LIST OF FIGURES

Figure 2.1: The technology acceptance model (Davis et al., 1989) Page

Figure 2.2: The unified theory of UTAUT (Venkatesh et al., 2003) Page

Figure 2.3: Suggested conceptual model Page

Figure 4.1: Payment of respondents Page

LIST OF TABLES

Table 3.1 Measurement of Research Variables Page

Table 4.1 Personal information of the respondents Page

Table 4.2 BA’s student experience of using Momo wallet Page

Table 4.3 Cronbach's Alpha reliability analysis results Page

Table 4.4 Pearson coefficient correlation results Page

LIST OF ABBREVIATIONS

BA Banking Academy

TAM Technology Acceptance Model

SPSS Statistical Package for the Social Sciences

UTAUT Unified Theory of Acceptance and Use of Technology

ABSTRACT
The aim of this study is to find out the factors affecting behavior of BA’s students in using
Momo wallet, built on the Technology Acceptance Model (TAM) and the Unified Theory Of
Acceptance and Use of Technology (UTAUT). A quantitative approach was conducted to
examine and test the hypothesis. The questionnaire was sent to 150 students in all faculties
from the freshmen to final year students at Banking Academy . The study is helpful to the
mobile wallet producers as it gives them a comprehensive view about perception of the
customers and makes improvements as needed. Results of the research found that there are
several factors that have a significant effect on the behavior of using Momo wallet which are
perceived usefulness, perceived ease of use, perceived trust , social influence and perceived
risk.
1.1. Background to the topic.
The strong development of industrial revolution 4.0 has significantly impacts consumer
behavior as they transfer from traditional forms of payment to an online one. According to
the E-Conomy SEA 2020 report published by Google and Temasek (2020), the size of
Vietnam's e-commerce market in early 2020 reached 5 billion USD, the growth rate up to
81%, followed by a growing trend of non-cash consumption with the appearance of e-wallets,
online payment apps, Mobile Banking, etc.

With the advent of e-wallets, user payments are now quicker and more easy than before.
According to a study on perception and user behavior toward popular e-wallet businesses
done by market research firm Cimigo (Cimigo, 2019), Momo, Moca, and ZaloPay are the
three most widely used e-wallets in Vietnam's two largest cities, Hanoi and TP. Ho Chi Minh
City. Momo is the earliest available e-wallet in Vietnam and is currently leading in terms of
the total number of transactions market translation (Cimigo, 2019). The COVID-19 outbreak
has significantly raised the demand for digital payments in general and mobile wallet
transactions in particular. As a result, Momo's service has seen an increase of 30-40% in the
number of new customers since this time. Besides, Momo has reached 20 million users in
2020 with a growth rate of 2 times compared to 2019, making it stand out from other
payment methods (Vietnam Ecommerce Association, 2020).

As a digital wallet, MoMo provides all customers with one-touch online payment solutions
with hundreds of services. Not limited to money transfer, Momo's digital wallet extends
beyond just money transfers to include bill payments and other services like cinema tickets,
travel, etc.

Although Momo is currently leading the e-wallet market in Vietnam, the competition of
competitors in the industry and foreign companies will be a challenge for Momo in gaining
market share in Vietnam. MoMo was rated as the most popular e-wallet among Gen Z
respondents in a survey on e-wallet usage in Vietnam conducted in the fourth quarter of 2022
by Decision Lab, as stated by 51 percent of them. Therefore, we conduct this study to
examine factors affecting young people's decisions on using momo wallets, specially the
BA’s students to help the producer meet the needs of customers better and find appropriate
solutions to strengthen and expand the momo wallet market in Vietnam.
1.2. Objective of the research
The aim of this research is presented as follow:
- Examining the factors that influences on decisions to use momo E wallet of Banking
Academy students
- Considering to what extent those factors impact intention to use and actual use behavior on
Momo wallet in Vietnam
- Proposing some solutions that can be used as recommendations relating to service activities
of Momo in order to improve the platform design and attract more consumers

1.3. Scope of the report

-Research topic: Factors affecting student’s decisions on using momo wallet in Banking
Academy
- Study scope: The research was conducted in Banking Academy.
- Time period: Survey data was conducted from March 15 to April 10.

