTAUT framework by retaining its four key predictors and introducing three new factors: hedonic motivation, cost/perceived value, and habit These additional elements enhance the understanding of user acceptance and technology adoption.
Hedonic motivation refers to the pleasure or joy experienced from using technology, which significantly influences technology acceptance and usage It serves as a crucial predictor of consumer engagement with technological tools.
Perceived value refers to the balance consumers strike between the benefits they gain from applications and the costs associated with using them This relationship indicates that the advantages of utilizing technology often outweigh the disadvantages, influencing users' intentions to adopt such technologies.
Habit refers to the extent to which individuals engage in behaviors automatically This aspect significantly impacts actual usage, influencing it both directly and indirectly through user intentions and actions.
RESEARCH MODEL
Research Hypotheses
Performance Expectancy refers to the belief that using a system will help users achieve their professional goals This concept extends to electronic payment methods, where users perceive that these methods enhance their performance compared to traditional options The advantages of electronic payments include time and cost savings, along with greater access to services Even if users have had previous dissatisfaction, they are likely to adopt electronic payments if they find them beneficial A positive perception of usefulness leads to favorable attitudes towards these services, ultimately predicting the intent to use them.
(H1): "Performance Expectancy" has a positive impact on in-store consumers' behavior toward to use of electronic payments.
According to Davis [19], the expected effort reflects a user's seamless interaction with a trusted system, highlighting that ease of use and anticipated effort significantly influence the adoption of new technology Furthermore, users are more likely to utilize electronic payment systems as their usability increases [46].
(H2): “Effort Expectancy” has a positive impact on in-store consumers' behavior in using electronic payment methods.
An empirical study revealed that consumers often yield to the suggestions or criticisms of others when initially using technology, primarily due to a lack of knowledge or confidence in electronic payment methods Furthermore, research indicates that subjective norms and social pressure significantly impact users' intentions and choices regarding technology adoption.
(H3): “Social Influence” has a positive impact on in-store consumers' behavior of using electronic payment methods.
Perceived Credibility (PCr) refers to a user's assessment of the security and safety of a mobile payment system Research indicates that trust is linked to the perceived risk associated with transactions, and users are more likely to adopt electronic payment systems when they feel this risk is minimized Consequently, perceived trust significantly influences customers' willingness to engage with electronic payment methods.
(H4): "Perceived Creditability" has a positive impact on in-store consumers' behavior toward to use of electronic payment methods.
Facilitating Conditions (FC) refer to the supportive organizational, technical, and infrastructural elements that enhance user experience with a system Key components include access to user assistance, system-appropriate capabilities, and the availability of necessary resources.
(H5): “Facilitating Conditions” positively impact in-store consumers' behavior to use electronic payment methods.
Risk awareness significantly impacts consumer behavior, particularly in electronic payment systems Users often feel insecure when making transactions due to perceived unpredictability and potential negative outcomes The theory of planned behavior (TPB) suggests that when consumers view risks as unknown, their behavioral control diminishes Conversely, if consumers recognize ways to mitigate these risks, they are more likely to manage their behavior effectively and show a greater willingness to engage in online transactions Thus, risk awareness plays a crucial role in shaping consumer choices.
(H6): “Risk perception” negatively impacts in-store consumers' behavior in using electronic payment methods.
An individual's attitude towards certain behaviors can be either positive or negative, significantly influencing their likelihood of engagement Favorable attitudes tend to encourage participation in specific behaviors, as positive attitudes are known to have a direct impact on behavior.
Research conducted in Vietnam indicates that attitudes towards electronic payments, particularly virtual banking, significantly influence consumer behavior Individuals believe their perspectives affect the functionality of electronic payment systems Consequently, this leads to the conclusion that public opinion plays a crucial role in the adoption of electronic payment methods.
(H7): “Attitude” has a positive impact on in-store consumers' behavior of using electronic payment methods.
Customers often perceive a cost associated with using electronic payment systems, which significantly impacts their willingness to adopt these services The price consumers are expected to pay plays a crucial role in the growth and development of electronic payment solutions.
