ICESG

International Conference on Environmental, Social and Governance

Volume 2023

Conference Paper

Determinants Affecting Intention to Use

E-Wallets in Vietnam: An Empirical Case of
Momo
Do Gia Huy1 , Ai-Van Huynh2*
1
La Trobe University
2
FPT University, Hoa Lac High-tech Park, Km29, Thang Long Boulevard, Thach That, Hanoi,
Vietnam
ORCID
Ai-Van Huynh: https://orcid.org/0000-0003-1226-0945

Abstract.
This research endeavors to identify and assess the determinants influencing the
intention to use Momo e-wallet in Ho Chi Minh City, establishing connections between
these factors. The research methodology involved the design of a questionnaire based
on the UTAUT model, tailored to evaluate the determinants affecting the intention to
Corresponding Author: Ai-Van use e-wallets in Vietnam, with a specific focus on Momo. A total of 388 respondents, all
Huynh; email: [email protected]
Momo users, participated in the study. The results of the regression analysis revealed
Published 7 December 2023 that all four determinants significantly impact the intention to use the Momo e-wallet,
with varying levels of significance: Effort Expectancy (β=0.45), Promotional Benefits
Publishing services provided by
Knowledge E
(β=0.379), Performance Expectancy (β=0.13), and Facilitating Conditions (β=0.072).
Understanding these factors that influence usage intention and gaining insights into
Huy and Huynh. This article is
user preferences can facilitate the development of e-wallet systems that support
distributed under the terms of
the Creative Commons
e-wallet providers in penetrating the market and retaining their existing user base.
Attribution License, which
permits unrestricted use and Keywords: intention to use, e-wallets, Momo, Vietnam
redistribution provided that the
original author and source are
credited.

Selection and Peer-review under 1. INTRODUCTION

the responsibility of the ICESG
Conference Committee.
Momo is the most popular e-wallet in Vietnam, now one of two fintech businesses in
Vietnam, bringing the total number of Tech Unicorns in Southeast Asia to 36. Theo-
retically, current researchers are interested in researching the use of mobile wallets,
particularly in Asian nations where this technology is exploding. Investigations of the
relationships between promotional benefits and the intention to use e-wallets were
made in several earlier papers (Li and Shen, 2019; Deka, 2020). However, it is shown
that researchers pay little attention to promotional factors impacting on customers’
choices. Practically, in addition, many users utilize e-wallets to pay their utility bills due
to its convenience and marketing strategy (Teng and Khong, 2021) which aims to attract

How to cite this article: Do Gia Huy, Ai-Van Huynh, (2023), “Determinants Affecting Intention to Use E-Wallets in Vietnam: An Empirical Case of
Momo” in International Conference on Environmental, Social and Governance, KnE Social Sciences, pages 125–141. DOI 10.18502/kss.v8i20.14598
Page 125
 ICESG

new users by offering attractive promotions. The customer loyalty for current users is
essential to the growth of e-wallet payment services and the expansion of their market
penetration (Alam et al., 2021). The study would determine factors influencing usage
intention and comprehend user insights of their requirements and expectations which
aims to contribute to the practical e-wallet system. E-wallet corporations can utilize the
findings to create efficient marketing campaigns to recruit new users and retain their
customers.

2. LITERATURE
2.1. The Technology Acceptance Model (TAM)

A typical technique for evaluating a specific technology’s adoption is the TAM model
which was invented by Davis (1989). The TAM model categorizes Perceived Usefulness
and Perceived Ease Of Use as two critical factors that influence the Intention to Use in a
new system. It is widely used to evaluate the invention of diverse new technologies and
to determine new factors of the acceptability of a particular technology ( Jeong, 2009;
Schierz, 2010). To explain how people embrace technology in organizational settings,
Venkatesh et al., (2008; 2020) presented theoretical expansions known as TAM2 and
TAM3, respectively. When attempting to understand the adoption of numerous new
systems, such as online shopping , fintech services, and digital banking, the previous
TAM and its enhanced versions that include components like Trust, Security, and Social
influence are applied (Chuang et al., 2016; Riza, 2019; Kalina and Marina, 2017).