1.4 Methodology of the research

- In this study, we use primary data to determine the factors that affect BA’s student decisions
of using momo wallet. The survey was collected electronically via Google forms. The
respondents are students of Banking Academy in other faculties from the freshmen to final
year students. We will send this research to them through social networks such as Facebook,
Zalo…
- The data is then processed using SPSS 20 software for the following purposes: descriptive
statistics analysis, scale reliability testing ,and correlation analysis.

CHAPTER 2: CONCEPTUAL FRAMEWORK

2.1 Research theoretical model

2.1.1 The Technology Acceptance Model (TAM)

The Technology Acceptance Model (TAM) is a theoretical model of behavior using

technology, introduced by Fred Davis in 1989. The TAM model has been widely applied in
research on technology use and is considered as one of the effective theoretical models to
explain user’s behavior using technology. There are two essential components influencing an
individual’s intention to use new technology: perceived ease of use (PEOU) and perceived
usefulness (PU).

Figure 2.1: The technology acceptance model (Davis et al., 1989)

2.1.2 The unified theory of acceptance and use of technology (UTAUT)

The UTAUT model was developed by extending the well-known Technology Acceptance
Model (TAM) (Lim et al., 2019).UTAUT has been extensively utilized in studies on the
adoption and use of technology, particularly in the fields of e-commerce, online services, and
mobile apps. This model helps explain the four main elements including performance
expectancy, effort expectancy, social influence, and facilitating conditions for designing and
implementing technology products and services that meet customer needs and desires.
 Figure 2.2: The unified theory of technology acceptance and use technology - UTAUT
(Venkatesh et al., 2003)

2.2. Suggested conceptual model

The TAM model, which was derived from psychological theory, illustrates the relationships
between user behavior and trust, attitude, and intention underlie how people utilize
information technology. This model describes the key determinants of user acceptance of
information technology (Davis, 1989; Venka-tesh & Bala, 2008). Besides those two main
factors, the acceptability of information technology can be influenced by additional variables,
such as perceived risk and perceived trust.
In this research, TAM is the main model to explore factors influencing the use of e-wallets.
However, TAM does not include social factors. Therefore, we combine factors of TAM with
one factor of UTAUT (social influence). This research also removes some intermediate
variables, reduces the indirect relationships between the variables of the reference models,
and conducts research on the direct relationship between the independent variables to the
dependent variables in the multivariable linear regression model.

From the above analysis, the author has proposed a model consisting of 6 independent
variables including: Perceived risk (PR), Perceived trust (PT), Perceived usefulness (PU),
Perceived ease of use (PEU), Social Influence (SI).
 Figure 2.3: Suggested conceptual model

2.2.1 Perceived usefulness (PU)

Perceived usefulness is "the degree to which a person's belief in using a particular
system enhances their job performance" (Davis, 1989; Venkatesh et al., 2003). With the
current fierce rivalry among e-wallet companies, the higher utility a company provides to the
customers, the more it will attract them to choose the goods and services they want.
Customers would like to use an application again and prefer it rather than other payment
methods if it has a high extent of perceived usefulness (Aristovnik et al., 2016). According to
Denny et al. (2021), the perceived usefulness variable should be measured or assessed using
indicators: advanced productivity, effectiveness, faster transactions. More specifically, the
simple and rapid services on Momo wallet such as recharge their accounts, transfer money,
pay bills, and so on assist customers in enhancing productivity and making their work easier.

Hypothesis H1: Perceived usefulness have a positive (+) impact on the intention to use
Momo of students

2.2.2 Perceived ease of use (PEU)

According to Davis (1989), perceived ease of use is defined as the degree to which each
individual believes using a particular system without much physical and mental effort to
accomplish. A study by Venkatesh et al. (2002) showed that the correlation between
perceived ease of use and behavioral intention to use is positive and significant. Using the
TAM model, Al-Maroof & Al-Emran (2018) found that students were more likely to use a
service if they perceived web service technology to be easy and user-friendliness. Customers
will presumably view the MOMO e-wallet program as user-friendly if they find it easy to
pick up, remember, and utilize. For this reason, it is essential for Momo to design an app that
is simple to use and comprehend, no matter the user's background.
Hence, the hypothesis is set as follows:

