- INTENTION OF MILLENNIALS TOWARDS USING MOBILE PAYMENT SERVICES: AN EMPIRICAL IN HO CHI MINH CITY, VIETNAM Ý ĐỊNH SỬ DỤNG DỊCH VỤ THANH TOÁN DI ĐỘNG CỦA THẾ HỆ MILLENNIALS:. - The primary objective of this study is to identify factors affecting customer behavior intention toward using mobile payment services of millennials in Ho Chi Minh City, Vietnam. - Data collected through field research by structured questionnaire with 369 valuable samples were analyzed with the implementation of Structural Equation Modeling (SEM) in order to indicate the factors that influence the intention of using the mobile payment of millennials in Ho Chi Minh City, Vietnam. - The positive influence of 04 factors including Performance expectancy, Effort expectancy, Social influence, and Trust on millennials behavior intention towards using mobile payment services was confirmed. - These findings of the research are expected to be beneficial for both theoretical and managerial implications related to the intention to use mobile payment services.. - Keywords: Customer behavior intention, financial technology, millennials, mobile payment.. - In this field, mobile payment service witnessed the largest number of startups with more than 20 companies (Vietnam Fintech Startups . - The above data and the government direction “Towards a cashless society” by the Deputy Governor of the State Bank of Vietnam have proven the importance and potential of mobile payment service development. - However, it is evitable to see that deploying mobile payment in Vietnam still encounters. - One of the reasons is that the Vietnamese’s cash payment habit is still popular among the majority of people.. - Therefore, Fintech startups must acknowledge the concerns of customers when using mobile payment services and factors affecting their intention to adopt this kind of service.. - Especially, the target customers of mobile payment services in particular and fintech services in general mostly are the youngers, tech-savy millennials and wealthier customers. - Therefore, this study will facilitate the business managers to understand the key factors affecting millennial customers’ intention to use mobile payment services. - Secondly, the factors influencing the millennial customers’ intention to use mobile payment services will be examined with the data collected from target respondents in Ho Chi Minh City, Vietnam. - Mobile payment service (MPS). - Mobile payment service is defined as “a type of payment transaction processing, in which the payee uses mobile communication techniques in conjunction with mobile devices for initiation, authorization, or completion of payment” (Pousttchi &. - Similarly, according to Dahlberg, Guo, and Ondrus (2015), mobile payment is a modern payment service which is based on wireless communication technology of the mobile phone. - The term Millennials often refers to individuals reaching adulthood around the beginning of the 21st century. - Besides, with only 31% of 15 years old and older had an account at a financial institution in 2014 (World Bank, 2015) and most of consumers experienced their first online services via mobile instead of other devices, clearly, it brings a lot of opportunities for mobile payment services.. - extended version of the Unified Acceptance and Technology Utilization Theory (UTAUT), where three new constructs (hedonic motivation, price value, habit) were added to the original model (including performance expectancy, effort expectancy, social influence, facilitating conditions). - As the purpose of the study is to identify factors affecting the customer’s intention to use mobile payment services, the UTAUT2 model might provide more insights.. - However, the UTAUT2 model doesn’t include two factors: perceived risk and trust, which are both important factors affecting customer’s behavior intention to use mobile payment services. - Because this study is expected to investigate the intention of millennials toward mobile payment services. - Performance expectancy has been discovered to be one of the most influential factors driving behavior intention to adopt and use information systems and information technology (Dwivedi &. - Thus, further benefits and utilities perceived when using technology in general and mobile payment service in particular could contribute to the value of the technology. - H1: Performance expectancy has a positive influence on customer’s behavior intention to adopt mobile payment services.. - Costa, 2016) in shaping customers’ behavior intention toward mobile payment services. - According to (Davis et al., 1989), individuals could be involved in the cognitive trade- off process between the efforts required to successfully apply the technology in front of the benefits and advantages attained by using technology. - H2: Effort expectancy has a positive influence on customer’s behavior intention to adopt mobile payment services.. - H4: Social influence has a positive influence on customer’s behavior intention to adopt mobile payment services.. - Facilitating conditions is defined as “the degree to which an individual believes that an organizational and technical infrastructure exists to support the use of the system” (Venkatesh et al., 2003). - Several studies on factors that affect behavior intention toward using mobile payment services have pointed out that Facilitating conditions have a positive effect on customers’ behavior intention (Ming Lang Yeh &. - H5: Facilitating conditions has a positive influence on customer’s behavior intention to adopt mobile payment services.. - They also pointed out that humans are not only concerned about the performance of the technology, but also the feeling brought about by the technology. - Anh Nguyen, 2016) mentioned perceived enjoyment is among the predictors of customers’ behavior intention toward the use of mobile payment services in Vietnam. - Therefore, it can be seen that the greater the enjoyment of using mobile payment services, the higher the behavior intention toward the use of mobile payment services. - H6: Hedonic motivation has a positive influence on customer’s behavior intention to adopt mobile payment services.. - Customers with a high level of confidence in mobile payment services will feel the integrity and accountability of the service provider, and at the same time, increase their intention to use the service (Gefen, Karahanna, &. - Despite not included in the UTAUT2 model, Trust plays an important role to the behavior intention toward the use of mobile payment services because transactions made through mobile networks are vulnerable and less reliable compared to traditional methods. - In the context of Vietnam, Trust has been proven to pose a positive impact on customers’ behavior intention (Nguyen et al., 2016). - direct effect on behavior intention to use mobile payment services or indirectly influence behavior intention by facilitating the role of Performance expectancy. - H7: Trust has a positive influence on customer’s behavior intention to adopt mobile payment services.. - Perceived risk can be defined as the likelihood of a customer suffering a loss in pursuit of the favored consequences of using a service (Featherman &. - Perceived risk is an important factor, affecting negatively customers’ behavior intention toward the use of technology (Baabdullah, Nasseef, &. - H9: Perceived risk has a negative influence on customer’s behavior intention to adopt mobile payment services.. - The researcher will attempt to select a set of samples that could have the presence of respondents with difference in experience of using smartphones and the familiarity with mobile payment service. - will be prepared in English with measurement scales of the elements in UTAUT2 model and behavioral intention from the adoption from previous relevant studies (Venkatesh et al. - To ensure the accuracy and clarity of the used terminologies in the questionnaire, 15 people including 5 officers, 5 lectures and 5 students were invited to review the questionnaire before releasing the final version that will be used in the formal survey. - In this study, with m = 7, the minimum sample size of the study is 106. - Besides, according to Bollen (1989), in order to confirm the reliability of the sample size as well as EFA analysis, at least 5 samples are needed for each observed variable. - The data were collected by two forms of the survey including hardcopy and online surveys. - In particular, the hardcopy forms of the questionnaire were distributed to the target respondents in some classes at universities in Ho Chi Minh City and in some few convenience stores such as Circle K, B's Mart, where attracts a lot of young people.. - Besides, there are some close-ended questions to collect the respondent’s information in terms of the experience in using smart phone, the similarity of mobile payment service, respondents’ demographic elements. - The measurement of the research factors adopted from the research of Venkatesh et al. - I plan to use mobile payment services in future), Performance expectancy (PE. - Firstly, descriptive statistics analysis of demographic variables will be deployed in order to demonstrate reliability and ability to represent for the target population of the sample. - The validity and reliability of the research constructs and the measurement items will be demonstrated through a preliminary scale testing (Cronbach’ Alpha testing, Exploratory factor analysis (EFA) and confirmatory factor analysis (CFA) analysis with the support of SPSS software packages and AMOS software with the whole collected samples. - The discriminant validity assessment is required to show the greater value in the comparison between the AVE of each pair of the research constructs and the corresponding squared inter-constructs correlation. - In addition, the Confirmatory factor analysis (CFA) in order to examine the fitness of the model with the set of data need the have the indexes satisfied these criteria: 1<. - Of the 369 valid samples after having been screened, respondents’ characteristics such as experience of using smartphones and the familiarity with mobile payment service. - There were 71.3% of the respondents were female compared to 28.7% of the total respondents were male.. - Concerning the income, most of the respondents have income less than 10 million VND per month and this group captured 76.5%. - To answer for the similarity of mobile payment service, 87.8% of surveyed people chose options of knowing and knowing but not using. - The Cronbach's Alpha coefficient testing result showed that most of the measurement scales had Cronbach's Alpha coefficient ≥0.7. - However, in order to improve the value of Cronbach's Alpha, two observed variables were eliminated including FC4 (I can get help from others when I have difficulties using mobile payment and PR5 (Using mobile payment will not fit well with my self-image. - Because these items have the Corrected Item-Total Correlation less than 0.4 the and after eliminating these items, the Cronbach’s alpha values of Facilitating conditions and Perceived risk have been improved The dependent variable, Behavioral intention (BI) had the Cronbach's Alpha coefficient of 0.867. - The exploratory factor analysis (EFA) was conducted to test the validity of the measurement of independent variables that met the requirements of Cronbach's Alpha reliability testing. - Furthermore, the observation of the scale of Effort expectancy (EE) and FC2 (I have the knowledge necessary to use mobile payment) converge into a new factor of 5 items. - This result is reasonable because this observed