[54], and, as a result, has a significant impact on how people use electronic information systems As a result, the following assertion is made:
(H8): "Perceived Cost" has a negative impact on in-store consumers' behavior toward to use of electronic payment methods.
Effective promotional programs attract customers and enhance their purchasing habits By using electronic payment methods like bank applications and e-wallets, customers can enjoy benefits such as refunds, point accumulation, and discounts, ultimately spending less compared to traditional payment methods The availability of more incentives increases customers' inclination to adopt electronic payment methods.
(H9): “Perceived Incentives” have a positive impact on in-store consumers' behavior toward to use of electronic payment methods.
Proposed Research Model
Figure 2: Research model from author
METHODOLOGY
Sampling method
The study utilized a convenience sampling approach to gather data from a diverse group of respondents in terms of age, gender, and income An online survey was conducted via Google Forms in Hanoi's Hai Ba Trung district, targeting high school students, university students, graduates, and professionals in relevant fields to ensure a representative sample To meet the minimum sample size requirement, which should be five times the number of observed variables, a total of 150 participants were selected, as the study included 30 observed variables This sample size is considered adequate for Structural Equation Modeling (SEM) analysis, as it falls within the recommended range of 100 to 150 participants.
To ensure a minimum sample size of 200, it is essential to increase the total number of survey questions by 15%, resulting in 230 votes cast Consequently, this study will survey 350 individuals to enhance the accuracy and reliability of the research A 5-point Likert scale, ranging from 1 (strongly disagree) to 5 (strongly agree), will be utilized across 9 scales with 30 observed variables.
Survey method
The research process is carried out including steps: qualitative research, preliminary quantitative research, and official quantitative research.
Step Method Technique Time Place
In-depth interviews and questionnaire s (n)
Hai Ba Trung district, Hanoi
Survey and interview via questionnaire (nP)
Hai Ba Trung district, Hanoi
Online survey via Google Forms
Before the official poll, qualitative research was conducted with 10 subjects to assess the model's applicability and the scale's relevance All subjects had a fundamental understanding of electronic payment mechanisms, including card payments, e-wallets, electronic money, and bank transfers This approach will aid implementers in making necessary improvements If the majority of subjects find the discussion topic simple and clear, the official scale can be deemed suitable for use in the official survey.
The study will employ quantitative methods in two stages to evaluate the hypotheses, utilizing Cronbach's Alpha for reliability and exploratory factor analysis (EFA) In Stage 1, a preliminary quantitative study will be conducted with a sample size of 50 to assess the scale's reliability and the significance of observed variables Following this, Stage 2 will involve official quantitative research, where data will be collected through convenience sampling to formulate appropriate research hypotheses An online survey will target 350 Generation Z participants, with invalid responses being discarded The quantitative questionnaire will consist of 30 observed characteristics rated on a 5-point Likert scale, ranging from "Strongly Disagree" to "Strongly Agree."
Questionnaires
5.3.1 Introduction to the questionnaires and survey form
Good day, ladies and gentlemen!
We are students from the National Economics University conducting research on "The impact of electronic payment on the direct shopping behavior of young people in Hanoi during the digital transformation process." This survey aims to gather insights from individuals who currently use, have used, or plan to use electronic payment methods Please note that this study is for academic purposes only and not for commercial use Your participation is crucial to our research, and we appreciate your time in completing the questionnaire Thank you for your valuable collaboration.
5.3.2 Questions using the Likert scale
Please rate the level of agreement with the following statements on a scale of 1 to
5 with the convention: 1 - Strongly disagree to 5 - Strongly agree
No Statement Level of agreement PART A: USEFULNESS OF USING ELECTRONIC PAYMENTS.
1 Using electronic payment when shopping in person helps me pay faster than using cash 1 2 3 4 5
2 Using electronic payment helps me save time when shopping in person 1 2 3 4 5
3 I get better information (easier and faster) when there are changes in my account 1 2 3 4 5
4 Electronic payment is a useful payment method when shopping in person 1 2 3 4 5
PART B: SIMPLICITY OF USING ELECTRONIC PAYMENTS.