Hypothesis H2: Perceived ease of use have a positive (+) impact on the intention to use
Momo of students

2.2.3 Perceived trust (PT)

Perceived trust plays a potential role in the adoption, approval and usage of mobile
payment applications. This factor happens when suppliers perform activities that match
customer expectations. According to Pavlou and Gefen, Mayer et al, perceived trust includes
belief in the credibility of the application provider, the competency of suppliers or social
responsibility. When there is trust, customers will respect the privacy and security policies of
services - in this case Momo wallet. On the contrary, when there is no trust, users will worry
about the security of data while conducting financial transactions through Momo. Therefore,
trust is a precursor factor affecting customers' intention to use Momo (Shaw, 2014).

Hypothesis H3: Perceived trust have a positive (+) impact on the intention to use Momo

2.2.4 Social Influence (SI)

Social influence is defined as the extent to which users perceive that people who are
essential and have a close relationship with them, give advice that they should use it
(Venkatesh et al., 2003). According to Philip Kotler (2009), customers often consider the
advice of their friends, family, co-workers, and other members of their social networks
(consumer groups, professional organizations, and other relationships linked with their life)
when evaluating their alternatives and making a decision to use. Besides, Cheung & Lee,
(2010) also emphasized that the media and advertising have been affected and gained
customers' attention because of the independent variable of social influence. From there, the
hypothesis is set as follows:
Hypothesis H4: Perceived Social Influence have a positive (+) impact on the intention to use
Momo of students

2.2.5 Perceived risk (PR)

The perceived risk refers to a subjective belief in feeling lost when wanting to pursue a
result. According to Lai and Zainal, the perceived risk of customers is influenced by feelings
such as anxiety, concern, uncertainty and contradiction during the online transactions. In
addition, system errors and cases of fraud and mistake of losing money can cause perceived
risk to consumers. From this point of view, the author offers the following hypothesis H5 as
stated below:

Hypothesis H5: Perceived risk has a negative (-) impact on the intention to use Momo of
students

CHAPTER 3: Method
3.1 Research design

The survey was conducted from March 15 to April 10 with 132 samples. The question was
divided into two sections. Section A with 04 questions related to the demographic
information (year of study, gender, faculty you are studying, monthly income) and 03
questions referred to the experiences of users when using Momo. Section B with 22 questions
related to factors that influence the intention to use Momo of BA’s students. The five-point
Likert scale is used in the design of each of the questions in section B (1 = Strongly disagree,
2 = Disagree, 3 = Neutral, 4 = Agree, and 5 = Strongly agree).

3.1.1 Research measurement

The research used five questions on a Likert scale, with answers ranging from strongly agree
to strongly disagree (strongly agree-5, agree-4, undecided-3, disagree-2, strongly disagree-1).
A structured questionnaire was used in this study as a research tool, which improved the
documenting of statistically significant findings from the data analysis process (Zikmund et
al., 2010).
The scale includes 22 observed variables, of which there are 19 independent observed
variables and 3 variables closeness of the dependent variable. The measurement of all
constructs is presented in the table below:

Table 3.1. Measurement of Research Variables

Variable Code Item Reference

PU1 - Saving money

Perceived PU2 - Make transactions faster than cash payments V. Venkatesh et

usefulness PU3 - Productivity will improve al, 2003

PU3 - Better control of personal accounts, more
convenient financial management

PEU1 - Momo is increasingly optimizing the Synthesize

Perceived registration process and brings users the most expert opinions

ease of use convenient way

PEU2 - Easy to use expertly the services
PEU3 - Interactive interface is simple to use Venkatesh et al,
2003

Perceived trust PT1 - I believe momo platform services providers

will not share my information for the 3rd party (Ridaryanto và
PT2 - Momo always puts the interests and cộng sự, 2020)
expectations of customers first
PT3 - I believe that transactions are processed in a Nguyen and
secure and trustworthy way Pham 2016
PT4 - I trust the information provided by Momo