2.2. The Unified Theory of Acceptance and Use of Technology

(UTAUT) and the extended UTAUT (UTAUT2)

UTAUT model was created by Venkatesh et al. (2003) to explain the intention to use an
information management system and behavior patterns. UTAUT combines four primary
constructs: Effort Expectancy equivalent to Perceived Ease Of Use and Performance
Expectancy equivalent to Perceived Usefulness, Facilitating Conditions and Social Influ-
ence. When considered together, the factors explained up to 70% of the variation in
assessing intention to use a new system (Khalilzadeh et al., 2017).
The UTAUT and its variants have been used to explain why diverse data technologies
are being utilized, such as mobile banking (Bhatiasevi, 2016), mobile payment (Escobar-
Rodrguez & Carvajal-Trujillo, 2014), and online ticket purchases (Slade et al., 2015).

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Thus, by expanding the original UTAUT to UTAUT2, Venkatesh et al. (2012) increased
its consistency and robustness and added three variants besides four basic ones,
including habit, hedonic motivation and perceived value. Despite being suitable models
for displaying intention to use new technology, they have limitations in terms of culture
diverse (Yadav, 2016).

2.3. Intention to Use (IU)

Davis (1985) claims Intention to Use refers to how strongly a person feels they will
perform a particular activity. The attitude of someone toward utilizing a specific product
in the future is known as their intention to use it (Khatimah and Halim, 2014). Several
variables
have been applied to define the intention to use an e-wallet in UTAUT2 (Venkatesh et
al., 2012). Previous studies were carried out in order to discover the significant factors
of mobile wallet usage intention (Chawla and Joshi, 2019, 2020; Deka, 2020). This
research will estimate the Intention to Use as the dependent variable influenced by
four independent variables: Effort Expectancy, Performance Expectancy, Facilitating
Conditions, and Promotional Benefits.

2.4. Effort Expectancy (EE)

Effort Expectancy measures the effectiveness of ICTs. It is simple to use and involves
people engaging with the system in a way that is both obvious and comprehensible
(Venkatesh et al., 2003). In addition, Junadi and Sfenrianto (2015) employed the Effort
Expectancy scales, which included (i) simple payment systems, (ii) flexible transactions,
and (iii) simple payment systems to research, are thought to be pretty suitable for study.
Also, many research have included Effort Expectancy as a significant component in
evaluating Intention to Use in various information systems, especially e-wallets (Ejiobih
et al., 2019; Agarwal, R., 2020; Cuong, D.T., 2021; Tusyanah et al., 2021; Moorthy et al.,
2021).

2.5. H1: Effort Expectancy positively influences on Intention to Use

e-wallets.

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2.5.1. Performance Expectancy (PE)

Performance Expectancy measures the user’s perceived improvement in work perfor-

mance as a result of using technology (Venkatesh et al., 2003). Five sub-facets help
compensate for performance expectation in general: (i) perceived usefulness: users
believe that adopting new technology increases work efficiency; (ii) extrinsic motiva-
tion: people thinks adopting new technology has added value; (iii) job-fit: consumers
think adopting this technology improves job performance; (iv) relative advantage: users
believe adopting this new technology is superior to the previous one; and (v) outcome
expectation: users believe adopting this technology will lead to the desired results.
From that, three observed variables in this research would cover the total mentioned
sub-facets, including productivity in the transaction, convenience in the transaction,
and transactional control. Several academics have assessed how this variable predicts
whether people would use mobile wallets (Syifa and Tohang., 2020; Tusyanah et al.,
2021; Abushamleh et al., 2021).

2.6. H2: Performance Expectancy positively influences on Inten-

tion to Use e-wallets.

2.6.1. Facilitating Conditions (FC)

Facilitating Conditions is defined as the user’s confidence level in the availability of

service units offered by service providers for extra services including technical infras-
tructure, user experience, and customer support services (Madan and Yadav, 2016).
The availability of electronic money payment services, the suitability of devices for
accessing digital wallets, internet networks, and consumer services are that Chawla
and Joshi (2019) found to have an impact on mobile wallet usage in India. According
to Peñarroj et al. (2019), Facilitating Conditions positively impacted how people used
technology to share information in this digital age. Moreover, Gupta and Arora (2019)
and Tedja et al. (2021) also accepted that Facilitating Conditions have a significant effect
on the intention to use ICTs such as e- wallets.

2.7. H3: Facilitating Conditions positively influence on Intention to

Use e-wallets.

