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Credit card
Consumer intention and credit adoption in
card adoption in Vietnam Vietnam
Oanh Dinh Yen Nguyen
College of Economics, Can Tho University, Can Tho, Vietnam, and
779
John F. Cassidy
Department of Management, College of Business and Law, Received 12 January 2017
University College Dublin, Dublin, Ireland Revised 30 September 2017
29 October 2017
12 December 2017
Accepted 18 January 2018
Abstract
Purpose – There is limited research on consumer intention and credit card adoption in the transitional
economies of Southeast Asia. The purpose of this paper is to investigate the key elements that influence an
individual’s intention of adopting credit cards in the transitional economy Vietnam.
Design/methodology/approach – A questionnaire was developed based on the technology adoption
literature. After data cleaning, 595 responses were deemed valid. Factor analysis (EFA and CFA) was utilized on
split samples, and a structural equation model developed to identify the influential technology adoption factors.
Findings – The analysis found strong support for the hypotheses theoretically developed. In the transitional
economy of Vietnam, consumer’s intention to adopt credit cards was influenced by “Perceived usefulness
(PU),” “Perceived ease of use (PEOU),” “subjective norm (SN),” “perceived self-efficacy (PSE)” and “Anxiety”.
However, “perceived financial cost (PFC)” was not a significant factor.
Research limitations/implications – The use of cross-sectional data does not enable the analysis of time
sequence of the determinants of consumer intention.
Practical implications – This research provides a body of knowledge on modern banking payment
systems and credit card utilization factors in the transitional economy of Vietnam which has relevance for
other transitional as well as developing economies of Southeast Asia, and is a good reference source for
foreign investors, banks and card service companies.
Originality/value – To date, there are no studies that explore the interaction between “PU,” “PEOU,” “PFC,”
“SN,” “PSE,” “Anxiety” and “Behavioral Intention” in the context of the Vietnamese credit card market, nor
other transitional markets in Southeast Asia.
Keywords Vietnam, Technology acceptance model, Theory of reasoned action, Transitional economies,
Consumer intention, Credit card adoption
Paper type Research paper

1. Introduction
Economic growth and higher relative levels of income in Asia-Pacific emerging markets
have led to an increase in the banked population and growth of non-cash payment channels,
with less reliance on cash-based transactions. Credit card usage, which requires a bank
account, has registered strong growth across the region. In the high-income OECD
economies, 94 percent of adults had a financial institution account, with the figure for
Asia-Pacific being 69 percent (World Bank, 2015). While credit cards had been introduced
into many high-income countries decades previously, their introduction into East and South
Asian markets, such as Malaysia, Singapore, Hong Kong and India, is relatively recent. The
key papers highlighted in the literature show that the determinants of credit card usage
differed in each country and are predicated on the focus of the research questions. Previous
studies have explored credit card usage level, credit card usage rate, the limited number of
credit cards owned by a user, and the determinants of credit card use among those
countries. Most papers have approached the credit card issue from the perspective of
Asia Pacific Journal of Marketing
external determinant factors (inter alia, advertizing of cards, bank image, and convenience), and Logistics
or demographic characteristics of the users, such as gender and age. Given the lack of Vol. 30 No. 4, 2018
pp. 779-796
research on transitional economies of Southeast Asia, this paper focuses on Vietnam with © Emerald Publishing Limited
1355-5855
the specific research focus being consumer intention and credit card adoption. DOI 10.1108/APJML-01-2017-0010
APJML Southeast Asia, as Table I shows, is an economically diverse region with GDP per capita
30,4 ranging from Singapore with US$53,630 to Cambodia US$1,163. The region is characterized
by market economies and economies transitioning from centrally planned to market
systems. The lower middle-income economies exhibit high growth rates. India’s GDP
per capita growth was 8 percent in 2015. Similarly, Vietnam, Cambodia and Lao PDR are all
lower middle-income economies and comparably fast growing, with the crucial difference
780 being that they are all transitioning from command to market economy systems. Literacy
levels continue to improve across the region, with youth literacy levels (15–24 years old)
above 90 percent in all countries, both transitional and market-based.
Vietnam’s Doi Moi policy of economic renovation was initiated in 1986 and resulted in
the development of a more market-driven system, a movement toward entrepreneurship
and increased urbanization. After an initial drop, relative income levels per capita began
to grow from 1992. In 2000, GDP per capita was US$433, increasing to US$2,107 by 2015.
Despite the global recession, and slow recovery, GDP growth levels in Vietnam have
remained strong, registering 6.7 percent in 2015[1]. Vietnam is one of the most densely
populated countries in Southeast Asia and has a rapidly expanding consumer banking
market. Its population grew from 83.3 million in 2006 to 91.7 million in 2016, with
70 percent in the age bracket 15–64 (World Bank, 2017). In Vietnam, the number of adults
who had a bank account in 2011 was 17 percent. This share doubled to 33 percent of adults
by 2016, suggesting the increasing importance of the banking sector and its associated
products (Euromonitor (Passport), 2016).
Most Vietnamese people do not have a plastic card of any kind (Evans, 2013). The use
of non-cash payments, such as credit cards, is still very limited. A survey by The Nielson
Report (2011), found that only 1 percent of the interviewees in Vietnam had ever used a
credit card. Despite the growth in the banked population, cash continues to be the major
payment transaction channel. In 2006, the Prime Minister of Vietnam ratified a plan on
non-cash payments for the 2006 to 2010 period with an extension to 2020. This plan,
relating to infrastructure development, offers incentives for financial institutions to boost
the application of advanced technologies to non-cash payment systems. With a
noteworthy young population, increasingly sophisticated spending patterns,
improvements in e-banking services, and the evolving trend of online shopping,
Vietnam provides many opportunities for card service providers. The youth segment