SI1 - My family (parents, siblings, relatives) are

Social using momo encouraged me to use

 influence SI2 - People close to me (friends, colleagues) V. Venkatesh et
recommend me to use momo al, 2012
SI3 - When I see people around me using Momo
wallet, I would like to use it Nguyen and
SI4 - The media and advertising influenced my Pham 2016
intention to use Momo

Perceived risk PR1 - Personal information can be stolen J.M. Sahut

PR2 - Using momo can be fraud and make the (2008)
mistake of losing money
PR3 - Using momo without transaction paper can E. Swilley
bring risks (2010)
PR4 - The system errors and cannot respond
promptly to payment transactions

Intention to use IU1 - Using momo will be current and future trends Venkatesh,
IU2 - Recommend relatives, friends, colleagues to Viswanath., et al
use momo
IU3 - Willing to use momo usually in the future Gholami., et al.

3.3. Quantitative research

To determine the factors that affect BA’s student decisions of using momo wallet, we use a
quantitative method for this research. This methodology was chosen because it can
accommodate a greater proportion of survey respondents (Sekaran & Bougie, 2016), requires
less time to complete and has the potential to save more resources (Eyisi, 2016).

3.3.1 Sampling design

According to Hair & ctg (2006), the minimum sample size is n = 5*m, where n is the number
of samples to be surveyed and m is the number of questions. The questionnaire will be sent to
at least 100 students to accommodate possible responses. The acquired data was utilized for
reliability, consistency, and convergent validity testing, as well as statistical and descriptive
analysis.
3.3.2 Data collection method
The data was collected through Google forms, an application that has sufficient
customization, organized documentation and real-time interpretation data. Online surveys
with closed-ended statements are formed and distributed via Facebook Messenger which are
the most favored social networks in Vietnam to approach potential participants who are
studying in Banking Academy. The questionnaire was sent to 150 participants and there were
132 qualifying replies considered because 18 of them provided inconsistent and inaccurate
information.

3.1 Research design

After collecting and eliminating unsatisfactory questionnaires, we proceed to encrypt and

enter data on Spss 22 software to estimate and test the model's hypotheses. This method has
been selected because it has the following outstanding advantages:
● Effective data management
● Useful for both quantitative and qualitative data
Research data was analyzed through the following methods: Frequency, Correlations, Scale
reliability testing and Regression analysis.

CHAPTER 4: – RESULTS AND DISCUSSION

4.1 Demographic results.
The data were obtained by a survey through an online questionnaire on Google
Forms. The total number of answers collected was 130 out of 200 issued, accounting for
65%; of which 4 invalid votes were removed. This section describes the respondents'
backgrounds, including their gender, year of study, monthly income,usage time, and
frequency of using Momo.(Table 4.1.1 & Table 4.1.2)

Table 4.1. Personal information of the respondents

Questions Frequency Percent

Year of study
First 15 11.4
Second 30 22.7
 Third 52 39.4
Fourth 35 26.5

Gender
Male 46 34.8
Female 86 65.2

Monthly income
Under 1M 34 25.8
1M- under 3M 55 41.7
3M- under 5M 30 22.7
Over than 5M 13 9.8

The table showed the number of female and male using momo wallets in this survey taking
up 65.2% and 34.8%, respectively. It could be seen that the percentage of female respondents
is nearly twice as much as that of males. The figure for students who took the survey was
divided by years of study with participation of freshmen, sophomore, junior and senior
students was 11.4%, 22.7%, 39.4% and 26.5%, respectively.
In addition, it was clear that the percentage of respondents with an income of 1- 3 million per
month was the highest at 41.7% followed by those with income below 1 million with 25.8%
and 3-5 million with 22.7%. Finally, only 9.8% of respondents reported a monthly income of
more than 5 million.

Table 4.2 BA’s student experience of using Momo wallet

Questions Description Frequency Percent

Under 1 year 38 28.8

Year of experience using
Momo wallet 1 - 3 years 88 66.7

4 - 5 years 6 4.5

Lower than 5 times 64 48.5

Frequency of using momo
wallet in 1 month 6 - 10 times 56 42.4

More than 10 times 12 9.1

We see from the data that the majority of students using Momo are from 1 to less than 3
years, accounting for 66.7% followed by using under 1 year with 28.8% and only 4.5% of
students using from 4 to 5 years. In terms of frequency of use, 48.5% of surveyed students
only use Momo wallet from 1 to 5 times per month and 42.4% use it 6 to 10 times per
month. In addition, only 9.1% of students answered that they traded more than 10 times per
month. The figures reveal that they do not consider momo as a daily access application and
only use it when making payments.

