Promoting Consumers’ Adoption of Buy-Now-Pay-Later Feature

While Using E-wallet Application: The Case of Gen Z in Vietnam

Kim Thien Ba Nguyen, Tran Bao Tran, Chau Minh Thai, Viet Chi Duong and Thao Kim
Nguyen
College of Business, UEH University, Ho Chi Minh City, Vietnam
kimnguyen.31211020200@[Link]
trantran.31211026897@[Link]
chauthai.31211020880@[Link]
vietduong.31211024667@[Link]
[Link]@[Link] (corresponding author)
Abstract: The Buy-Now-Pay-Later (BNPL) feature has emerged as a popular payment innovation, offering users convenience
and flexibility in their purchasing behavior. However, consumers' adoption of BNPL is often limited due to the trust issue
usually associated with electronic payment. Previous studies have highlighted personal traits that affect consumers’ trust in
adopting BNPL, such as risky indebtedness behaviour or privacy concern. Adopting the Stimulus-Organism-Response
framework, this study investigates environmental factors influencing consumers’ attitudes and perceptions of privacy risks
and trust. The main objective of this study is to identify these factors, which can be valuable to practitioners in promoting
consumers' intention to adopt BNPL. The model was tested based on data collected from 430 young Vietnamese consumers.
Data analysis is conducted using SmartPLS 4.0. The study's findings, which are significant in consumer behavior, confirm that
behavior intention to use BNPL results from attitude, trust, and perceived risk, which were influenced by perceived ease of
use and subjective norms. These findings provide actionable insights for practitioners in the field, equipping them with the
knowledge to promote BNPL adoption effectively. One notable result of the research is that perceived ease of use has a
negative impact on privacy risk. This finding implies that users’ primary apprehension in using the E-wallet BNPL feature
pertains to the risk of losing their privacy. It strongly recommends that developers create a more user-friendly and
transparent BNPL experience to alleviate privacy concerns and enhance user trust, thereby promoting the adoption of BNPL.
Keywords: Buy-Now-Pay-Later, Stimuli-Organism-Response, E-wallet, Vietnam

1. Introduction
In the context of digital payment method advancement and innovative financial services contributing to
reshaping financial transactions, the widespread adoption of e-wallets has dramatically influenced consumer
payment behaviors. In recent years, the proliferation of the Buy-Now-Pay-Later (BNPL) payment method,
especially among youngsters, has become a payment alternative offering users the flexibility to buy
products/services and make later payments. It highlights the economic impact of this payment method. With
the explosion of e-wallets facilitating transparent transactions, integrating BNPL into these platforms presents a
significant opportunity for consumers and businesses. Understanding the factors affecting intention to use this
is crucial for companies to utilize the potential opportunities effectively.
While significant contributions of prior research, we identify two gaps. Firstly, existing studies have focused on
the intention to use BNPL in the context of credit cards/visas, but they have yet to explore the impact of factors
when using this function in e-wallets. Secondly, the previous research has neglected the impact of perceived
ease of use on privacy risk and its subsequent effect on intention to use BNPL. This is a salient gap as it has been
explored in e-service that ease of use is a potential privacy risk reduction factor (Featherman et al., 2010).
Investigating the relationship between perceived ease of use, privacy risks, and BNPL adoptions can assist
developers in enhancing their strategies and positively affect the intention to use BNPL on e-wallets.
Our research has two significant contributions. Firstly, it delves into the multifaceted factors that influence
individuals' intention to use BNPL integrated on e-wallets, considering the context of the Vietnamese socio-
economy specified in the GenZ cohort. Secondly, In this study, we further develop the aspect of "Perceived ease
of use" in the context of technology through BNPL payment, exploring the negative impact of this factor on
privacy risk. This is a significant contribution as it proves that enhancing the ease of use can reduce privacy risks
when using BNPL on an e-wallet.

