International Journal of Advanced Science and Technology

Vol. 29, No. 3, (2020), pp. 14284 - 14293

The Determinants of Consumer's Intention to Use E-wallet:

The Case Study of MoMo in Vietnam.

Cuong Nguyen1, Trang Nguyen2, Thao Tran3

Industrial University of Ho Chi Minh City, Vietnam.
[email protected],[email protected],
[email protected]

Abstract
The research was conducted to analyse the factors affecting the intention to use the
MoMo e-wallet of consumers in Vietnam. The sample size includes 280 consumers of
MoMo e-wallet. The research methods used in this study are exploratory factor analysis
and linear regression analysis. The findings show that there are five factors affecting
consumer's decision to use MoMo electronic payment, which includes: perception of use
efficiency, awareness of easy-to-use, social impact, perceived reliability and perceived
cost. Managerial recommendations for MoMo e-wallet have been discussed to serve
consumers’ needs better as well as accelerating the development of the electronic
payment industry in Vietnam.
Keywords: MoMo, e-wallet, electronic payment, perception of use efficiency,
awareness of easy-to-use, social impact, perceived reliability and perceived cost.

Introduction
In recent years, the economy of Vietnam has grown considerably with the advancement of
e-commerce. The number of goods in online retail channels accounts for a high
proportion every year. This development demands a modern online payment system of
technology and a variety of services to support businesses and consumers taking full
advantage of this new business model. The online payment market in Vietnam is expected
to thrive with the advantage of more than 64 million internet users, of which the number
of users accessing via mobile devices is 61.73 million people ("Vietnam Internet statistics
2019", 2020). This trend is the premise for online payment applications to thrive. MoMo
e-wallet service was launched in 2014, with many utilities on financial processing and
more than 12,000 payment partners, 100.000 agents accepting payment nationwide and
directly link to 23 big banks in Vietnam with 43 domestic banks (via Napas port) and
international cards. The ceaseless efforts of MoMo e-wallet have brought the results as
they expected. However, the number of users accessing this application is not significant.
With more than 13 million users in Vietnam, the ecosystem of MoMo covers all 63
provinces and cities, along with the direct link to 24 banks sited in the nation, over
100,000 stations accepting this payment method and more than 12,000 partners. This fact
has dramatically boosted the payment capability of MoMo itself and diversified payment
methods of its partners ("E-wallets are increasingly popular in Vietnam - Vietnam
Insider", 2020). From the reasons mentioned above, this paper has the main objective to
investigate the factors affecting consumer’s intentions to use MoMo electronic payment
service in Vietnam" to research the demand for using MoMo e-wallet as well as
determining the factors and their impacts on the intention to use of each customer. From
there, it serves as a necessary foundation for businesses offering electronic wallet services
in general and Online Mobile Services Joint Stock Company (the company developing the
MoMo e-wallet application) particularly to have an overview of e-wallet market and can
offer proper solutions to help sustainably develop electronic payment industry in
Vietnam.

ISSN: 2005-4238 IJAST 14284

Copyright ⓒ 2020 SERSC

Electronic copy available at: https://ssrn.com/abstract=3945218

 International Journal of Advanced Science and Technology
Vol. 29, No. 3, (2020), pp. 14284 - 14293