Figure 4.1: Payment of respondents

The bar chart illustrates the proportion of payments that students frequently use in Momo
wallets. As seen from the chart, the majority of participants used momo to receive and
transfer money, food delivery, technology vehicle payment and recharge phone with 58.3%,
56.1%, 49.2% and 56.8%, respectively. While payment of electricity and water bills only
account for a tiny 6.8% of total spending.

4.2 Reliability of the Measurement

Cronbach’s alpha coefficient is often used in the quantitative investigation to measure the
internal consistency, or reliability, of a set of survey items. This statistic helps determine
whether a collection of items consistently measures the same characteristic on a standardized
0 to 1 scale. Nunnally and Bernstein (1994) suggested that the value Cronbach’s alpha
demonstrates satisfactory reliability is .70 or higher. At this level and higher, the items are
sufficiently consistent to suggest the measure is accurate.
The results showed that social Influence (SI) is the variable with the highest Cronbach’s
Alpha value of 0.851, followed by the Perceived Risk (PR) with the similar coefficient value
of 0.842; Perceived Trust with 0.832, Perceived usefulness (PU) with 0,749 and Perceived
Ease of Use (PEU) with 0,732.
 The analysis's findings also revealed that all of the scale's variables had total correlation
coefficients (Corrected Item-Total Correlation) of greater than 0.3 and Cronbach's Alpha
coefficients of greater than 0.6. This indicated that the scale was appropriate and it can be
interpreted that these variables have excellent reliability and fulfilled the requirement of the
Cronbach’s Alpha.

Table 4.3: Cronbach's Alpha reliability analysis results

Factors Variables Corrected Item-Total Cronbach's Alpha if

Correlation Item Deleted

Perceived usefulness Cronbach’s Alpha = .749

PU1 .517 .705

PU2 .522 .705

PU3 .537 .695

PU4 .602 .659

Perceived ease of use Cronbach’s Alpha = .723

PEU1 .489 .697

PEU2 .591 .575

PEU3 .554 .621

Perceived Trust Cronbach’s Alpha = .832

PT1 .679 .779

PT2 .634 .799

PT3 .616 .807

PT4 .713 .764

Social Influence Cronbach’s Alpha = .851

SI1 .688 .812

SI2 .681 .815

SI3 .708 .803

 SI4 .688 .813

Perceived Risk Cronbach’s Alpha = .842

PR1 .698 .793

PR2 .626 .823

PR3 .720 .781

PR4 .761 .803

4.3 Correlation
Pearson correlation coefficient is an index that measures the level of linear correlation
between two variables. The value of r represents the strength and weakness of the correlation
between the variables and it will take the value from +1 to -1. The condition for meaningful
correlation is the sig value < 0.05.
● r > 0: A positive correlation between the two variables. An increase in one variable
leads to an increase in others variable
● r = 0: Weak/Zero correlation: There is no correlation. A change in one variable does
not affect another variable.
● r < 0: A negative correlation between the two variables. If the value of one increases,
the value of the other will decrease.
In this analysis, the Pearson correlation coefficient measures the association relationship
between dependent variable named intention to use (IE) and five independent variables
include of Perceived usefulness (PU), Perceived ease of use (PEU), Perceived trust (PT),
Social Influence (SI), Perceived risk (PR).