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2.7.1. Promotional Benefits (PB)

Promotion is temporarily lowering prices to increase the effectiveness of efforts to sell

goods to cost-conscious people (Sunny and George, 2018). There are two categories
of promotion: monetary and non-monetary. Hedonic and utilitarian values are included
in Promotional Benefits, according to Chandon et al. (2000). According to research
by Kim and Han (2014), customers often exert effort to obtain concrete rewards, and
advertising that includes incentives is typically noticed. It is proven that the Promotional
Benefits influences Intention to Use (Yadav, 2016; Li and Shen, 2019; Deka, 2020;
Al-Herwi et al., 2021). In the Vietnamese e-wallet context, Hoang and Le’s research
model (2020) proved that Promotional Benefits was shown to have the most significant
influence on Intention to Use (= 0.439; p-value 0.001) among the components. Based
on the justification mentioned above, the following assumptions are made since the
promotional advantage is thought to be a significant factor in determining whether or
not someone would use a mobile wallet.

2.8. H4: Promotional Benefits positively influence on Intention to

Use e-wallets.

2.8.1. Social Influence (SI) H5

Social influence has been specifically developed to estimate the intention to use mobile
payment (Peng et al., 2017). Family members, relatives, coworkers, and neighbors are
possible influences for using e-wallets (Sarika and Vasantha, 2019). In recent years,
individuals are significantly impacted by organizations and communities as technology
and digital media, as well as social networks, continue to evolve (Nguyen et al., 2014;
Han, 2020). Venkatesh et al. (2003) also demonstrate that Social Influence is one of four
elements that directly and positively impact the usage intention. Phan et al. (2020) have
proven that Social Influence affect intention to use e-wallets in Vietnam. The following
is hypothesized based on the previous depiction:

2.9. H5: Social Influence positively influences on Intention to Use

e-wallets.

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3. METHODOLOGY

Qualitative and quantitative methodology are used in the research. A questionnaire is

used to collect examined data thanks to the qualitative and quantitative approaches.
The author uses qualitative questionnaires for the interviews to develop a conceptual
framework with high-level marketing experts in fintech and then quantitative question-
naires for collecting primary data and analysis.
In the current study, simple random sampling would be used to distribute question-
naires and gather data (Singh, 2003). The representative sample of the population
is then selected using the snowball and convenience sampling approach, which are
a quick and low-cost approach to collecting primary data (Farrokhi and Mahmoudi-
Hamidabad, 2012). The majority of participants reside in Ho Chi Minh City, one of
Vietnam’s key financial areas in Vietnam, focusing on both local and global corporations.
The questionnaires were first distributed by sending the survey to fintech and e-wallet
officers and asking them for support by sending it to their friends and family who are
using Momo. Meanwhile, the survey was spread on social media or at coffee shops by
applying convenience sampling to acquire more participants. Furthermore, an exclusion
question is used to choose appropriate and purposed data who are Momo users.
To assess appropriate variables out of 5 variables within Effort Expectancy, Perfor-
mance Expectancy, Facilitating Conditions, Promotional Benefits and Social Influence,
high-level marketing managers and the Head of Grab Financial Group Vietnam are inter-
viewed by qualitative questionnaires. After the qualitative interviews, the final framework
excludes Social Influence variable due to being inappropriate within the Momo case
and the Vietnam context. In specific, Vietnamese users do not use Momo through their
family or friends’ recommendation, they are also not influenced by social influences.
Then more than 20 people participated in a pilot survey to pre-test and fine-tune the
survey’s questionnaire. Based on the results received during the pilot testing phase, the
questionnaire underwent a number of revisions before being put into final use.
The proposed research model is adjusted after interviewing:
The research instrument has two sections. The first section contained data on the
respondents’ age, income and usage status. In the second part, the researcher tested
the respondents’ degrees of agreement or disagreement with the four factors and
observed variables. The representative sample of the population is then selected
using the snowball and convenience sampling approach. The researcher distributed the
questionnaires by sending the survey to fintech and e-wallet officers and asking them for
support by sending it to their friends and family who are using Momo. While the author

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Figure 1: The research model (Authors, 2022).

also sends the survey on social media or at coffee shops by applying convenience
sampling to acquire more participants. Most participants are gen Z and gen Y, who
have greater digital awareness than the older cohorts. The Google form was used to
generate the online survey with a total of 18 questions, which were then shared on
Facebook, Instagram, and by word-of-mouth to encourage participants to complete it.
Besides, the survey tested Momo e-wallet usage status, then 20 samples that hadn’t
used or didn’t know Momo e-wallet was stopped during the survey as a screening data
process. Therefore, the remaining 388 samples were utilized for the analysis in the
study.