Literature Review
MoMo E-wallet
According to M_Service (MoMo, 2020), MoMo e-wallet is a financial application on
smartphones that is available on both iOS and Android operating systems to allow fast
money transfer, easy to use, absolutely safe. As a mobile payment platform, MoMo e-
wallet boosts the cashless economy. It provides customers one-touch payment experience
with more than hundreds of utilities to help them pay for all their needs anytime,
anywhere and completely free such as top-up money for all mobile service providers,
payment of utility bills - internet - consumer loans, movie tickets, airline tickets and
hundreds of other services.
Intention to use
Behavioural intention is a person's subjective probability that is intended to be attained
within a period (Ajzen, 1988). Intention-to-use describes the customer's willingness to use
the product (Elbeck, 2008). Sales of a company's product/service can be surveyed based
on the customer's intention to use. Intention can be defined as a course of action that the
individual aims to achieve (Zhao et al., 2010). According to Nguyen et al. (2013),
Consumer behaviour reflects the overall decisions of consumers on the acquisition,
consumption and elimination of goods, including products, services, activities and ideas
by decision-makers over time.
Hypothesis Development
Perception of usefulness is a factor in the traditional TAM model and has been
extensively researched in the application of new technologies. Perception of usefulness is
defined as the level to which a person believes that using a particular system will enhance
the performance of their work (Davis et al., 1989; Dai and Palvia, 2009; Chong et al.
2012). The first hypothesis is stated as follow:
H1: Perception of use efficiency has a positive impact on the intention to use MoMo e-
wallet of consumers.
Awareness of easy-to-use is also an essential factor in the TAM model. The perceived
easy-to-use is "the degree to which an individual believes that using a particular system
will not take much effort" (Davis, 1989). Innovative technology systems considered more
comfortable to use, and less complex will be more likely to be accepted and used by
potential users (Davis et al., 1989). Theoretically, easy-to-use is perceived when
consumers feel that MoMo e-wallet application is not difficult to understand, learn and
use. For this reason, easy-to-use is considered to be one of the essential factors affecting
the acceptance and use of new technologies by consumers. In the context of MoMo
aiming to diversify customers at different levels of income and educational level, it is
necessary to set up an application with conspicuous interfaces, appropriate content, useful
functions, error message notifications, commands that are clear and easy to understand.
The second hypothesis is stated as follow:
H2: Awareness of easy-to-use has a positive impact on the intention to use MoMo e-
wallet of consumers.
Social impact is described as the perception of an individual about social pressures to
perform or not to perform a behaviour" (Ajzen, 1991). The relationship of social impact
and behavioural decisions are the necessary foundation of TRA (The Theory of Reasoned
Action) and TPB (The theory of planned behaviour). Social impacts have a positive
influence on behavioural decision making. That is when individuals perceive a higher
social expectation for a specific behaviour; consumers are willing to take advice from
referrals and tend to follow a stronger subjective norm of behaviour, hence, there is a
decision to make that behaviour (Ajzen 1985, 1991). Hartwick and Barki (1994) also
supported the relationship between social influence in relation to usage and decision to
use. They concluded that social impact is an essential determinant in the development of
the information system (Hartwick and Barki, 1994). Previous researches have shown that

ISSN: 2005-4238 IJAST 14285

Copyright ⓒ 2020 SERSC

Electronic copy available at: https://ssrn.com/abstract=3945218

 International Journal of Advanced Science and Technology
Vol. 29, No. 3, (2020), pp. 14284 - 14293

social impact has a significant influence on consumer behaviour decisions. The third
hypothesis is stated as follow:
H3: Social impact has a positive influence on the intention to use MoMo e-wallet of
consumers.

Perceived reliability is the individual's assessment of the security and safety issues of
mobile wallet systems (Amin, 2009). Perceived reliability refers to two crucial
components, including safety and security (Wang et al., 2003). Perceived reliability (PCr)
has been shown that it affects intention to use of the individual customer in Internet
banking (Wang et al., 2003; Yuen et al., 2011); and on Mobile banking (Laurn & Lin,
2005; Yu, 2012; Amin et al., 2008). The fourth hypothesis is stated as follow:
H4: Perceived reliability has a positive effect on the intention to use MoMo e-wallet of
consumers.

Perceived cost is related to the amount of money that an individual believes he/she has to
pay for the usage of new technology services (Luarn & Lin, 2005). Cost may include
transaction fees, maintenance fees of the service provider; telephone/internet network
charges and computer/mobile phone costs. Perceived cost (PCo) is proven to have an
impact on individual customers' intention to use electronic financial services in online
banking (Chong et al., 2010) and on mobile banking (Laurn & Lin, 2005; Yu, 2012). The
fifth hypothesis is stated as follow:
H5: Perceived cost has a positive impact on the intention to use MoMo e-wallet of
consumers.