5 Learning to use electronic payments was easy for me 1 2 3 4 5
6 Interactions when using electronic payments are clearly guided and easy to understand 1 2 3 4 5
7 It is easy to use electronic payments 1 2 3 4 5
PART C: SOCIAL INFLUENCE ON USING ELECTRONIC PAYMENTS.
8 I get a lot of advice to use electronic payments when shopping in stores 1 2 3 4 5
9 Using electronic payment is a trend 1 2 3 4 5
10 Social media helped me learn about the concept of 1 2 3 4 5
PART D: SECURITY OF USING ELECTRONIC PAYMENTS.
Electronic payment service providers help me update balance information quickly, accurately, reliably and safely when purchasing directly.
12 When using electronic payment services, my information is not disclosed 1 2 3 4 5
All of my online/online personal information is carefully secured when shopping directly through electronic payment methods.
14 My personal transactions are secure when using direct payment at the store 1 2 3 4 5
I believe in security when using electronic payments to make in-store purchases 1 2 3 4 5
PART E: CONVENIENCE OF USING ELECTRONIC PAYMENTS.
I can use electronic payment at any time when shopping in person 1 2 3 4 5
17 Electronic payment is convenient because I always carry my mobile phone 1 2 3 4 5
I always have internet access to use electronic payments when shopping in person 1 2 3 4 5
PART F: RISK AWARENESS OF USING ELECTRONIC PAYMENTS.
I feel unsafe when using electronic payments in stores 1 2 3 4 5
I realize that using electronic payment is riskier than paying in cash at stores (loss of connection, wrong transfer, system error, etc.) 1 2 3 4 5
PART G: COST ON USING ELECTRONIC PAYMENTS.
I often encounter many additional costs when using electronic payments in in-person shopping 1 2 3 4 5 22
I am satisfied with the costs incurred when using electronic payment 1 2 3 4 5
PART H: INCENTIVES ON USING ELECTRONIC PAYMENTS.
I receive many incentives when using electronic payment 1 2 3 4 5
Using electronic payment with incentives helps me save costs 1 2 3 4 5
I am satisfied when using electronic payment with promotions 1 2 3 4 5
PART J: BEHAVIOR ON USING ELECTRONIC PAYMENTS.
26 Using electronic payments when shopping in person is a good idea 1 2 3 4 5
Using electronic payment when shopping in person is more convenient than using cash 1 2 3 4 5
I always use electronic payments when shopping in person 1 2 3 4 5
I will pay and conduct financial transactions using electronic payment methods when shopping in person 1 2 3 4 5
I will introduce electronic payment methods to friends and relatives when shopping in person 1 2 3 4 5
Please select the MOST IMPORTANT reason why you regularly use electronic payments.
1 Very convenient (Can be used anytime, anywhere with an internet connection)
2 There are diverse and regular promotions
4 User-friendly interface, easy to use
5 Consistent with current world trends
2 Please tell us how often you use electronic payment when shopping in person on a weekly basis.
5 I use it regularly/every day
Please tell us your average weekly spending when shopping in person when using electronic payment.
2 Please tell us your age.
3 What is your source of income?
Which group below would you say your monthly income belongs to?
Which of the following payment methods are you mainly using?
2 Electronic payments (cards, bank transfers, e- wallets, etc.)
WORKPLAN AND TIMEFRAME
The research will be conducted between November 2023 and May 2024 Table 1 displays the comprehensive work plan.
1 Task 1: Conduct market research on electronic payments in
Vietnam and other academic research to create a Literature
Review on electronic payment definitions, electronic payment instruments, and models and theories of user behavior and technology acceptance.
Inception report and Final report
2 Task 2: Create research and survey methodology, hypotheses, and questionnaires.
Inception report and Final report
3 Task 3: Conduct research: qualitative, preliminary quantitative,
Collect data, analyze and discuss results.
4 Task 4: Prepare and complete research.
EXPECTED OUTPUT
This study's expected outcomes include:
- Inception Report, which outlines the research objectives, methods, work plan, and projected outputs.
- Final report on extensive research on the impact of electronic payment on Generation Z's direct buying habit in Hanoi's Hai Ba Trung district.
The final report will be completed with tentative contents as follows:
- Literature review of the topic
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