Hong
Vietnam Lao PDR Cambodia India Malaysia Kong Singapore

Population 2015 in millions 91.7 6.8 15.6 7.3 30.3 7.3 5.5
Population annual growth (%) 1.1 1.7 1.6 1.2 1.4 0.5 1.2
Adult literacy 15 + years (%) 95 80 78 72 95 96 97
Youth literacy 15–24 years (%) 98 90 92 90 98 100 100
GDP (current US$ billions) 193.6 12.37 18.1 2,089 296.3 309 293
GDP growth (annual %) 6.7 7.3 7.0 8.0 4.2 2.4 1.9
GDP per capita (current US$) 2,107 2,159 1,163 1,613 9,643 42,351 53,630
GNI growth (annual %) 6.1 7.2 6.5 8.0 5.6 2.2
0.04
GNI per capita (current US$) 1.990 1,740 1,070 1,600 10,570 41,000 52,090
World Bank country Lower Lower Lower Lower Upper High High
classification (GNI per capita, middle middle middle middle middle income income
current US$) income income income income income
Table I. Income 1,026– 1,026– 1,026– 1,026– 4,036– 12,476 12,476 or
Key indicators on 4,035 4,035 4,035 4,035 12,475 or more more
selected markets Economic system Transition Transition Transition Market Market Market Market
in Asia, 2015 Source: World Bank (2017)
(21 to 29 years old), comprising approximately 14 percent of the Vietnamese population, is Credit card
positively disposed toward the banking sector and borrowing. The young population, the adoption in
fast-growing middle classes, the economic growth potential, combined with improved Vietnam
network infrastructure, all infer a bright future for the Vietnamese payment card market,
especially the credit card segment (Lafferty Reports, 2012).
The adoption of various payment instruments by global consumers has been
investigated by many prior studies, with Mathews and Slocum’s (1986) study on the 781
relevance of social class as a determinant of credit card usage being to the fore. In the
Asia-Pacific context, factors relating to credit card usage in India (Khare et al., 2012) and
consumer credit card usage behavior in Malaysia (Ahmed et al., 2010) have been explored.
In Vietnam, there have been some research studies exploring the determinants of
customers toward different payment channels, such as electronic payment (Thieu, 2010),
online banking (Chong et al., 2010), internet banking (Le, 2008), mobile banking (Nguyen,
2013), electronic banking (Nguyen et al., 2014). However, the determinants of the
Vietnamese consumers’ technology adoption that relate to credit card usage intention
remain unexplored.
To address this gap in the literature, this paper focuses on Vietnam, a Southeast Asian
transitional economy, to build a structural equation model (SEM) on the determinants of
credit card usage intention based on initial factor analysis. Given that the usage of credit
cards is fundamentally related to technology acceptance, this research employs and extends
the TRA model and TAM model to investigate the determinants that influence people’s
adoption of credit cards as a payment channel. Additionally, this research examines the
drivers of these determinants. The two key research questions in this study are:
RQ1. What are the determinants of credit card usage intention in Vietnam?
RQ2. What are the influential factors of consumers’ “perceived usefulness (PU)” and
“perceived ease of use (PEOU)” toward credit cards?
This research paper seeks to contribute to the academic literature on payment behavior in
Vietnam by providing an insight into the importance of factors affecting the individual
customer’s behavioral intention (BI). The research findings will provide banks and financial
institutions with a better understanding of cardholders in Vietnam in general, and
specifically their BI toward credit card usage. It will also be of significance to policy makers
and the business sector to catalyze the increased usage of credit cards, and to facilitate the
development of the non-cash payment market in Vietnam. In addition, this study will be a
good reference for foreign investors, banks, and card service companies to develop their
entry strategies for payment services in the Vietnamese market. Finally, it will expand the
body of knowledge on payment systems, across emerging markets and within Southeast
Asian transitional economies.
The paper is organized as follows: Section 2 examines the theoretical background and
develops the research model. The research methodology is described in Section 3. Empirical
results are discussed and analyzed in Section 4. Section 5 discusses and evaluates the
findings. Finally, Section 6 presents the conclusion, and explores the implications and
limitations of this research.