Research Framework

Perception of use efficiency

H1 (+)
Awareness of easy-to-use
H2 (+)

H3 (+)
Social impact Intention to use MoMo
e-wallet of consumers
H4 (+)

Perceived reliability
H5 (+)

Perceived cost

Figure 1. The Proposed Research Framework

ISSN: 2005-4238 IJAST 14286

Copyright ⓒ 2020 SERSC

Electronic copy available at: https://ssrn.com/abstract=3945218

 International Journal of Advanced Science and Technology
Vol. 29, No. 3, (2020), pp. 14284 - 14293

Research Methodology
In this research, the quantitative research method is conducted through 3 stages:
Stage 1: Based on the theoretical background as well as the application of models,
economic theories, the author has conducted qualitative research to select the observed
variables and factors.
Stage 2: Based on groups of the factor affecting intention to use, the author has designed
the survey questionnaire which consists of 3 parts: the first part is information that
inquires the level of consumer knowledge about MoMo e-wallet; the following is
questions that investigate which factor impacting consumer intention, measured by using
a 5-point Likert scale; the last part questions about the personal information to conduct
sample description. The author used survey forms (online), paper surveys and direct
interviews.
Stage 3: Conducting surveys and data entry. The result of survey and interviews are
inputted and then used Cronbach's Alpha analysis to check the coherence and correlation
between observed variables, exploratory factor analysis (EFA) is used to test and identify
factors deemed appropriate; Also, using the multivariate linear regression analysis to
investigate the level of impact of each factor on consumers' intention to use the e-wallet.
Finally, the author conducts general analysis, statistical data, using the deductive -
inductive method to conclude and give administrative implications. The respondent is
Vietnamese consumers who are interested in electronic payments and have a specific
understanding of the MoMo e-wallet. Convenience sampling technique is applied because
of its relevance to the topic. Questionnaires are sent to easily accessible consumers. For
the individual who is interviewed directly, the author collected them based on
convenience and accessibility. However, this method is somewhat limited in the
representation of the sample to the whole population. To fix this, the author collected data
at many different locations. For questionnaires designed on Google forms, the author
conducted an online survey and used the snowball technique to reach the audience. This
technique is implemented by selecting the initial respondents based on the author's
acquaintance on social networks, then ask them to introduce this form to the next
participants. Specifically, with a primary audience, ask them to recruit one or more
participants and continually refer to other participants via the Google questionnaire form.
According to Nguyen (2011), in order to be able to analyse exploratory factors (EFA), it
is necessary to collect data sets with at least five samples per observed variable.
Accordingly, with 27 observed variables, we have the minimum sample size: n = 5 * 27 =
135. Besides, in order to conduct a regression analysis, Nguyen (2011) considered that the
sample size needs to be ensured according to the formula: n ≥ 50 + 8p. In which: n:
sample size; p: number of independent variables of the model. The research model in this
study consists of 5 independent variables with 24 observed variables. Therefore, we have
a minimum sample size of n = 50 + 8 x 5 = 90.
After calculating the sample size following two ways above, in order to ensure the sample
size for the exploratory factor analysis as well as the regression analysis, the sample size
must be at least 135. Consequently, the author chose a sample size of 300 respondents to
ensure representativeness and contingency for those who did not answer or did not answer
fully. The number of paper surveys given to audience was 200, and the author also sends
online surveys to respondents. As a result, the number of valid answers collected back for
a paper survey/interview; the online survey was 90, 190, respectively. Thus, the total
number of answers received was 280 that was accepted for this topic. Besides, this study
used SPSS 20.0 to provide more adequate and suitable indicators for the model structure,
thus providing superior empirical results (Hair et al., 2009). All variables were measured
by using a five-point Likert scale where (1) Strongly disagree, (2) Disagree, (3) Neutral,
(4) Agree and (5) Strongly agree.