4. ANALYSIS

The Cronbach’s alpha coefficient was used to examine and all components passed the
reliability testing requirements (see Appendix 1). There are 4 out of 5 variables whose
Cronbach’s Alpha index greater than 0.8 so it proves that the measurement scales
meet the reliability and validity requirements (Hoang, T. and Chu, N.M.N., 2008).
The KMO Measure of Sampling Adequacy of the Bartlett’s Test equals 0.766 (> 0.5)
and Sig. value equals 0.000 (< 0.05). It is said that the exploratory factors are consistent
with the research model (Fabrigar and Wegener, 2011). The EFA results show that there
are four factors extracted at the eigenvalue of 1.377 > 1. All factor loadings in the rotated
component matrix ≥ 0.7 and Total variance explains 76.396% (> 50%) indicating that all
statistical variables have strong significant impact.
The regression analysis shows that the independent variables (Effort Expectancy,
Performance Expectancy, Facilitating Conditions, Promotional Benefits) influence 57.1%
(R Square =0.571) of the variation of the dependent variable. The remaining 42.9% are
due to out-of-model variables and random error (Table 2)

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Table 1: Coefficients.

Coefficients
Unstandardized Coefficients Standardized t Sig. Collinearity
Coefficients Statistics
Model
B Std. Error Beta Tolerance VIF
1 (Constant) -0.353 0.246 -1.439 0.151
EE 0.542 0.045 0.45 12.111 0 0.812 1.231
PE 0.15 0.041 0.13 3.707 0 0.906 1.104
FC 0.057 0.027 0.072 2.136 0.033 0.99 1.01
PB 0.325 0.032 0.379 10.169 0 0.806 1.24
𝑎
Dependent Variable: IU

The four proposed hypotheses H1, H2, H3, and H4 are accepted and the regression
equation reflecting the influence of four determinants on the intention to use e-wallets
is made:
Intention to Use = 0.45 Effort Expectancy + 0.379 Promotional Benefit + 0.13 Perfor-
mance Expectancy + 0.072 Facilitating Conditions + εi

5. DISCUSSION

First, the findings show that Effort Expectancy (β=0.45) has the most positive and signif-
icant effect on the Intention to Use e-wallets (H1). The result is consistent with previous
studies (Ejiobih et al., 2019; Agarwal, R., 2020; Cuong, D.T., 2021; Tusyanah et al., 2021;
Moorthy et al., 2021). These findings suggest that e-wallet providers should prioritize
cutting-edge solutions that enable consumers to conduct transactions efficiently. These
time, cost, and ease-of-use advantages will assist in enhancing benefits, as the user
perceives e-wallets to be simple to use. The successful thing helping Momo recruit
and retain its massive number of users is the all-in-one mobile application. In specific, the
mobile app successfully provides genuine consumer value at every stage to generate
and foster loyalty. The e-wallet should give users clear and detailed instructions both
before and throughout the financial transaction process, enhance its approaches and
technologies to minimize installation, registration and verification stages in order to
boost the degree of usability. Lastly, user experience plays an essential aspect in
application success, and a key component is “less is more”. The better and more
successful the application will be if the functionality is simpler.
Second, Promotional Benefits (β=0.379) have a significantly positive influence on the
Intention to Use (H4). The result is consistent with previous studies (Yadav, 2016; Li and