Table 4.4: Pearson coefficient correlation results

IU PU PEU PT SI PR

IU Pearson Correlation 1 -.530** -.089 .859** .287** -.358**

Sig. (2-tailed) .000 .310 .000 .001 .000

N 132 132 132 132 132 132

PU Pearson Correlation -.530** 1 .529** -.577** .048 .350**

 Sig. (2-tailed) .000 .000 .000 .582 .000

N 132 132 132 132 132 132

PEU Pearson Correlation -.089 .529** 1 .008 .571** -.010

Sig. (2-tailed) .310 .000 .923 .000 .911

N 132 132 132 132 132 132

PT Pearson Correlation .859** -.577** .008 1 .374** -.421**

Sig. (2-tailed) .000 .000 .923 .000 .000

N 132 132 132 132 132 132

SI Pearson Correlation .287** .048 .571** .374** 1 -.385**

Sig. (2-tailed) .001 .0582 .000 .000 .000

N 132 132 132 132 132 132

PR Pearson Correlation -.358** -.350** -.010 -.421** -.385** 1

Sig. (2-tailed) .000 .000 .911 .000 .000

N 132 132 132 132 132 132

**. Correlation is significant at the 0.01 level (2-tailed)

**. Correlation is significant at the 0.05 level (2-tailed)

The results of Table 4.4 shows that the coefficient sig of four factors: Perceived usefulness
(PU), Perceived trust (PT), Social Influence (SI), Perceived risk (PR) < 0.05, which
represents that they are correlated with the independent variable intention to use Using Momo
wallet. The perceived usefulness (PU) and perceived risk (PR) has a negative relationship
with the intention to use variable while other independent variables show the positive
relationship with the dependent variable.

4.4 Discussion
4.4.1 Perceived usefulness
Through the research results, perceived usefulness has a negative impact on the intention to
use Momo wallets of BA’s students. The results of this research are not consistent with
those of other studies, which demonstrate that perceived usefulness has a positive influence
on user's usage patterns. According to Shatskihh through Aydyn & Burnaz (2016), if
consumers are not well-informed about the advantages to which the mobile wallet brings,
they are not motivated to use it from the perspective of usefulness. People will see the value
of the mobile payment system and how it gives advantages to them over other payment
methods in their professional or private life. The results of this research also contradict some
previous studies by (Aksami dan Jember, 2019); (Routray et al. 2019) & (Kumala, Pranata,
and Thio 2020), which showed that the usefulness aspect has a positive and significant effect
on interest in using E wallets services. If the usefulness obtained is high, the intention to use
it will increase, leading to a rise in non-cash financial transactions (Kevin Anarjia, 2018).

4.4.2 Perceived ease of use

Perceived ease of use had no impact on the intention to use Momo wallet for student’s
BA. Students perceived ease of use when accessing Momo, but this did not influence their
behavioral intention. This could be made clear by the fact that convenience has now become
a natural and default component when customers use any service. Furthermore, for the reason
the survey category was young, they were most likely familiar with e-commerce services,
especially e-wallet. This result was also different from previous studies showing that
perceived ease of use has a strong impact on the behavioral intention (Davis et al 1989;
Simon & Paper 2007; Venkatesh et al. (2002); Al-Maroof & Al-Emran (2018); Nguyen &
Pham, 2014; Aydin & Burnaz (2016). According to Venkatesh et al. (2002), Davis et al 1989
perceived ease of use is an essential factor in the acceptance of electronic wallets. They are
interested in items that can be installed quickly, have obvious visual characteristics and
layouts, and have simple processes so that they can become skilled with minimal effort. This
difference could be caused by the limited context of this survey- BA’s student.

4.4.3 Perceived trust

The results show that perceived trust is identified as the most positive factor for the intention
to adopt Momo wallets of BA’s students. The study's findings strongly support previous
studies by Shao (2019); more trustworthy feedback from other customers about E-wallet
service quality will develop customer’s trust and encourage them to continue using E-wallet
more regularly. A previous study by Pal et al. (2020) also shows that attitude, contentment,
habit, and price benefit all had a direct impact on the continued intention to use an e-wallet of
customers. It can be also inferred that if a user has a positive belief on online technological
applications, they would ultimately have more faith in e-transactions, particularly e-wallet
technologies. This is quite similar to the study by (Zhou, 2011; Kumar, 2018; Chawla, 2019).
If the E-wallet payment system acquires more customer trust, they will accept to work with
the digital system whenever making daily payments (Zhou, 2018).