ISSN: 2005-4238 IJAST 14287

Copyright ⓒ 2020 SERSC

Electronic copy available at: https://ssrn.com/abstract=3945218

 International Journal of Advanced Science and Technology
Vol. 29, No. 3, (2020), pp. 14284 - 14293

With 280 respondents, statistic showed that male accounted for 46.1% (129 respondents)
while female made up 53.9% (151 respondents). In term of age, the number of
respondents under 22 years old was highest, accounted for 24.6% (69 respondents) in
comparison with 6.4% of those aged over 40 years old. About education background, the
proportion of respondents who achieve Associate – Bachelor’s degree is highest, made up
61.4%. The percentage of those who hold a Master’s degree or above is lowest, accounted
for 7.9%. The remaining 30.7% are respondents who got Diploma or lower. In term of
career, students accounted for 37.5%. The number of an officer or technical staff is
highest, made up 40.7%. This could be explained that this is a group of young customers
with the highest frequency of using e-commerce services. Therefore, they have mostly
accessed to MoMo e-wallet. The group of respondents who are businessman accounted
for 12.5%. The last group of respondents with other occupations accounted for 9.3%. In
term of income, the result showed that the income below 5 million dongs/month was most
frequently selected, accounted for 40.4%. The following group, including respondents
who have an average income from 5 million to 10 million/month accounted for 28.2%.
The third group of respondents who have significantly high income from 10 million to 20
million/month made up 27.1% of them using MoMo e-wallet. This figure for those who
have an income of over 20 million/month is 4.3%.

Results
Reliability Test
In order to conduct Exploratory Factor Analysis (EFA), firstly, it is necessary to analyse
the reliability of the scale by a statistical test, namely Cronbach’s Alpha analysis. The
result of the reliability test (Table 1) shows that the scales with high reliability of 0.8
<Cronbach's Alpha coefficient <0.95 are good scales (Hair et al., 2010); 4 variables with
the Corrected item-total coefficient of variables smaller than 0.3 (HQSD2, HQSD6,
TDSD5, TCCN2) are excluded to ensure the reliability of the scale.

Table 1. Cronbach’s Alpha Result

Variables Number of items Cronbach’s Alpha results
Perception of use efficiency 4 0.877
Awareness of easy-to-use 4 0.836
Social impact 4 0.831
Perceived reliability 4 0.874
Perceived cost 4 0.869
Intention to use 3 0.811

The result of Exploratory Factor Analysis (EFA) shows that: Factor loading > 0.5 to
ensure significance, so observed variables are essential in factors and no variables are
excluded. Consequently, five factors are created, and these factors meet all requirements
for the analysis of Linear Regression. Moreover, the result indicates that KMO measure
(Kaiser-Meyer-Olkin) has a value of 0,825 for independent variables, satisfying the
conditions of 0.5≤ KMO ≤ 1. Therefore, we can conclude that the result of Factor
Analysis is compatible with the statistical data. The test result of Correlation Analysis in
each factor group show that Bartlett's Test has Sig value. = 0.000 <0.05 so we can
conclude that the observed variables are correlated with each other in each factor group
(Chu Nguyen Mong Ngoc and Hoang Trong, 2004). This shows that the EFA analysis
method is appropriate. The EFA analysis method extracted five factors with the total
variance reached 72,618%, showing that the five extracted factors explain 72,618% of the
data variation. Total Variance Explained has a cumulative variance of factors (from factor
1 to factor 5) of 72,618%, and this figure is greater than 50%. Therefore, it meets the

ISSN: 2005-4238 IJAST 14288

Copyright ⓒ 2020 SERSC

Electronic copy available at: https://ssrn.com/abstract=3945218

 International Journal of Advanced Science and Technology
Vol. 29, No. 3, (2020), pp. 14284 - 14293

standard application. It is concluded that the observed variables in the model explain
72,618% of change of factors.