2. Theoretical background and research model

Many theories on why individuals adopt new information technologies originate from the
literature on social psychology and information system user behavior, such as the Theory of
Reasoned Action (TRA) (Fishbein and Ajzen, 1975), Social Cognitive Theory (Bandura,
1986), the Theory of Planned Behavior (Ajzen, 1985) and the Innovation Diffusion Theory
(Rogers, 1962).
APJML Based on these theories, different models were developed, such as the Technology
30,4 Acceptance Model (TAM) (Davis et al., 1989), TAM2 (Venkatesh and Davis, 2000;
Venkatesh, 2000), TAM3 (Venkatesh and Bala, 2008), the Model of Personal Computer
Utilization (Thompson et al., 1991), Motivational Model (Davis et al., 1992), a model
combining the TAM and the Theory of Planned Behavior (CTAM&TPB) (Taylor and
Todd, 1995), and the Unified Theory of Acceptance and Use of Technology model
782 (Venkatesh et al., 2003).
Each model proposes its own independent and dependent factors for user
acceptance – although overlaps exist (Dillon and Morris, 1996). In consequence, researchers
may choose from a variety of models and constructs across the different models, or pick a
favorite model and ignore the contributions from alternative models (Yeow and Loo, 2010).
Khare et al. (2012) provide an extensive overview of extant research on factors relating to
credit card usage. However, previous research has not addressed the specific issue of
technology adoption as being at the heart of credit card usage. The TRA, developed by
Fishbein and Ajzen in the late 1960s and further extended in 1970s, is one of the most
significant and pioneering theories in the fields of sociology, psychology and consumers’
behavior research (Eagly and Chaiken, 1993; Olson and Zanna, 1993; Sheppard et al., 1988).
This theory suggests that actual behavior is determined by intention. BI is affected by two
factors: attitude and subjective norm (SN).
Based on TRA, Davis (1989) created the TAM to provide deeper understanding of an
individual’s acceptance of an information system. TAM studied the relations and impact
of “PU” and “PEOU” on attitudes that affect users’ intention and behavior toward
acceptance of information technology. BI is considered the presupposition directly
resulting in technology-using behavior in TAM. This is supported by many studies on the
utilization of different kinds of technology (Wu et al., 2007; Dharmawirya and Smith, 2012;
Yu, 2012; Jansorn et al., 2013). In this study, BI represents the individual’s willingness to
use credit cards.
Accordingly, this paper has adopted the constructs “PU,” “PEOU,” “SN” and BI from the
TRA model (Fishbein and Ajzen, 1975) and TAM model (Davis et al., 1989). In addition, we
also elicited three further factors: “perceived financial cost (PFC),” “perceived self-efficacy
(PSE)” and “anxiety”). These were sourced from secondary sources and focus group
interviews, suggesting that they were potentially significant items in relation to consumer
BI (Figure 1).

Perceived
Financial Cost Perceived
Usefulness
H6 (+)
H4 (–) H1(+)
H9 (+)
Subjective H5 (+)
Norm
Behavioral
H3 (+) Intention
H8 (+)
H7 (+)
Perceived
Self-Efficacy H11(–)
H10 (+) H2 (+)
Figure 1.
The proposed
research model of Perceived
credit card adoption Anxiety Ease of Use
intention in Vietnam
2.1 Perceived usefulness (PU) Credit card
PU is a widely studied factor on new technological application, and is part of the traditional adoption in
TAM. This factor responds to the statement “The degree to which a person believes that using a Vietnam
particular system would enhance his or her job performance” (Davis, 1989, p. 320). The literature
review shows that “PU” positively influences a user’s intention to adopt a technology (Davis
et al., 1989; Davis and Venkatesh, 1996, 2000; Venkatesh and Davis, 2000; Wu et al., 2007; Yeow
et al., 2008; Dharmawirya and Smith, 2012; Yu, 2012; Zhang et al., 2012; Leong et al., 2013; 783
Jansorn et al., 2013; Munir et al., 2013; Nasri et al., 2013; Liébana-Cabanillas et al., 2014; Tan et al.,
2014; Lim et al., 2016). Therefore, this paper has proposed the following hypothesis:
H1. PU has a positive effect on the BI to use a credit card.

2.2 Perceived ease of use (PEOU)

PEOU is the “degree to which a person believes that using a particular system would be free
of effort” (Davis, 1989, p. 320). PEOU has a significant effect on an individual’s attitude in
relation to two main mechanisms: self-efficacy and instrumentality. PEOU can also
contribute to improving one’s efficiency. Prior studies have shown that this construct not
only encouraged the intention of using a technology but also the user’s PU of said
technology (Venkatesh and Davis, 1996; Venkatesh and Davis, 2000; Venkatesh, 2000; Wu
et al., 2007; Yeow et al., 2008; Butt et al., 2010; Dharmawirya and Smith, 2012; Yu, 2012;
Zhang et al., 2012; Leong et al., 2013; Jansorn et al., 2013; Munir et al., 2013; Nasri et al., 2013;
Tan et al., 2014). Thus, this paper suggested the following hypotheses:
H2. PEOU has a positive effect on BI to use a credit card.
H3. PEOU has a positive effect on PU of a credit card.

2.3 Perceived financial cost (PFC)

PFC refers to the degree to which individuals are concerned with financial costs, such as
service fees, when using a credit card. In one study, Yang (2009) revealed that mobile
banking adoption was highly encouraged by economic factors such as advantageous
transaction service fees or discouraged by economic considerations, such as basic fees for
mobile banking. Yu (2012) found that the PFC significantly affects the intention of mobile
banking potential customers. Other studies also supported this relationship (Butt et al., 2010;
Jansorn et al., 2013; Tan et al., 2014). Thus, this study hypothesized:
H4. PFC has a negative effect on BI to use a credit card.