4.4.4 Social influence

The results show that Social influence has a positive impact on the intention to use Momo
wallets of BA’s students. The significant effect of social influence on the spread of new
information technology has been mentioned in several previous studies (V. Venkatesh et al.,
2003; V. Venkatesh et al., 2012). It is clear that opinions shared by family, friends, peer
groups, and virtual communities on social networks are seen as trustworthy sources and have
a big impact on customers' decisions. Therefore, good word-of-mouth advertising from these
sources may have a greater motivational effect on other people's decisions to adopt or reject
new technologies (K. M. R. Yadav, 2016). Besides, a successful advertising campaign will
have the impact of spreading over social media. Programs that encourage friends to sign up
for, download, and use electronic wallets with discounts will also enhance efficiency.

4.4.5 Perceived risk

The results of data analysis show that perceived risk has the opposite effect to the
attitude towards Momo wallets of BA’s students. Many cases have been reported in the
media that electronic transactions pose numerous risks to users, such as money in the account
being lost or credit information being released. This has a significant impact on the
willingness to use this type of technological application, which is both handy and hazardous.
According to Lai and Zainal, the perceived risk of customers is influenced by feelings such as
anxiety, concern, uncertainty and contradiction during the online transactions. The higher the
user's risk perception, the lower the behavioral intention of Momo wallet, conversely, when
the sense of danger lessens, users will be willing to use momo without hesitation.
CHAPTER 5: CONCLUSION AND RECOMMENDATION
5.1. Conclusion
In general, the study was conducted with the declared goal of analyzing the factors affecting
BA’s students' intention to use Momo wallet. It is based on UTAUT, TAM’s theory and the
study of intention to use an e-wallet to investigate customer’s behavioral intentions,
including 5 variables Perceived usefulness (PU), Perceived ease of use (PEU), Perceived trust
(PT), Social influence (SI), Perceived risk (PR). This study shows that PU, PT, SI and PR
are important factors that customers evaluate while deciding whether or not to use Momo
wallet, whereas we discovered that PEU did not correspond to the model and PR has a
negative impact on intention to use. The results of the thesis can be useful for the people who
are in the business of mobile wallets and wish to gain more understanding of customer’s
expectation. By identifying the factors affecting customers' behavioral intentions, the
stakeholders may create relevant strategies and solutions to attract new consumers and keep
existing ones. For the next research, researchers need to find a larger sample size and
examine other factors that were not explored in this thesis to further understand the factors
affecting intention to adopt Momo wallet.

5.2 Recommendation
First, to increase the usefulness aspects, suppliers must concentrate on finding ways to
make their e-wallet goods more valuable to customers. Specifically, to improve the
efficiency and convenience of customers using e-wallets, suppliers must adapt to the
constantly growing demands of e-payment by customers and integrate a variety of payment
facilities in many fields. Besides, suppliers should integrate with e-wallets the most
advantageous service for customers to automatically search to help them save time and
money. It is also important for suppliers to continue to maintain, strengthen and enhance the
Momo brand image, not only on Vietnam E-wallet market but also in other regions.

Second, to upgrade perceived trust, suppliers need to concentrate on developing a suitable

pricing strategy. Service providers must also create and sustain low-cost policy incentives for
clients, particularly during the initial stages of development. Furthermore, it is necessary to
pay attention to demographic information based on objectives, company strategies, target
consumers, and the effect of elements such as age, gender, education experience, and income
to build the right policies.

Third, research results show that “Social influence” is the factor that has a strong impact
on the intention to use Momo for students. Thus, supplier momo needs to take advantage of
the influence of famous and reputable people, the spread of the media, social networks and
online forums such as: advertised outdoors, LED screens in public spaces and bus window
advertising to spread the word about MoMo to more consumers. Another suggestion is to
sponsor art projects of artists so that the MoMo brand appears on music products. Another
idea is to connect and collaborate with notable brands, enterprises, and online applications
that have a huge number of users to boost influence.
Fourth, although the survey results show that potential customers do not take this problem
seriously when using this service, they are concerned about the abuse of personal
information, the possibility of losing money, and system faults. Therefore, service providers
need to ensure that user data is entirely safe. The first thing that every service provider should
consider is developing a strong security system for each payment system utilizing the OTP
password. Furthermore, the anti-virus methods should be concerned with publishing the
application on CH Play under Google Supplier‟s censorship.