Table 2: Exploratory Factor Analysis (EFA)

Observed Factor Observed Factor
Variables 1 2 3 Variables 4 5
CPCN2 0.839 TDSD1 0.894
CPCN1 0.825 TDSD4 0.851
CPCN3 0.770 TDSD2 0.712
CPCN4 0.760 TDSD3 0.709
TCCN3 0.911 AHXH4 0.844
TCCN1 0.854 AHXH2 0.825
TCCN5 0.758 AHXH3 0.761
TCCN4 0.700 AHXH1 0.676
HQSD4 0.848
HQSD5 0.803
HQSD1 0.743
HQSD3 0.743

The result of Factor Analysis shows that there are 20 observed variables grouped into five
factors after the author conducted the EFA analysis (Table 2), which includes:
o F1 consists of 4 observed variables (CPCN1, CPCN2, CPCN3, CPCN4) named
"Perceived cost"; these variables are correlated with each other in this factor group.
o F2 consists of 4 observed variables (TCCN1, TCCN3, TCCN4, TCCN5) named
"Perceived reliability", these variables are correlated with each other in this factor
group.
o F3 includes four observed variables (HQSD1, HQSD3, HQSD4, HQSD5) named
"Perception of use efficiency”, these variables are correlated with each other in this
factor group.
o F4 includes four observed variables (TDSD1, TDSD2, TDSD3, YDSD4) named
"Perception of easy-to-use”, these variables are correlated with each other in this
factor group.
o F5 consists of 4 observed variables (AHXH1, AHXH2, AHXH3, AHXH4) named
"Social impact", these variables are correlated with each other in this factor group.
All observed variables belong to its factor, so the author decided the name remains the
same as at the beginning. These groups of factors will be conducted the Linear Regression
Analysis. In particular, the dependent variable "YDSD" is "Intention to use", which is
measured by five observed variables from Exploratory Factor Analysis as a result above.

Linear Regression Analysis

At the significance level of 5%, the results of linear regression analysis showed the
adjusted R2 = 0.591, which indicates that the relevance of the model is 59.1%. It means
that independent variables explain for 59.1% of the variation of the dependent variable.
The VIF values (Variance Inflation Factor) of the variables are all insignificant, within
1.221 to 1.538 (all less than 2). This result proves that the multi-collinearly in this Linear
Regression Model have not existed and all data are mutually exclusive (Table 3).
ANOVA analysis showed that the F value is significant at Sig. = 0.000 (<0.05), which
means that the regression model is consistent with the collected data and the observed
variables are statistically significant at the significance level of 5%. Through the
regression analysis results, we have the equation:
Intention to use MoMo e-wallet: 0.913 + 0.102 * TDSD + 0.166 * AHXH + 0.114 *
CPCN + 0.176 * HQSD + 0.184 * TCCN + ε

ISSN: 2005-4238 IJAST 14289

Copyright ⓒ 2020 SERSC

Electronic copy available at: https://ssrn.com/abstract=3945218

 International Journal of Advanced Science and Technology
Vol. 29, No. 3, (2020), pp. 14284 - 14293

Table 3: Linear Regression Analysis

t β Sig. VIF Pearson
Constant 6.709 0.913 0.000
CPCN 4.130 0.114 0.000 1.538 .461** sig. 0.000
TCCN 5.915 0.184 0.000 1.463 .528**, sig. 0.000
HQSD 5.913 0.176 0.000 1.555 .593**, sig. 0.000
TDSD 3.870 0.102 0.000 1.221 .377**, sig. 0.000
AHXH 5.268 0.166 0.000 1.339 .519**, sig. 0.000

The research model shows that five independent variables positively affect intention to
use of consumer at the Confidence Interval of 95% (sig. <0.05). The factors are
statistically significant at 1% and have a positive impact on the initial expectations of the
research model. Through the regression equation, we found that if the remaining
independent variables remain unchanged:
Awareness of easy-to-use (β = 0.102) is one of the factors affecting the intention to use
MoMo e-wallet. It could be explained that the more easily customers feel about using an
e-wallet, the higher level of their intention to use this service will be.
Social impact (β = 0.166) shows that the higher number of people in society using MoMo
e-wallet and directly affecting customers is, the higher level of their intention to use will
be.
Perceived costs (β = 0.114), this means when the cost is agreeable with consumer
perception, their level of intention to use MoMo e-wallet will increase.
Perception of use efficiency (β = 0.176) shows that the higher level of customers’
perception of use efficiency is, the higher level of their intention to use will be.
Perceived reliability (β = 0.184), when customers trust more about services, their level of
intention to use will increase.
The result of the Linear Regression Analysis shows that five factors influence the
intention to use MoMo e-wallet. In particular, the factors have a positive effect in the
order, in which: the first is the perception of use efficiency β = 0.176; the second is
Perceived Reliability (β = 0.184), the third is Social Impact (β = 0.166); the fourth is
Perceived Cost (β = 0.114), and the fifth is awareness for easy-to-use (β = 0.102). All of
them have a positive impact intention to use MoMo e-wallet of customers.