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2. Literature Review and Hypothesis Development

2.1 The S-O-R Framework
The S-O-R (Stimulus-Organism-Response) theoretical framework can help us better understand the aspects that
influence consumer acceptance and behavior for Buy Now, Pay Later (BNPL) services. This paradigm
systematically investigates the external cues, internal processes, and subsequent responses associated with
BNPL adoption.
In the context of BNPL, the "Stimulus" component might refer to different marketing and environmental
variables that customers are exposed to. These stimuli may include BNPL providers' promotional efforts and
advertising and the availability and visibility of BNPL alternatives during the online purchase process.
Furthermore, the perceived ease, flexibility, and financial benefits of BNPL might operate as external triggers to
influence customer attention and interest. The "Organism" component describes the internal processes in the
consumer's mind in reaction to these inputs. This comprises cognitive processes such as weighing the possible
advantages and hazards of utilizing BNPL, analyzing one's financial status, and deciding whether to use BNPL.
Affective processes such as emotions, attitudes, and perceptions toward BNPL providers and the perceived
trustworthiness of these services can all impact the consumer's internal state. The "Response" component of
the S-O-R paradigm refers to the observable behaviors or activities that consumers engage in due to the internal
processes activated by stimuli. In the case of BNPL, these answers might include embracing or rejecting BNPL
services, utilizing BNPL for purchases regularly, handling BNPL money responsibly, or making word-of-mouth
recommendations or criticisms of BNPL.
Understanding the relationships between these components enables BNPL providers and retailers to create
effective marketing strategies and environmental cues (S) that positively influence consumers' internal
processes (O), resulting in favorable responses (R), such as increased adoption, responsible usage, and positive
word-of-mouth. Furthermore, researchers may utilize the S-O-R framework to investigate the variables
contributing to BNPL's rising popularity and indicate potential risks or concerns that may influence customer
behavior toward these services. The S-O-R theoretical framework is valuable for understanding the intricate
interplay of external stimuli, internal processes, and consumer behavior in the context of the growing BNPL
business.
2.2 The Intention to use BNPL
Previous studies have found a number of characteristics that influence customer acceptance of BNPL services.
One of the critical factors driving BNPL adoption is its ease of use and versatility (Mikael et al., 2022). BNPL
enables customers to make purchases without paying the whole amount up front, instead spreading payments
over time, frequently in interest-free installments (Bhatia and Golaka, 2022). This flexibility attracts customers
who may not have immediate funds accessible or desire to manage their cash flow more efficiently. Financial
limitations and restricted access to standard loan options have also contributed significantly to BNPL's intention
to use. Many customers, particularly younger generations, experience financial difficulties and struggle with
credit card debt or lack a strong credit history (Rau et al., 2021). BNPL services offer a more accessible payment
method than traditional credit choices, as they frequently have less severe credit checks and approval processes
(Lodewijkx et al., 2023). This makes BNPL an appropriate option for those who may not be eligible for regular
credit cards or loans. Effective marketing and promotional tactics by BNPL providers have also contributed
significantly to uptake. BNPL firms have created alliances with merchants, used influencer marketing, and
provided appealing incentives like discounts or cashback awards (Kearney and Saren, 2021). These techniques
have helped to raise knowledge and exposure for BNPL services, making them more desirable and accessible to
customers. Furthermore, some customers see BNPL as a form of budgeting that provides greater control over
their expenditures. By splitting down payments into smaller installments, BNPL may assist clients in better
managing their money and avoiding overspending. The apparent benefit of better planning and spending
management has prompted consumer adoption of BNPL.
Consumers' decision to use BNPL services can also be influenced by their trust in the providers and the perceived
dangers of these services, such as late fees or credit repercussions (Rau et al., 2021). Consumers may be more
willing to use BNPL if they believe the providers are trustworthy and the related risks are controllable or small.
Furthermore, the COVID-19 pandemic can increase BNPL adoption as customers confront financial uncertainty
and seek other payment choices (Hultman et al., 2022). The pandemic also caused a spike in internet purchasing,
where BNPL choices are more clearly displayed, exposing customers to these services. While BNPL provides
convenience and flexibility, it also includes significant risks, such as the temptation to overspend, the

