To clarify the factors affecting Vietnamese users’ behavior of using e-wallets, the research team conducted a survey on a sample of 500 people and received 418 votes (83.6%) responses. The test results show that the variable User trust has a stronger influence on Vietnamese users’ behavior of using e-wallets than the individual’s ability to innovate in the field of information technology. believe.


The explosion of online business led to the birth and development of online payment support forms, such as: Paypal, internet transfer, credit cards and most recently, electronic wallets. The market for electronic payments, which includes all consumer transactions conducted over the internet and on mobile devices, has grown over the past decade. The number of studies in Vietnam investigating the factors affecting the behavior of using e-wallets is still very small, and at the same time, it has not come to many breakthrough conclusions. This is a gap that needs more empirical research, as well as testing of new factors that affect this behavior. Within the scope of their research, the authors have conducted a practical survey, and at the same time tested the factors that affect the behavior of Vietnamese users using e-wallets.


Theoretical basis

Electronic wallet

Factors affecting Vietnamese users' behavior of using e-wallets
The first e-wallet appeared in 1997 when Coca-Cola first launched a water vending machine

An e-wallet is a virtual wallet that stores payment card information on a computer or mobile device, to facilitate not only online purchases, but also payments at retail points (Tolety, 2018) ). According to Pachpande and Kamble (2018), an e-wallet is a type of card that operates electronically and is also used for transactions made online via a computer or smartphone. Its utility is like a credit or debit card. E-wallets have grown into a multi-billion dollar industry, offering users a lot of convenience through the use of mobile wallets.

The first electronic wallet appeared in the world in 1997 when Coca-Cola first launched a water vending machine, where users could buy cans of water via text message, not necessarily cash.

Although appearing in Vietnam since 2008, but recently when the number of smartphone users is increasing rapidly, as well as the strong development of the 4.0 era, new e-wallets have really developed hot in Vietnam. Male. According to the State Bank, in Vietnam, 61% of consumers paid with mobile devices in 2019, a significant increase from 37% in 2018 (Nguyen Thi Anh Ngoc et al., 2020). The e-wallet market has witnessed stiff competition between more than 30 vendors (as of October 15, 2020), but big names, such as: Momo, Moca and ZaloPay… are still leading the market share. . According to Circular No. 23/2019/TT-NHNN, dated November 22, 2019 amending and supplementing a number of articles of Circular No. 39/2014/TT-NHNN, dated December 11, 2014 of the State Bank of Vietnam. Guidance on intermediary payment services, effective from January 7, 2020, requires that the total transaction value through the monthly e-wallet per customer and service provider not exceed 100 million VND. Meanwhile, according to Cimigo Market Research Company, currently on the Vietnamese market, the average daily transaction value is about VND 230,000 to VND 274,000/person (Le My, 2020), but with the link between e-commerce platforms and e-wallets, such as: between Tiki and Momo or Zalopay, Shopee and Airpay, Lazada and eMonkey, the above regulation of the State Bank may prevent e-wallet users from paying for High-value home appliances and electronics, such as mobile phones, laptops, etc.

Factors affecting users’ behavior of using e-wallets

There are many studies that have analyzed and pointed out the factors that can affect the user’s behavior of using e-wallets. E-wallet transactions are inherently uncertain, as buyers and sellers have very little information about each other. Therefore, for these transactions to be carried out, the trust of the parties is a necessary condition, especially the trust of the buyer, who is vulnerable in the transaction. When consumers have initial beliefs about providers of electronic services, and believe that their use will be beneficial to work and life, they will believe that online services are useful (Gefen et al. et al., 2003). For the adoption of e-wallet payments, consumers face a number of operational and environmental uncertainties, It is therefore necessary to rely on beliefs to overcome perceptions of risk. Trust is an important factor leading to buying and selling (Doney and Connon, 1997) and creates an environment where people are more willing to provide sensitive information (Ramaswani et al., 1997). The role of trust in online purchases is also mentioned in the research results of Yang Shuiqing et al (2015).

Personal Innovativeness in Information Technology (PIIT) is a measure of an individual’s willingness to try any new technology. For people with a high PIIT, they will be more willing to use new technologies, as well as more interested in learning and accepting them. Lestari (2019) has shown that individual innovation ability is an important attribute in the process of adopting new technology, its adopters can act as leaders to change minds. opinions of others. PIIT plays a large role in an individual’s adoption of a new type of information technology. The positive relationship between this variable and usage behavior has been demonstrated in many different fields. Consumers who are more innovative will shop online, or use other forms of online shopping (Citrin et al., 2000; Im et al., 2003; Lee et al., 2010). And Hirunyawipada and Paswan (2006), also demonstrated the direct and positive impact of PIIT on the behavior of using high-tech items in general. Especially, in the field of online payment, PIIT has a positive relationship with consumers’ behavior using this form (Sulaiman et al., 2007).