Recommendations and Conclusion

From the results above, the author suggests some recommendations for MoMo e-wallet to
help the company meet the demands and expectations of consumers as well as
accelerating the development of the electronic payment industry in Vietnam. MoMo must
enhance the use of efficiency. Based on the research results, the factor "Perception of the
use efficiency" is evaluated as the most influential factor in consumers’ intention to use
MoMo e-wallet. This fact shows that the effectiveness of use has a substantial impact on
the intention of using this service, which is the leading factor considered by consumers.
Hence, the company needs to have more reasonable measures to enhance and improve the
utilities and efficiency of MoMo e-wallet to convince customers using. In order to bring
the highest efficiency and convenience for customers to use MoMo e-wallet, MoMo needs
to understand and catch up their expanding e-payment needs as well as various integrated
payment utilities in many fields such as payment of living bills, payment of e-tickets,
payment for travel reservations, payment of tuition fees and even remittances/receipts of
money or international payments for products/services purchased in other countries. In
order to help customers save time and money, MoMo e-wallet should integrate e-wallet
into automatically search and pricing suggestion gadgets, which can help suggest to the
consumers the most preferential prices of products/services that they want to buy.
Moreover, the company should increase the level of cooperation with other companies as

ISSN: 2005-4238 IJAST 14290

Copyright ⓒ 2020 SERSC

Electronic copy available at: https://ssrn.com/abstract=3945218

 International Journal of Advanced Science and Technology
Vol. 29, No. 3, (2020), pp. 14284 - 14293

well as service businesses such as restaurants, entertainment, sports services to offer more
payment options for customers.
MoMo must improve the credibility to maintain customers' reliability towards the
services. According to the research results, it shows that perceived reliability has the
second level of impact to intention to use MoMo e-wallet of customers in Ho Chi Minh
City. So, in order to increase their level of reliability then choose this application to use, it
is necessary to increase the level of security and safety of user accounts. Specifically, the
services need to be continuously improved and upgraded technology to meet the high
standards of information security, safety in processing, storing and transmitting electronic
data which can help avoid cases of account or user information hacking. For the
authentication of account passwords in payment transactions, besides the forms of one-
time password authentication (OTP), the password matrix (VITOS) should be upgraded to
allow customers enter passwords from virtual keyboards or scan their user images. This
can minimise the exposure of password and account information by spyware that records
information entered from physical keyboards.
MoMo should promote its social impacts. The research results show that social impact is
one of the factors that have a substantial impact on intention to use of individual
customers in Vietnam. Therefore, MoMo should take advantage of the spread of media
and television to introduce, propagate and disseminate their services by sponsoring the
programs presented during prime time as well as running ads with the content being
noticed. Moreover, the company should bring MoMo application much closer to
consumers through ads on social media networking (Facebook, Instagram, Zalo, online
forums). Finally, the company should consider utilising the influence of famous and
reputable characters to promote MoMo e-wallet to consumers.
On the perceived cost, according to the research results, the perceived cost has an impact
on intention to use of individual customers in Vietnam. Therefore, in order to attract
customers and enhance the competitiveness of MoMo over other methods of e-payment
(Internet banking, Mobile banking, ATM cards, credit cards, debit cards), it is necessary
to develop and maintain the policy of low cost, also provide various promotion programs
to users especially during this current period. Besides, MoMo should actively connect and
cooperate with product/ service suppliers to offer promotions and discounts to customers
whenever they make payments by MoMo e-wallet.
MoMo must increase awareness of easy-to-use. This final factor influences consumers'
intention to use MoMo e-wallet in Ho Chi Minh city is the awareness of the ease of use.
In order to increase the level of easy-to-use, MoMo should continuously improve their
techniques and technologies to minimise the installation steps, registration. This helps
customers in all age ranges can easily access and use MoMo e-wallet. Besides, MoMo
should improve processes, increase the ability to automatically fill information on
orders/electronic invoices to shorten the time. This can make users feel more comfortable
and more easily whenever making transactions by MoMo e-wallet. Finally, MoMo should
provide clear and specific instructions for users before and during the process of the
payment transaction.
The limitation of the sample is that the target audience cannot be considered as a
representative sample of the whole country. Most of them are concentrated in Ho Chi
Minh City only, in which the paper questionnaires were given to respondents in AEON
Tan Phu, Vincom District 1, Emart Go Vap and online surveys. Therefore, this sampling
method is somewhat limited in the representation of the sample to the whole population.
This study only stops at determining the extent of the impact of viral marketing factors on
Vietnamese brand awareness in general and mostly focus on well-known and recognised
brands. Therefore, the direction for further researches in the future should be conducted
on specific businesses and also measure whether there is a difference in the application of
viral Marketing for large, medium and small-sized enterprises as well as conducting more
in-depth tests about demographic differentiation to variables.