2.4 Subjective norm (SN)

SN refers to an individual’s expectations catalyzed by influential people or a reference group
that exists around them (Fishbein and Ajzen, 1975; Venkatesh and Davis, 2000; Wu et al.,
2007; Yeow et al., 2008; Dharmawirya and Smith, 2012; Yu, 2012; Zhang et al., 2012; Leong
et al., 2013; Jansorn et al., 2013; Nasri et al., 2013; Noor et al., 2013; Tan et al., 2014; Abramson
et al., 2015; Lim et al., 2016). In this paper, “SN” represents the degree to which an individual
perceives that important others believe he or she should use a credit card. Previous
researchers have suggested that there was a positive significant effect of “SN” on BI
(Venkatesh et al., 2003; Wu et al., 2007; Yu, 2012). Moreover, “SN” positively affects
consumers’ PU (Venkatesh and Davis, 2000; Zhang et al., 2012; Nasri et al., 2013), and the
consumers’ “PEOU” of using a technology system (Abramson et al., 2015). In this study, the
following hypotheses are thus proposed:
H5. SN has a positive effect on BI to use a credit card.
APJML H6. SN has a positive effect on PU of credit card.
30,4 H7. SN has a positive effect on PEOU of credit card.

2.5 Perceived self-efficacy (PSE)

Bandura (1986, p. 391) defines self-efficacy as “People’s judgments of their capabilities to
784 organize and execute courses of action required to attain designated types of performances.”
It is concerned with the skills one has, as well as judgments of what one can do with
whatever skills one possesses. PSE relates to the degree to which an individual is confident
about his or her ability and knowledge to use a credit card (Venkatesh et al., 2003). Yu (2012)
has found that there was a positive influence of “PSE” on the actual use behavior of mobile
banking. In another study, Yeow et al. (2008) stated that a low level of self-efficacy made
some respondents “tend to hesitate” in using online banking in front of others. Furthermore,
“PSE” was found to be the antecedent of PU (Abramson et al., 2015) and “PEOU”
(Venkatesh, 2000; Nasri et al., 2013). Thus, this paper hypothesizes that “PSE” is a positive
determinant influencing people’s intention toward credit card adoption, consumers’ PU and
“PEOU.” The following hypotheses are thus posited:
H8. PSE has a positive effect on PU of a credit card.
H9. PSE has a positive effect on BI to use a credit card.
H10. PSE has a positive effect on PEOU of a credit card.
“Anxiety” (AN) is the construct that specifies the degree to which an individual becomes
anxious when it comes to using a credit card. This is distinct from the construct “PSE.”
Doyle et al. (2005) showed that there was a significant negative relationship between
computer anxiety and low self-efficacy. As the level of self-efficacy rises, the level of
computer anxiety declines. Yeow et al. (2008) found that the anxiety of customers would
decrease if customers had more experience in utilizing the online banking service. This
paper thus hypothesizes that the level of anxiety or worry would lead to a negative impact
on the intention of an individual to use a credit card:
H11. Anxiety has a negative effect on BI to use a credit card.
To ensure the content validity of the questionnaire, all items regarding the measurement of
constructs were adapted from the TRA model, TAM model and previous studies. These
constructs and measurement items were carefully reworded to fit the context of credit card
adoption in Vietnam. The measurement items were based on a five-point Likert scale
ranging from strongly disagree (1) to strongly agree (5). There were seven factors and
25 measurement items, presented in Table II.

3. Research methodology
A convenience homogeneous sampling methodology was used in this study because this
method is suitable for studying the differences in consumer behavior, particularly when
utilizing the exploratory factor analysis (EFA) method (Zikmund et al., 2010). Hair et al.
(2010) suggests that the chosen sample size should be at least 50, preferably 100 and the rate
observed (observations)/measurement variables (items) be 5:1. Therefore, with 25 original
observed variables in this paper, the sample size should be at least 125. Moreover, when
applying a SEM, researchers agree that a large sample size is required (Raykov and
Widaman, 1995). Kline (2005) and Weston and Gore (2006) recommend a minimal SEM
sample size of 200. The sample was split in two for EFA and CFA to eschew the potential for
self-fulfilling results (Cudeck andBrowne, 1983; Van Prooijen and Van Der Kloot, 2001).
Constructs Item formulation Source
Credit card
adoption in
Behavioral (BI1) I prefer using a credit card Fishbein and Ajzen (1975), Davis Vietnam
intention (BI) (BI2) I intend to use a credit card et al. (1989), Venkatesh and Davis
(BI3) I would use a credit card (2000)
Perceived (PU1) I find that using a credit card helps save me time Davis et al. (1989), Venkatesh and
usefulness (PU) (PU2) Using a credit card increases my job performance Davis (1996), Venkatesh and
(PU3) I would use a credit card any place, any time Davis (2000), Venkatesh (2000) 785
(PU4) Overall, I think using a credit card is useful
Perceived ease (PEOU1) Finding information about credit card usage is Venkatesh and Davis (1996),
of use (PEOU) easy for me Venkatesh and Davis (2000),
(PEOU2) Learning how to use a credit card is easy for me Venkatesh (2000)
(PEOU3) I can use a credit card easily
Perceived (PFC1) Fees and charges associated with credit card Butt et al. (2010), Yu (2012), Tan
financial cost usage are high et al. (2014)
(PFC) (PFC2) The interest rates charged on credit cards
are high
(PFC3) The cost of using a credit card is higher than
using other payment channels
(PFC4) Using a credit card service is a cost burden to me
Subjective (SN1) My family would think that I should use a Fishbein and Ajzen (1975),
norm (SN) credit card Venkatesh and Davis (2000),
(SN2) My friends and customers would think that I Abramson et al. (2015), Lim et al.
should use a credit card (2016)
(SN3) People at my workplace would think using credit
card is a good idea
(SN4) Most people surrounding with me use a credit card
Perceived self- (PSE1) I could use a credit card if I had the built-in help Venkatesh (2000), Compeau and
efficacy (PSE) guidance for assistance Higgins (1995), Abramson et al.
(PSE2) I could use a credit card if someone showed me (2015)
how to do it
(PSE3) I could use a credit card if I had seen someone
else using it
(PSE4) I could use a credit card if I could call someone
for help
Anxiety (AN) (AN1) It scares me to think that I could lose a lot of Compeau and Higgins (1995),
information when using a credit card Phau and Woo (2008), Taherdoost
(AN2) I hesitate to use a credit card for fear of making and Masrom (2009)
mistakes that I cannot correct Table II.
(AN3) A credit card is somewhat intimidating to me Constructs and items