Proposing a research model

From the above theoretical basis, the authors build a research model with factors such as Fig.

Factors affecting Vietnamese users' behavior of using e-wallets

The research hypotheses are put forward as follows:

H1 : User’s trust positively affects the behavior of using e-wallets.

H2 : Individual innovation capacity in information technology positively affects the behavior of using e-wallets.

Research Methods

Data for the study was conducted by the authors on a sample of 500 people in all 3 regions of the North, Central and South of Vietnam. To ensure the required minimum number of samples, the author’s team distributed 500 votes, mainly invitations via email and social networks. Of the 418 votes (83.6%) who responded, 389 votes (77.8%) were included in the analysis after removing the unsatisfactory votes. The detailed scales include: User’s trust (Table 1), individual’s ability to innovate in the field of information technology (Table 2) and Usage behavior (Table 3).


Sample Descriptive Statistics

According to the survey results, the group from 18 to 22 years old is the group that participates the most in the survey with 227 participants, accounting for 58.4% of the total number of survey respondents; followed by the group from 23 to 40 years old, with 108 participants, accounting for 27.8% of the total survey respondents. Only a few people over 40 years old participated in the survey, including 38 people aged 41 to 60 years old, accounting for 9.8% and 16 people over 60 years old, accounting for 4.1% of survey respondents.

According to statistical results, the number of e-wallet users participating in the survey are mainly those with an average income of less than 5 million VND/month, accounting for 53.7%; followed by the group with incomes from 5-10 million VND/month and 11-20 million VND/month, accounting for 18.3% and 17.2% respectively; group with income over 50 million VND/month, only a few people responded to the survey.

Statistical results show that e-wallet users participating in the survey have the highest education level at university and college level (accounting for 69.2%); the number of people with post-graduate degrees accounted for 11.1%; followed by high school graduates, intermediate secondary schools, vocational schools and university graduates, respectively, with 9.5% and 6.9%. The rest are those who have not graduated from high school and graduated from high school, accounting for 1.5% and 1.8% of the total sample, respectively.

Scale reliability test results

The reliability of the scale was tested by Cronbach’s Alpha coefficient. The test results of the factors in the model are all greater than 0.7, the level is accepted as required, with the total variable correlation coefficient reaching values ​​above 0.3. There is no alpha coefficient after the type of the observed variable is higher than the alpha coefficient of the variable. Therefore, at this test step, no observed variables are excluded. Specifically, the Cronbach’s Alpha coefficient of the Trust variable and the PIIT variable have values ​​of 0.831 and 0.834, respectively. The User Behavior variable has Cronbach’s Alpha of 0.769, smaller than the independent variables, but still larger than the allowed standard level of 0.7.

Convergence and discriminant testing

The results of exploratory factor analysis (EFA) showed that all observed variables met the requirements of convergence and discriminant with factor loading > 0.5, KMO coefficient = 0.855 > 0 and Sig. = 0.000 < 0.05. Eigenvalue > 1 and total variance extracted is 53.956% > 50, once again confirming that the variables meet the criteria at this test step.

Pearson’s correlation analysis

The results show that the Pearson correlation coefficient (r) of the pairs of variables are in the range from -1 < r < 1 and Sig. < 0.05 shows that the variables are correlated with each other, statistically significant, but there is no sign of multicollinearity.

Linear regression and hypothesis testing

The test results show that  the adjusted R 2 is 0.116. This shows that the two independent variables in the research model, Trust and PIIT, explain 11.6% of the variation of the dependent variable, which is the behavior of using e-wallets in the research context in Vietnam. Anova analysis was conducted to test the fit of the model with the overall scale, showing that the F value has Sig. = .000 < 0.05, so the model fits the data set and can conduct regression analysis (Table 4).

The results of hypothesis testing show that both hypotheses are supported with Sig < 0.05 and VIF < 2, so the results are statistically significant and there is no multicollinearity phenomenon. In which, User Trust (Trust) has a stronger influence on E-Wallet Usage Behavior with a standardized beta of 0.278 compared to Personal Innovation in Information Technology (PIIT) with a standardized beta of 0.278. the normalized beta is 0.166.


Research results show that users’ trust has a stronger influence on Vietnamese users’ behavior of using e-wallets than the individual’s ability to innovate in the field of information technology. The results of this study are quite similar to previous studies, so once again confirming the impact of these two factors on the user’s behavior of using e-wallets in Vietnam… It is easy to see that When an individual’s ability and understanding of new technologies is higher, the adaptability and ease of accepting new changes in the way of shopping, consuming or paying… also becomes comfortable. than./.


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