ISSN: 2005-4238 IJAST 14291

Copyright ⓒ 2020 SERSC

Electronic copy available at: https://ssrn.com/abstract=3945218

 International Journal of Advanced Science and Technology
Vol. 29, No. 3, (2020), pp. 14284 - 14293

References
1. Ajzen, I. (1988). Attitudes, personality, and behaviour. McGraw-Hill Education (UK).
2. Ajzen, I. (1991). The theory of planned behavior. Organisational behavior and human
decision processes, 50(2), 179-211.
3. Amin, H. (2008). Factors affecting the intentions of customers in Malaysia to use mobile
phone credit cards. Management Research News.
4. Amin, H. (2009). Mobile wallet acceptance in Sabah: an empirical analysis. Labuan
Bulletin of International Business and Finance, 7, 33.
5. Bandura, A. (1986). Social foundations of thought and action. Englewood Cliffs,
NJ, 1986, 23-28.
6. CATTEL, R. (1978). The scientific use of factor analysis in behavioral and life science
plenum press. New York.
7. Chong, A. Y. L., Ooi, K. B., Lin, B., & Tan, B. I. (2010). Online banking adoption: an
empirical analysis. International Journal of bank marketing.
8. Compeau, D. R., & Higgins, C. A. (1995). Application of social cognitive theory to
training for computer skills. Information systems research, 6(2), 118-143.
9. Compeau, D., Higgins, C. A., & Huff, S. (1999). Social cognitive theory and individual
reactions to computing technology: A longitudinal study. MIS quarterly, 145-158.
10. Davis, F. D. (1989). Perceived usefulness, perceived ease of use, and user acceptance of
information technology. MIS quarterly, 319-340.
11. Davis, F. D., Bagozzi, R. P., & Warshaw, P. R. (1992). Extrinsic and intrinsic motivation
to use computers in the workplace 1. Journal of applied social psychology, 22(14), 1111-
1132.
12. E-wallets are increasingly popular in Vietnam - Vietnam Insider. (2020). Retrieved 1
August 2020, from https://vietnaminsider.vn/e-wallets-are-increasingly-popular-in-
vietnam/
13. Fishbein, M., & Ajzen, I. (1977). Belief, attitude, intention, and behavior: An introduction
to theory and research.
14. Green, S. B. (1991). How many subjects does it take to do a regression
analysis. Multivariate behavioral research, 26(3), 499-510.
15. Hair, J. F., Black, W. C., Babin, B. J., Anderson, R. E., & Tatham, R. (2006). Multivariate
data analysis . Uppersaddle River.
16. Hoàng Trọng, C. N. (2008). Phân tích dữ liệu với SPSS. NXB Hồng Đức .
17. Jaruwachirathanakul, B., & Fink, D. (2005). Internet banking adoption strategies for a
developing country: the case of Thailand. Internet research.
18. Lee, Y., Kozar, K. A., & Larsen, K. R. (2003). The technology acceptance model: Past,
present, and future. Communications of the Association for information systems, 12(1),
50.
19. Linh, T. H. (2011). Báo cáo thương mại điện tử. Cục Thương mại Điện tử Việt Nam.
20. Luarn, P., & Lin, H. H. (2005). Toward an understanding of the behavioral intention to
use mobile banking. Computers in human behavior, 21(6), 873-891.
21. Miller, N. E., & Dollard, J. (1941). Social learning and imitation.
22. MoMo, V. (2020). Giới thiệu Công ty Cổ phần Dịch vụ Di Động Trực tuyến (viết tắt
M_Service). Retrieved 1 August 2020, from https://momo.vn/gioi-thieu/gioi-thieu-chung
23. Moore, G. C., & Benbasat, I. (1991). Development of an instrument to measure the
perceptions of adopting an information technology innovation. Information systems
research, 2(3), 192-222.
24. Nguyễn, Đ. T. (2013). Phương pháp nghiên cứu khoa học trong kinh doanh.
25. Nhậm, H. N. (2008). Giáo trình kinh tế lượng. NXB Lao động - Xã hội.
26. Rogers, E. M. (2010). Diffusion of innovations. Simon and Schuster.
27. Sun, H., & Zhang, P. (2006). The role of moderating factors in user technology
acceptance. International journal of human-computer studies, 64(2), 53-78.