The aim of this paper is to investigate the factors that influence an individual’s technology
adoption of credit cards in a Southeast Asian transitional economy. Given that the credit
card is a means of payment that is mostly accompanied by utilizing modern technology,
such as online transactions, online transfers, or internet banking, it is implicit that credit
card users have a familiarity with information technology media. Methodologically, social
media presents itself as a potential sampling resource. In Vietnam, Facebook is one of the
top social media sites. Thus, the chosen population sample for this paper is of internet users
and Facebook users. In this study, 860 survey questionnaires were distributed online via
e-mails and Facebook to Vietnamese consumers. The data were collected from March 2016
to May 2016. There were 618 responses received, i.e., a response rate of 71.9 percent.
However, after going through a data cleaning process, only 595 responses were valid for
further analysis (a net response rate of 69.2 percent). The same sample (595 respondents)
was consistently used in our analysis.
APJML 4. Data analysis
30,4 In this section, the survey respondents were profiled based on the descriptive statistics.
A reliability analysis is performed utilizing Cronbach’s α. Then, we used EFA first to assess
the underlying factor structure, and to refine the item pool. Thereafter, we apply confirmatory
factor analysis (CFA) to confirm the factor structure and to seek evidence of convergent and
discriminant validity. Having confirmed that all constructs are reliable, we perform SEM to
786 examine the factors influencing the intention to use credit cards by Vietnamese consumers.
IBM SPSS 20.0 and IBM Amos 20.0 were used to conduct the data analysis.

4.1 Profile of respondents

Descriptive demographic statistics, displayed in Table III, were initially examined to
provide an understanding of the characteristics of the respondents. The frequency
distribution of the response characteristics showed that about 52.9 percent of the
respondents were male and 47.1 percent were female, evincing a good gender balance. In
terms of age, most of the respondents were less than 25 years old (41.2 percent). Another
26.7 percent of the sample was between the ages of 26 to 30 years old and 22.5 percent of the
sample belonged to the age group of 31 to 35 years old. Only 9.6 percent of the respondents
were equal to or more than 36 years old. Regarding marital status, 54.3 percent of the
respondents were single. With respect to degree of educational attainment, the respondents
were primarily people with tertiary educational background. The occupations that were the
most common among respondents were the public sector (29.2 percent), and private sector

Demographic Categories Frequency (n ¼ 595) %

Gender Female 280 47.1

Male 315 52.9
Age group ⩽25 years old 245 41.2
26–30 years old 159 26.7
31–35 years old 134 22.5
⩾36 years old 57 9.6
Marital status Single 323 54.3
Married 272 45.7
Education Undergraduate 323 54.3
Master 129 21.7
PhD 19 3.2
Others 124 20.8
Occupation Not working 36 6.1
Graduate student 47 7.9
Public sector 174 29.2
Own business 104 17.5
Undergraduate student 95 16.0
Private sector employee 139 23.4
Monthly income Vietnam Dong (VND) Less than 2 million 40 6.7
2 million to less than 5 million 255 42.9
5 million to less than 10 million 158 26.6
10 million to less than 15 million 97 16.3
15 million and above 45 7.6
Payment instruments of the respondents Cash 566 95.1
Debit card 314 52.8
Credit card 202 33.9
Table III. internet banking 170 28.6
Demographic profile Phone banking 123 20.7
of respondents Digital wallets 14 2.4
employee (23.4 percent). Regarding monthly income, the most popular income of the Credit card
respondents (42.9 percent) fell into the range of VND2m (Vietnamese Dong (VND)) to less adoption in
than VND5m. Out of 595 respondents, 66.1 percent reported that they had never used a Vietnam
credit card while just 33.9 percent of participants used this payment instrument. The
majority of the respondents (95.1 percent) indicated that cash was still their dominant
payment instrument in Vietnam.
787
4.2 Reliability analysis
Reliability means that a scale should consistently reflect the construct that it is measuring
(Field, 2013). The most popular method to measure the reliability of Likert scales is
Cronbach’s α (Dong et al., 2008). As Cronbach’s α can be interpreted as a correlation
coefficient, it ranges in value from 0 to 1. The results of the reliability analysis show that the
Cronbach’s α values were higher than 0.7 for all the constructs in this research (Table IV ).
The overall Cronbach’s α value was 0.855. This was greater than the benchmark of the
widely cited Cronbach’s α value (0.60) recommended by Fornell (1982). In addition, all
corrected item-total correlations were encouraging (W0.3), showing that all items correlated
with the total and the scale was reliable (Field, 2013). Thus, all measurement constructs had
high internal consistency and satisfactory reliability. However, based on output from
“Cronbach’s α if item deleted,” two items (PU3 and SU4) were eliminated, thus increasing the
reliability factor in Cronbach’s α (Field, 2013). We tested for common method bias by
utilizing Harman’s single-factor test (Podsakoff and Organ, 1986) and we performed an
additional common latent factor test (Podsakoff et al., 2003) in AMOS to confirm that
common method bias was not significant. The other 23 items were used for further analysis.