variable also mention the extent of ease connected with the use of mobile payment from the academic background of respondents.. - After modifying the model, the Confirmatory factor analysis (CFA) was deployed to analyze the measurement scale, testing the fitness of the model with the set of data (Hair, Black, Babin, Anderson, &. - Two hypotheses were not supported including H5: Hedonic motivation has a positive influence on customer’s behavior intention to adopt mobile payment services and H8: Perceived risk has a negative influence on customer’s behavior intention to adopt mobile payment services. - H5: Hedonic motivation has a positive influence on customer’s behavior intention to adopt mobile payment services.. - H8: Perceived risk has a negative influence on customer’s behavior intention to adopt mobile payment services.. - The findings revealed that 06 key factors such as performance expectancy (PE), effort expectancy (EE), social influence (SI), facilitating conditions (FC), price value (PV) and trust (TR) affect customer behavior intention to adopt mobile payment service. - Venkatesh et al in the mobile payment context (e.g. - However, as seen in Table 3, the path coefficient between hedonic motivation and behavior intention is found to be non-significant, which means the respondents are not concerned about the aspects associated with hedonic factors informing their intention to adopt mobile payment. - Arguably, the important and natural role of hedonic motivation in shaping behavior intention to use mobile payment has been observed varying over the prior literature of online banking technologies. - In this context, the abandonment value of Millennials is not high and Vietnamese mobile payment service provider is confident that they can find a way to manage the money flowing through the mobile network in order to ensure the interests of both consumers and regulators.. - Results of the current study have profoundly contributed to the area of the information system and mobile payment by extending the current understanding regarding such important phenomena of interest as well as providing valuable insights for academic perspective. - Indeed, trust is one of the most frequently used and predictive factors that was proposed along with UTAUT2 factors in the same conceptual model which demonstrates a significant contribution to the expansion of the theoretical horizon of the UTAUT2.. - As discussed above, the current study will facilitate understanding of customers’ behavior intention towards using mobile payment.. - This study was conducted with the aim to clarify and identify the main factors influencing Millennials customers’ intention to use mobile payment services. - Firstly, in academic terms, the study helped to introduce the system of scales for measuring the factors shaping behavioral intention towards the use of mobile payment services in Vietnam, a concept which has earned much attention in the world as well as Vietnam. - The study has also tested the use of UTAUT2 in the context of studying about mobile payment services and proposed a new approach in integrating new factors into the model. - Secondly, the study result provided researchers in the field of behavioral science with a better overview of the factors affecting the behavioral intention towards the use of mobile payment services in Vietnam. - Thirdly, the study also helped companies, businesses, and organizations operating in the field of mobile payment services to exploit the factors directly influencing the intention to use mobile payment services so that they can devise suitable strategies to enhance the behavioral intention towards using mobile payment services of the Vietnamese, thus boost their business.. - The penetration of mobile payment services may vary among countries due to their different economic, cultural, social, technological, and demographic features, so it is necessary to expand the scope of data collection and sampling.. - This, in turn, could have constrained the ability of the current study to have a closer look by clarifying more of the issues related to customers’ intention towards mobile payment services. - Therefore, conducting a mixed-method approach (quantitative and qualitative) could provide a more detailed explanation of the current study's results particularly regarding those non-significant relationships.. - The study only showed a number of factors affecting the intention to use mobile payment services, but not the actual adoption of customers towards this type of service. - Therefore, studying the relationship between the intention to use and the actual adoption behavior of customers might reveal more details into the usage behavior of customers for mobile payment services. - Furthermore, moderator variables could be included in the model to show the factors that can increase or decrease the relationship between the factors and customer intention to use mobile payment services.. - Therefore, this could be a limitation for not providing a full picture of clarifying the main aspects related to the successful implementation and adoption of mobile payment services from both sides i.e., customers and service providers.. - Communications of the Association for Information Systems (CAIS . - A critical review of mobile payment research.. - The impact of privacy concerns on users' usage intention of mobile payment.. - Dynamics between the Trust Transfer Process and Intention to Use Mobile Payment Services: A Cross-Environment Perspective. - Predicting Consumer Intention to Use Mobile Payment Services: Empirical Evidence from Vietnam. - Modeling the Interaction of Users and Mobile Payment System: Conceptual Framework. - An Empirical Examination of Initial Trust in Mobile Payment
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