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Shen, 2019; Deka, 2020; Al-Herwi et al., 2021; Hoang and Le, 2020). Indeed, a majority
of users utilized Momo for the first time due to attractive promotions. However, the
result contrasts with the detection of Nguyen (2021) about the intention to use e-wallets
in Vietnam. In specific, Nguyen’s finding (2021) shows that the effect of Promotional
Benefits on the Intention to Use a mobile wallet is mediated by Compatibility and Social
Influence. In order to attract customers and increase MoMo’s competitiveness over
other methods of e-payment including Internet banking, mobile banking and cards, it
is necessary to develop and maintain a low-cost policy, as well as to offer a variety
of promotional programs to users. According to Cimigo (2019), attractive promotions
are required for mobile wallet adoption in Vietnam. Vietnamese people are drawn to
monetary promotions that enable them to save money on financial transactions (Nguyen,
2021). Momo should aggressively collaborate with product or service partnerships to
offer competitive promotional campaigns to users. With technological advancement,
some competitors have started to provide “stackable promotions”, offering users the
best discounts. Regarding marketing strategy, attractive promotions are a competitive
advantage to recruit new users and retain existing users as competitors try to provide
various types of promotions such as vouchers, gifts, money and rewards.
Third, Performance Expectancy (β=0.13) has a positive influence on Intention to Use
e- wallets in Vietnam (H2). The result is consistent with previous studies (Tusyanah et al.,
2021; Abushamleh et al., 2021; Syifa and Tohang., 2020) that Performance Expectancy
influences the usage intention of e-wallets. The more individuals hope for positive
outcomes in their performance, the more they intend to do it. It is crucial to comprehend
and catch up on users’ expanding e-payment needs as well as various integrated
payment utilities in many fields such as living payments, e-ticket payments, travel
booking, tuition fees, and even international money transfers or international payments
in order to bring the highest efficiency and convenience for users. One prominent thing
is that Momo is one of the pioneers in Vietnam to provide users with several financial
services in fintech sectors, including buy now pay later service, fund certificates, Vi
Than Tai with profit up to 7% a year, and insurance services. Therefore, to offer users a
time-saving and money-saving payment method, MoMo could integrate the system into
automatically search and pricing suggestion devices thanks to personalized features,
which may help advise consumers on the most preferential rates of products/services
that they wish to purchase.
Finally, Facilitating Conditions (β=0.072) positively affect the Intention to Use e-wallets
(H3). The result is consistent with previous studies (Kwateng et al., 2019; Gupta and
Arora, 2019; Peñarroja et al., 2019; Tedja et al., 2021). Otherwise, the finding is the

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opposite of the study of Yang et al. (2021). Due to the fact that Facilitating Conditions
in certain cultures and environments cannot have a significant effect, the existing
infrastructure does not support such services. Overall, it is believed that technical and
information support should be readily available and easily accessible to guarantee that
users may acquire assistance when needed. In fact, Momo payment acceptance in a
wide range of services and platforms is one of the most critical factors contributing
to facilitating conditions for users. Momo has successfully launched various financial
services with the aim of an all- in-one super app; this facilitates Momo users to utilize
unique features in their experience. In the future, Momo should advance its existence
in both online and offline platforms, services and shops to increase total payment value
and monthly transaction users in terms of the business aspect. Greater Facilitating
Conditions increases users’ retention as well as continuance usage intention in the
technology era (Purohit et al., 2022).

6. RECOMMENDATION AND CONCLUSION

The research model explains just 57.1% of dependent variables on the intention to
use e- wallets due to the fewer testing variables compared to the extended UATAUT
model and previous studies. Therefore, a more thorough qualitative examination is
required to increase the model’s explanatory level in the future research approach. At
the same time, it is crucial to do more qualitative and quantitative research in order
to fully comprehend how distinct factors influence the adoption of mobile wallets in
Vietnam and to confirm the association between promotional benefits and intention to
use. Moreover, the developed model of the research just applied to the Momo e-wallet.
The author suggests future research may expand and apply to the overall sector of
e-wallets.
This paper attempted to identify the determinants that influence users’ intention to
use Momo e-wallet in Vietnam. With the perfect combination of using the qualitative
questionnaire method for the interview in the first stage to finalize the appropriate
research model and the quantitative methodology with 388 samples for primary data,
the findings of this study revealed that the four developed hypotheses are important
predictors of the intention to use e-wallets. Although there were some barriers within the
literature and the proposed model, the findings provided substantial pieces of evidence
to support this idea. From that, e-wallet providers, IT and marketer experts could build
the strongest system and service providing competitive advances for potential users.

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7. Appendix
7.1. Appendix 1. Factor analysis

Table 2

Rotated Component Matrix𝑎

Component
1 2 3 4 % of Variance Cronbach’s Alpha
FC1 0.918 30.691 0.892
FC2 0.917
FC3 0.882
PB1 0.866 20.214 0.858
PB2 0.864
PB3 0.839
EE1 0.866 14.016 0.830
EE2 0.833
EE3 0.823
PE1 0.849 11.475 0.774
PE2 0.831
PE3 0.778
Extraction Method: Principal Component Analysis. Rotation Method: Varimax with Kaiser
Normalization.
a. Rotation converged in 6 iterations.

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