4.3 Exploratory factor analysis (EFA)

We used EFA with Promax Rotation Method to assess the underlying factor structure and
refine the item pool before using CFA. Our sample was sufficiently large to be randomly
split into two sub-samples, thus enabling the cross-validation of the findings (Cudeck and
Browne, 1983; Van Prooijen and Van Der Kloot, 2001). The first sub-sample was
comprised of 290 random cases chosen to conduct EFA. We then performed CFA on the
second sub-sample of 305 observations. Then, the structural model was performed using
the total sample (n ¼ 595). For the validity analysis of sample adequacy, as Table V shows,
the Kaiser-Meyer-Orkin (KMO) values were 0.855 – the suggested minimum value for
adequacy is 0.5. The potential for multicollinearity was assessed. There was no
substantial correlation (r W 0.9) between predictors so there should be no multicollinearity
problem in our data (Field, 2013). In addition, the Bartlett’s test result showed that the
correlations between variables were different from zero at the level of significance
( p o 0.001, Table V ). This output suggests that multicollinearity was not a concern and
the EFA solution was appropriate.

Constructs Number of items Cronbach’s α

Perceived usefulness (PU) 3 0.760

Perceived ease of use (PEOU) 3 0.892
Subjective norm (SN) 3 0.856
Perceived financial cost (PFC) 4 0.810
Perceived self-efficacy (PSE) 4 0.800
Anxiety (AN) 3 0.776
Behavioral intention (BI) 3 0.814 Table IV.
Overall 23 0.855 Reliability analysis
APJML All items were accepted because they represented more than 50 percent loading of the
30,4 pattern matrix (Table VI). The output suggested seven factors, namely: BI, “PU,” “PEOU,”
“SN,” “PFC,” “PSE” and “Anxiety” (AN). These factors accounted for about 73.9 percent of
the total variance. All items would thus be included in the subsequent CFA.

4.4 Confirmatory factor analysis (CFA)

788 We then employed CFA on the second sub-sample to confirm the factor structure and to
seek evidence of construct validity (Table VII). This study achieved a good convergent
validity, i.e., the capability of a construct to yield the same results even though different
approaches were engaged, as all factor loadings were statistically significant and
surpassed that recommended cut-off value 0.5 (Hair et al., 2010), all composite reliability
(CR) values were W 0.7 (Nunnally and Bernstein, 1994); and all average variance
extracted (AVE) values were W 0.5 (Anderson and Gerbing, 1988). Furthermore, all
Cronbach’s α coefficients W 0.7 confirmed that the constructs were reliable. In addition,
the discriminant validity was obtained, as the loading of each indicator on its assigned
construct was greater than its loading on any other construct (Chin, 1998). The CFA
result in Table VIII shows that the model had a very good fit: χ2/df ¼ 1.890 ( o 3)
(Carmines and McIver, 1981); GFI ¼ 0.909 ( W 0.9); CFI ¼ 0.946 ( W 0.9); TLI ¼ 0.932

Kaiser-Meyer-Olkin measure of sampling adequacy 0.855

Table V. Bartlett’s test of sphericity Approx. χ2 3,572.321
KMO and df 253
Bartlett’s test Sig. 0.000

Component
1 2 3 4 5 6 7

PSE2 0.972
PSE1 0.854
PSE3 0.559
PSE4 0.550
PEOU3 0.928
PEOU2 0.907
PEOU1 0.893
PFC3 0.845
PFC1 0.829
PFC2 0.819
PFC4 0.694
SN2 0.919
SN1 0.889
SN3 0.842
AN2 0.875
AN3 0.863
AN1 0.741
PU1 0.904
PU2 0.771
PU4 0.601
BI2 0.907
Table VI. BI3 0.625
Pattern matrix BI1 0.590
( W 0.9) (Bentler and Bonett, 1980); RMSEA ¼ 0.054 ( o 0.06) (Hu and Bentler, 1998) and Credit card
SRMR ¼ 0.059 ( o 0.08) (Hu and Bentler, 1998). These values were well above the adoption in
recommended levels. Vietnam
4.5 Hypotheses testing
The SEM output detailed in Table VIII indicates that the overall model had a good fit:
χ2/df ¼ 2.733 ( o3) (Carmines and McIver, 1981); GFI ¼ 0.925 (W0.9); TLI ¼ 0.934 (W0.9); 789
CFI ¼ 0.947 (W0.9) (Bentler and Bonett, 1980), RMSEA ¼ 0.054 ( o0.06) (Hu and Bentler,
1998) and SRMR ¼ 0.060 ( o0.08) (Hu and Bentler, 1998).
Table IX indicates that there was no significant relationship between PFC and BI
( β ¼ 0.051, p ¼ 0.198), thus not supporting H4. “Anxiety” (AN) had a negative influence on