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accumulation of debt, and the threat of late penalties or bad credit consequences if payments are missed
(Lodewijkx et al., 2023). Users must use BNPL services responsibly and understand their terms and conditions
to avoid financial troubles. However, the influence of privacy concerns and trust on customer sentiments about
BNPL remains uncertain. Because of the frequent hacking and leakage of customers' personal data, privacy
issues and trust have continually been raised in the online environment (Roh et al., 2022; Wang et al., 2020).
2.3 Hypothesis Development
2.3.1 The effects of perceived ease of use and subjective norms
Subjective norms are defined as the social pressure or influences people have to go through when deciding to
use or not to use a product or a service (Raj et al., 2023). People tend to rely on reviews and opinions from
others who are significant to them when they don’t understand a system and accordingly gain trust toward that
system (Li et al., 2008). Subjective norms can strengthen a potential customer's trust regarding guidance from
friends, peers, and superiors and affect their feelings about a product or service (Yang et al., 2017). Considering
the circumstances of emerging nations, we anticipate that as the penetration rate of BNPL increases, individuals
will progressively accept this technique while continuing to trust the conventional (i.e., cash on delivery).
Because societies in these nations have a substantial influence on consumers' adoption of new goods and
services (Dholakia and Talukdar, 2004; Kaman, 2008; Parashar et al., 2008; Shukla, 2011; Souiden et al., 2011b),
we anticipate that SN will have a direct beneficial impact on customer trust. Users' trust in BNPL services can
also be positively influenced by their friends, family, or peers' approval. Hence, we hypothesize:
H1: Subjective norms are positively associated with Trust
Privacy risk is "the possibility that personal information about individuals will be used in ways that are harmful
or objectionable to them" (Solove & Schwartz, 2014, p. 36). Social validation within an individual's social circle
can affect views of BNPL services since social norms and attitudes determine one's faith in this payment method.
Positive reviews and peer recommendations might strengthen trust in BNPL providers, lowering perceived
privacy concerns about providing personal and financial information. In short, if an individual's social circle views
BNPL as a convenient and trustworthy payment alternative, it may lessen the perceived privacy concerns
associated with exchanging personal and financial information with BNPL providers (Rau et al., 2021).
Conversely, adverse subjective norms or doubt from one's social group could compound the perceived privacy
risk associated with BNPL adoption (Lodewijkx et al., 2023). Therefore, we developed the following hypothesis:
H2: Subjective norms are negatively associated with the perceived privacy risk of BNPL services
Ajzen and Fishbein (1980) found that subjective norms are essential in molding people's attitudes about certain
services. Furthermore, empirical studies in consumer behavior, such as those conducted by Kim and Johnson
(2016), consistently found a positive relationship between subjective norms and attitudes toward various
financial services, implying that perceptions of social approval or disapproval influence attitudes toward BNPL
services. As a result, subjective norms have a beneficial influence on attitudes regarding BNPL services because
people are more likely to adopt positive views when they sense social acceptability within their social circles. In
contrast, unfavorable subjective norms or skepticism from one's social group may contribute to adverse views
regarding BNPL adoption (Bhatia & Golaka, 2022). As a result, we estimate that higher levels of subjective norms
will lead to more positive sentiments regarding BNPL adoption. Hence, we hypothesize that:
H3: Subjective norms are positively associated with attitude towards BNPL services
Perceived ease of use influences consumer attitudes since it can promote favorable views. A system's perceived
ease of use refers to the extent to which a user believes that using it will require no effort. Usage volume and
user-system interaction can also indicate ease of use. The criteria below can be used to assess perceived ease of
use: simplicity of use, ease of learning, ease of operation, and skill development. Customers will be more
favorable to technology if they feel it is straightforward to use, understand, and operate (Sularso, 2012). The
perceived ease of use of an application might impact approval or rejection feelings. Customers will accept or
exhibit a good attitude toward a newly launched application if they believe it to be user-friendly (Rifa'i, 2019).
As a result, we put forth a hypothesis:
H4: Perceived ease of use is positively associated with attitudes
Perceived ease of use (PEOU), a fundamental element in the technological adoption framework, is an individual's
belief that utilizing a particular technology requires minimal cognitive effort (Davis, 1989). During pre-purchase
assessments, an e-service that seems simple to learn, comprehend, and use should reduce customer uncertainty