ISSN: 2005-4238 IJAST 14292

Copyright ⓒ 2020 SERSC

Electronic copy available at: https://ssrn.com/abstract=3945218

 International Journal of Advanced Science and Technology
Vol. 29, No. 3, (2020), pp. 14284 - 14293

28. Swilley, E. (2010). Technology rejection: the case of the wallet phone. Journal of
Consumer Marketing.
29. Tan, M., & Teo, T. S. (2000). Factors influencing the adoption of Internet
banking. Journal of the Association for information Systems, 1(1), 5.
30. Taylor, S., & Todd, P. (1995). Assessing IT usage: The role of prior experience. MIS
quarterly, 561-570.
31. Taylor, S., & Todd, P. A. (1995). Understanding information technology usage: A test of
competing models. Information systems research, 6(2), 144-176.
32. Thompson, R. L., Higgins, C. A., & Howell, J. M. (1991). Personal computing: toward a
conceptual model of utilisation. MIS quarterly, 125-143.
33. Tornatzky, L. G., & Klein, K. J. (1982). Innovation characteristics and innovation
adoption-implementation: A meta-analysis of findings. IEEE Transactions on engineering
management, (1), 28-45.
34. Triandis, H. C. (1977). Interpersonal Behavior. Brooks. Cole, Monterey.
35. Vallerand, R. J. (1997). Toward a hierarchical model of intrinsic and extrinsic motivation.
In Advances in experimental social psychology (Vol. 29, pp. 271-360). Academic Press.
36. Venkatesh, V., & Davis, F. D. (2000). A theoretical extension of the technology
acceptance model: Four longitudinal field studies. Management science, 46(2), 186-204.
37. Venkatesh, V., Morris, M. G., Davis, G. B., & Davis, F. D. (2003). User acceptance of
information technology: Toward a unified view. MIS quarterly, 425-478.
38. Vietnam Internet statistics 2019. (2020). Retrieved 1 August 2020, from
https://vnetwork.vn/en/news/cac-so-lieu-thong-ke-internet-viet-nam-2019
39. Wang, Y. S., Wang, Y. M., Lin, H. H., & Tang, T. I. (2003). Determinants of user
acceptance of Internet banking: an empirical study. International journal of service
industry management.
40. Zhao, W., & Othman , M. N. (2010). Predicting and Explaining Complaint Intention and
Behavior of Malaysian Consumers: An Application of The Planned Behavior Theory.
Advances in International Marketing, 9(1), 229-252.

ISSN: 2005-4238 IJAST 14293

Copyright ⓒ 2020 SERSC

Electronic copy available at: https://ssrn.com/abstract=3945218