Number of Composite Average variance Cronbach’s

Constructs items reliability (CR) extracted (AVE) α

Perceived usefulness (PU) 3 0.728 0.520 0.760

Perceived ease of use (PEOU) 3 0.903 0.758 0.892
Subjective norm (SN) 3 0.867 0.687 0.856
Perceived financial cost (PFC) 4 0.843 0.573 0.810 Table VII.
Perceived self-efficacy (PSE) 4 0.794 0.502 0.800 Convergent validity
Anxiety (AN) 3 0.775 0.544 0.776 and construct
Behavioral intention (BI) 3 0.768 0.525 0.814 reliability

Goodness of fit measures Recommended value CFA model Structural model

χ2
377.965 557.454
df 200 204
χ2/df ⩽3a 1.890 2.733
GFI ⩾0.9b 0.909 0.925
CFI ⩾0.9b 0.946 0.947
Table VIII.
TLI ⩾0.9b
0.932 0.934
Goodness-of-fit
RMSEA ⩽0.06c 0.054 0.054 indices: the
SRMR ⩽0.08c 0.061 0.060 recommended and
Sources: aCarmines and McIver (1981); bBentler and Bonett (1980); cHu and Bentler (1998) actual values

Estimate SE CR p-value Standardized regression weights R2 (%)

PU → BI 0.435 0.086 5.089 0.000 0.387 R2 ¼ 70.9

PEOU → BI 0.076 0.039 1.949 0.051 0.086
SN → BI 0.263 0.053 5.009 0.000 0.285
PSE → BI 0.224 0.045 4.962 0.000 0.221
AN → BI −0.127 0.028 −4.524 0.000 −0.182
PFC → BI 0.051 0.040 1.288 0.198 0.051
PEOU → PU 0.194 0.035 5.493 0.000 0.245 R2 ¼ 60.3
SN → PU 0.388 0.042 9.325 0.000 0.473
PSE → PU 0.235 0.039 6.046 0.000 0.261 Table IX.
SN → PEOU 0.375 0.047 7.944 0.000 0.362 R2 ¼ 25.9 Structural equation
PSE → PEOU 0.277 0.050 5.533 0.000 0.244 model results
APJML BI ( β ¼ −0.182, po 0.001). “PU” was the most positively influential factor of “BI” ( β ¼ 0.387,
30,4 p o0.001), with “SN” the second most significant predictor of BI ( β ¼ 0.285, p o0.001).
“PEOU” positively predicted “BI” ( β ¼ 0.086, p ¼ 0.051) and “PU” ( β ¼ 0.245, p o0.001).
Additionally, the result proved that “SN” and “PSE” simultaneously and positively affect
“PU” and “PEOU” at p o0.001. The squared multiple correlations show that the structural
model explained 70.9 percent of the variances in “BI,” 60.3 percent of the variances in “PU,”
790 and 25.9 percent of the variances in “PEOU.” These results collectively indicated that H2
was accepted at p o10 percent, and all other hypotheses in the model, apart from H4, were
supported with p o0.1 percent (Table X). The tested model is displayed in Figure 2.

5. Discussion
The main goal of this study has been to identify the technology adoption factors that affect
the intention to use credit cards by customers in the Southeast Asian transitional economy
Vietnam. This would thus deepen the knowledge and understanding of the determinants of
credit card adoption in the context of an Asia-Pacific developing country, emerging market
and transitional economy. To fill this important gap, a research model was developed

Hypothesis Causal path Expected sign Conclusion

H1 Perceived usefulness → Behavioral intention + Significant

H2 Perceived ease of use → Behavioral intention + Significant
H3 Perceived ease of use → Perceived usefulness + Significant
H4 Perceived financial cost → Behavioral intention + Non-significant
H5 Subjective norm → Behavioral intention + Significant
H6 Subjective norm → Perceived usefulness + Significant
H7 Subjective norm → Perceived ease of use + Significant
H8 Perceived self-efficacy → Perceived usefulness + Significant
Table X. H9 Perceived self-efficacy → Behavioral intention + Significant
Hypothesis testing H10 Perceived self-efficacy → Perceived ease of use + Significant
conclusions H11 Anxiety → Behavioral intention − Significant

Perceived
Financial Cost Perceived
Usefulness
0.473** 0.387**
0.051
Subjective
Norm
0.261** 0.285** Behavioral
0.245** Intention
0.362** 0.221**