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and total risk. Although preliminary evidence for this broad risk-reduction impact has been identified in the
context of e-services (Featherman et al., 2006), it is still being determined whether PEOU serves to lower
estimated levels of privacy risk in particular. An equivalent line of study indicates that a well-explained and easy-
to-understand website (i.e., one likely to receive a high PEOU rating) boosts consumer trust in an e-commerce
business (Gefen et al., 2003). Because subsequent research has shown that trust and risk (as well as trust and
security/reliability concerns) are inversely related (Pavlou, 2003; Pavlou and Gefen, 2004), this line of research
suggests that, in addition to increasing consumer trust, PEOU also reduces consumer perceived risk levels, as
well as security and reliability concerns. Thus:
H5: Perceived Ease of Use is negatively associated with Privacy Risk
H6: Perceived Ease of Use negatively associated with Trust
2.3.2 The effects of attitude, privacy risks and trust on the intention to adopt BNPL
Ajzen (1980) defines attitude as a person's favorable or unfavorable judgment of specific conduct, which is
impacted by ideas about a product or service (Hamid et al., 2023). Attitude can impact intention (Raj et al., 2022;
Roh et al., 2022; Singh et al., 2021; Wang et al., 2020) and the motivation behind the customer's decision to
attend any activities (Ajzen, 1980). Moreover, a happy attitude appreciates customers' intentions (Wang et al.,
2020). When users suppose BNPL is a useful tool for affordable purchasing, it will lead to a favorable attitude
and increase their willingness to use it. Therefore we propose:
H7: Consumer attitude is positively associated with intention to use BNPL.
Trust includes customer assurance, dependence, and belief and is an essential element between customers and
firms (Roh et al., 2023). Customers tend to trust providers who act in their best interest, fulfill commitment and
offer high-quality goods or services (Wang et al., 2020). According to Zhou (2011), initial trust will motivate the
intention to use, while it is also mentioned that trusting someone will result in a positive intention toward that
person (Aydin and Ozer, 2009). Customers are allowed to see the value of mobile banking and the intention to
use it if they have trust in a bank (Gu et al., 2009). Moreover, trust positively impacts attitude, which leads to
intention being influenced by reducing the fear of opportunistic behavior (Pavlo, 2003). Hence, we state the
hypothesis:
H8: Consumer trust is positively associated with intention to use BNPL.
Privacy risk is the uncertainty that can lead to negative results in using a particular service or product and is
associated with the probability of losses from leaking personal information (Zhou, 2012). Moreover, users fear
that their personal information might be shared with other third parties without their awareness, which
decreases their intention to use the service. According to Gupta et al. (2010), privacy risks may have a negative
impact on the intention to continue using the service as consumers are becoming more self-reliant about
protecting their personal information from third parties. People tend to stop using a platform and implement
proactive information protection methods when doubting a company’s information security. Therefore, we
propose the hypothesis:
H9: Privacy risk is negatively associated with intention to use BNPL.