5.3 Limitations of the research

The results of the study are useful for providers and other mobile wallet stakeholders to
examine the present status of the technology and better understand the factors that affect
customer’s intentions to use. However, there are existing limitations that need to be
acknowledged due to the limitations of time and research . The study focuses exclusively on
the reasons why users adopt momo wallets, not explore why non-users do not intend to use
this e-wallet. Besides, this study is only limited to respondents who are studying at Banking
Academy with a total of 132 respondents, which is still too small compared to the number of
people using Momo in Vietnam. Therefore, the subjective evaluations of the survey
participants may have a detrimental impact on the report's findings.
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TABLE OF CONTENTS

ABSTRACT I

LIST OF FIGURES II

LIST OF TABLES III

LIST OF ABBREVIATIONS III
I. INTRODUCE 5
Type chapter title (level 3) 6
 APPENDIX 1:

English version Vietnamese version

Perceived Saving money Tiết kiệm tiền

usefulness
Make transactions faster than cash Thực hiện giao dịch nhanh hơn thanh
toán bằng tiền mặt
Nhận thức payments
hữu ích
Productivity will improve Năng suất công việc sẽ được cải thiện

Better control of personal accounts, Kiểm soát tài khoản cá nhân tốt hơn,
quản lý tài chính tiện lợi hơn
more convenient financial management

Perceived Momo is increasingly optimizing the Momo ngày càng tối ưu hóa quy trình
ease of use đăng ký và mang đến cho người dùng sự
registration process and brings users the
thuận tiện nhất
Nhận thức dễ most convenient way
dàng sử dụng
Easy to use expertly the services Dễ dàng sử dụng thành thạo các dịch vụ

Interactive interface is simple to use Giao diện tương tác rất dễ sử dụng

Perceived I believe momo platform services Tôi tin rằng các nhà cung cấp dịch vụ
nền tảng momo sẽ không chia sẻ thông
trust providers will not share my information
tin của tôi cho bên thứ 3
Nhận thức for the 3rd party
niềm tin
Momo always puts the interests and Momo luôn đặt lợi ích và mong đợi của
khách hàng lên hàng đầu
expectations of customers first

I believe that transactions are processed Tôi tin rằng các giao dịch được xử lý
một cách an toàn và đáng tin cậy
in a secure and trustworthy way

I trust the information provided by Tôi tin tưởng thông tin do Momo cung
cấp
Momo

Social - My family (parents, siblings, relatives) Gia đình tôi (bố mẹ, anh chị em, họ
hàng) đang sử dụng momo khuyến khích
influence are using momo encouraged me to use
tôi sử dụng
Ảnh hưởng
- People close to me (friends, Những người thân thiết với tôi (bạn bè,
đồng nghiệp) giới thiệu tôi sử dụng
 xã hội colleagues) recommend me to use momo
momo

- When I see people around me using Khi thấy những người xung quanh sử
dụng ví Momo, tôi sẽ thích sử dụng
Momo wallet, I would like to use it

- The media and advertising influenced Các phương tiện truyền thông và quảng
cáo ảnh hưởng đến ý định sử dụng
my intention to use Momo
Momo của tôi

Perceived Personal information can be stolen Thông tin cá nhân có thể bị đánh cắp
risk
Using momo can be fraud and make the Dùng momo có thể bị lừa đảo và mắc sai
Nhận thức rủi lầm mất tiền
mistake of losing money
ro
Using momo without transaction paper Dùng momo không cần giấy tờ giao dịch
có thể gặp rủi ro
can bring risks

The system errors and cannot respond Hệ thống bị lỗi và không thể phản hồi
kịp thời các giao dịch thanh toán
promptly to payment transactions

Intention to Using momo will be current and future Sử dụng momo sẽ là xu hướng hiện tại
use và tương lai
trends
Ý định sử
dụng Recommend relatives, friends, Giới thiệu người thân, bạn bè, đồng
nghiệp sử dụng momo
colleagues to use momo

Willing to use momo usually in the Sẵn sàng sử dụng momo thường xuyên
trong tương lai
future