Perceived
Self-Efficacy –0.182**
0.086*
0.244**
Perceived Significant path
Anxiety Ease of Use Insignificant path
Figure 2.
Standardised path
estimates
Notes: *p < 0.1; **p < 0.001
through the application and extension of the TRA and TAM to provide a comprehensive Credit card
methodological platform. adoption in
Based on the analysis of 595 respondents, our findings indicate that the Vietnamese Vietnam
consumer intention to adopt credit cards was impacted by the following variables: “PU,”
“PEOU,” “SN,” “PSE,” and “Anxiety.” All the influential factors (except “Anxiety”) were
positively related to the BI of customers. The empirical evidence of the study pointed out
that “PU” was the most powerful factor in affecting an individual’s intention to adopt the 791
credit card as a technology. This was consistent with the findings of Venkatesh et al. (2003),
Wu et al. (2007) and Yu (2012). Furthermore, the study found that “PU” was positively
related to “PEOU.” Interestingly, “SN” and “PSE” have positive relationships with “PU” and
“PEOU” at the same time. This is a significant finding as it helps managers, bankers and
policy makers in enhancing their perception of consumers about the usefulness in general,
and, in particular, the relative PEOU of credit cards in their payment systems.
PFC was not found to be a statistically significant coefficient in the context of this study,
not even at the 10 percent level, which concurs with Yang et al. (2012), and de Sena Abrahão
et al. (2016), albeit in relation to the mobile payments sector. A possible explanation for this
is that credit card usage is still relatively unavailable at a large-scale level in Vietnam.
People still prefer to use cash, which characterizes a more informal workforce. As the
economy grows in sophistication, there will be an increased need to move away from
cash-based transactions to more formal bank transfers, this leading to the increased usage
of banking payment channels. Instead of credit cards, most people own cash cards or debit
cards. Companies and organizations, in cooperation with banks, increasingly transfer
employee salaries directly to their bank accounts, thus demanding some form of card to
access their accounts. The economy is thus becoming more formalized.
To gain competitive advantage, Vietnamese banks try to offer low cost cards to
customers. Many banks now provide more benefits, such as a zero-annual fee program, low
interest rates, attractive free gifts and cash rebates to the users. These benefits have lowered
customers’ perception of the financial costs of card utilization. For example, in 2017,
customers using a Vietcombank Connect 24debit card only incurred a VND1,100
withdrawal fee per transaction. Thus, customers may now be aware that using a card does
not necessarily incur a high fee. Nonetheless, there are a large variety of credit cards offered
by local banks with different fee structures, and most customers do not have an adequate
understanding of this complexity. In consequence, currently, the customers’ PFC of credit
cards might not be a salient factor in their BI.

6. Conclusion
This study has both theoretical and practical contributions. First, the tested model in this
paper was a critical extension of the widely accepted TRA and TAM models for studying
the adoption of technology. The theoretical contribution of this work was to prove the
validity and generalizability of TRA and TAM in the context of credit card adoption in
general, and specifically in the Southeast Asian transitional economy context. Second, this
research has contributed to the academic research foundation on payment channels in
Vietnam, particularly in relation to the credit card industry.
Vietnam is considered an excellent potential market for credit cards because of its young
population, high levels of education, increased per capita income and notably the expansion
of the middle-income segment. Given the current level of economic development, high GDP
growth rates, and improving levels of literacy, there is great potential for an increase in the
uptake of credit cards in many emerging markets including transitional economies, notably
Vietnam, despite current low levels. In Vietnam, however, credit cards have thus far not
been widely used by most of the population, despite their potential benefits. There have
been several studies of various Vietnam payment instruments, yet the literature on credit
APJML card service adoption is sparse. This study is the first research paper that empirically
30,4 explores the determinants of the intention to use credit cards in Vietnam utilizing factor
analysis and SEM. Furthermore, it gives a deeper understanding of the factors contributing
to the success of the credit card industry, especially for a developing country and
transitional economy such as Vietnam.
The potential take-up in the usage of credit cards and other formal economy payment
792 channels in emerging markets, not least transitional economies in Asia, demands a more
formal work environment characterized by bank account ownership. Informal work in many
emerging markets may still involve cash exchange and usage, in preference to bank accounts.
The onus is on governments in emerging markets to legislate for the increased formalization
of the economy and the usage of bank accounts. This will open the door to the expansion in
credit card usage, as well as other payment channels, that demand a banked population.
There were several limitations to this research study. First, the use of cross-sectional data,
rather than time series, does not enable the analysis of the determinants of consumer intention
over time. Second, this study only focused on the perspective of the Vietnamese. Although the
idea of conducting a study in Vietnam creates insights into credit card adoption issues in this
developing country and transitional economy in the Asia-Pacific region, future studies can
apply the model developed and extended in this study to examining the credit card adoption
issues in other emerging and transitional economies or other cultural settings. Third, this
paper only investigated six key antecedents of BI of credit card users. There may be several
other influential factors and moderators like age, gender, experience of the consumer intention.
Indeed, cultural dimensions may be more deeply explored in future research. Therefore, an
extended testing of this model with additional influential factors and moderators is another
direction for future research. Finally, this research only examines consumer intention to adopt
credit cards. Future studies can examine consumers’ actual usage behavior of the credit cards.
Nonetheless, the findings of this study will benefit various related parties in both the private
and public sectors, such as the credit card system developers, credit card service providers
and policy makers in Vietnam. This study will also provide a good reference for foreign
investors, banks, and card service companies to develop their entry strategies into the
payment channel sector in Vietnam.

Note
1. The World Bank: http://data.worldbank.org/country/vietnam

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Further reading
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Corresponding author
John F. Cassidy can be contacted at: john.cassidy@ucd.ie

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