Figure 1: The proposed model

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3. Methodology
3.1 Sampling and Data Collection
As the research aims to explain young consumers' behavior, we target undergraduate and postgraduate students
in Vietnam. Scales from previous studies were adopted for the research. Three items adopted by Cheng et al.
(2006) measured perceived ease of use. The subjective norm was measured by three items from Wu and Chen
(2005). Privacy risk was measured by the scale of Aldas-Manzano et al. (2009) with four items. Trust was
measured with four items using the scale developed by Hsu et al. (2014). Finally, “Attitude” and “Behavior
Intention” were measured by adopting the scale of Cheng et al. (2006) with 4 and 3 items, respectively. All items
were measured using the 5-point Likert scale, with 1 indicating “strongly disagree” and 5 indicating “strongly
agree”.
Before surveying, our team conducted a pilot test to test the wording and the reliability of the scales. After
finalizing the questionnaires, it was made into Google forms and sent out through social media and school
websites from 30th January 2024 to 30th February 2024. To make sure that the participants have an
understanding of the BNPL feature in e-wallet, a filter question (Do you know about BNPL features in e-wallet
apps such as Momo, Shopeepay, etc.) was asked at the beginning of the questionnaires. A BNPL description is
also mentioned in the introduction to ensure participants have enough knowledge to complete the
questionnaires. Participants who chose “ I don’t know about BNPL in e-wallet” or the e-wallet app that does not
have a BNPL feature were excluded from the survey. Participants who know about BNPL will be asked questions
about factors affecting their intention to use BNPL.
There were 435 answers in total, with 5 invalid ones. Table 1 below shows the detailed descriptive statistics of
the sample population.
Table 1: Descriptive Statistics

Frequency Percent

Male 233 54.19%

Gender
Female 197 45.81%

Under 20 177 41.16%

20 - 29 204 47.44%

30 - 39 39 9.07%
Age
40 - 49 10 2.33%

50 - 59 0 0%

Above 60 0 0%

High School or below 0 0%

Education Level College 370 86.05%

Master or above 60 13.95%

3.2 Analysis
“Partial least squares path modeling" (PLS-PM) technique was used in this study since the collected data was not
normally distributed, and it’s a suitable method for investigating non-normal data (Hair et al., 2019). SmartPLS
4 was used to conduct the PLS-PM and "Statistical Package for Social Sciences" (SPSS) for descriptive statistical
analysis.

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The measurement model is evaluated based on reliability and validity. Reliability is assessed through specific
measures such as Cronbach's alpha reliability and composite reliability (CR). In contrast, validity (including
convergent and discriminant validity) is assessed through the average variance extracted (AVE) and the
heterotrait-monotrait (HTMT) ratio.
Table 2: Reliability measures: Cronbach's Alpha, CR, AVE

Cronbach’s Alpha rho_A Composite Reliability AVE

SN 0.702 0.726 0.798 0.579

PEOU 0.863 0.874 0.916 0.785

PR 0.853 0.926 0.903 0.707

A 0.907 0.915 0.935 0.783

T 0.746 0.900 0.802 0.533

BI 0.916 0.917 0.947 0.857

The analysis results from Table 2 show that the square root of the AVE for each concept is greater than the
correlation coefficients between latent variables. Therefore, the concepts achieve discriminant validity.
Table 3: Results of the HTMT ratio test for the measurement model

A BI PEOU PR SN T

BI 0.686

PEOU 0.791 0.761

PR 0.671 0.640 0.723

SN 0.391 0.721 0.422 0.335

T 0.689 0.594 0.646 0.579 0.299

It also examined the HTMT ratio (Table 3), which shows that all concepts have HTMT ratios below 0.9. This
indicates that the concepts achieve discriminant validity.
4. Results and Discussion
4.1 Results
To verify the empirical nature of the theoretical model, we used the bootstrapping technique in SmartPLS for t-
statistics tests to clarify the relevance of the path coefficient. Before this, the collinearity statistic was performed
to check the model's collinearity problem. The result demonstrates that the VIF value ranges from 1.176 to
2.245, all lower than 3.3. Therefore, it indicates that the multicollinearity phenomenon among the independent
variables does not affect the hypothesis testing or cause bias or flip regression coefficients (Kock et al., 2012).

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Table 4: Collinearity statistics (inner VIF)

A BI PEOU PR SN T

A 2.245

BI

PEOU 1.176 1.176 1.176

PR 1.671

SN 1.176 1.176 1.176

T 2.081

The result of the bootstrapping test confirmed that there is a positive relationship between Subjective norms
and Attitude (β = 0.145; p = 0.001), between Perceived Ease of Use and Attitude (β = 0.654; p = 0.000), between
Attitude and Intention to use (β = 0.267; p = 0.000), between Trust and Intention to use (β = 0.267; p = 0.000).
These results show that hypotheses H3, H4, H7, and H8 are all supported. Meanwhile, there is a negative
relationship between Subjective norms and Perceived privacy risk (β =-0.110; p = 0.007), between Perceived
Ease of Use and Perceived privacy risk (β = -0.608; p = 0.000), between Perceived Ease of Use and Trust (β = -
0.608; p = 0.000), between Perceived privacy risk and Intention to use (β = -0.269; p = 0.000). Thus, the result
confirmed that H2, H5, H6, H9 is accepted. However, the result rejected H1, meaning that Subjective norms are
not positively associated with Trust (β = -0.269; p = 0.000).
Table 5: SEM results and hypothesis testing

Original Sample Mean Standard Deviation T Statistics P Values Conclusio

Sample (O) (M) (STDEV) (|O/STDEV|) n

A -> BI 0.267 0.269 0.057 4.698 0.000 Accept

PEOU -> A 0.654 0.652 0.041 16.025 0.000 Accept

PEOU -> PR -0.608 -0.605 0.036 16.963 0.000 Accept

PEOU -> T 0.659 0.656 0.039 16.740 0.000 Accept

PR -> BI -0.269 -0.267 0.048 5.591 0.000 Accept

SN -> A 0.145 0.147 0.042 3.486 0.001 Accept

SN -> PR -0.110 -0.115 0.041 2.692 0.007 Accept

SN -> T 0.028 0.035 0.045 0.613 0.540 Reject

T -> BI 0.284 0.285 0.050 5.639 0.000 Accept

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Figure 2: Structural Model

4.2 Discussion
In previous studies, several factors have been proposed to have a significant impact on consumers' intention to
use online services, including trust (Wang et al., 2020), perceived risk (Penney et al., 2021), attitude (Relja et al.,
2023), and privacy concerns (Raj et al., 2023). Therefore, we applied SOR (Stimulus-Organism-Response) as a
base model to investigate the influence of attitude, trust, and privacy risk on consumers' behavioral intention in
adopting the BNPL feature on e-wallet applications.
This study contributes to the literature by exploring the factors influencing Generation Z's intention to use BNPL
integrated within e-wallets. The results indicate a positive impact of perceived ease of use on attitude and trust,
suggesting that consumers will be more likely to adopt BNPL when they perceive that using BNPL services is
easy, straightforward, and requires minimal effort. This finding is consistent with the conclusion reached by
other studies in another context, including online payment (Yang et al., 2015), mobile banking (Makanyeza,
2017), and mobile money (Penney et al., 2021). Similarly, the positive impact of subjective norms on attitude
and trust points to an essential role of social influence in shaping consumer perceptions and their intention
towards the BNPL feature. In that case, consumers might believe their friends, family, or peers would approve
of their decision to use BNPL services because they trust the provider’s credibility (Raj et al., 2023).
The results also revealed that perceived ease of use has a negative impact on privacy risk. This means that while
consumers find BNPL easy to use, they associate it with higher privacy risks. Alongside the convenience of BNPL,
consumers may have concerns about the potential risks of losing their personal and financial information within
the digital ecosystem. Exploring the negative impact of perceived ease of use on privacy risk is a significant
contribution, demonstrating that enhancing ease of use can reduce privacy risk when using BNPL on e-wallets.
Furthermore, this finding indicates that privacy risk hurts the behavioral intention to use the BNPL feature. This
emphasizes the importance of privacy issues as a result of hacking and the unauthorized disclosure of
consumers' data (Wang et al., 2020) and implies that if consumers believe the BNPL feature is associated with
privacy risk, their behavioral intention to adopt it is weakened.
5. Conclusion
The study investigates significant factors affecting BNPL adoption within e-wallet applications through the SOR
theoretical framework. According to our research, perceived ease of use and subjective norms enhance attitudes

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and trust toward BNPL features, while privacy risk discourages the formation of consumers’ behavioral using
intentions. Therefore, to encourage widespread adoption of BNPL features in e-wallet applications, e-wallet
providers should prioritize improving ease of use, leveraging social influence, and mitigating privacy risks.
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