DOI: 10.31276/VMOSTJOSSH.66(1).

29-44 ECONOMICS AND BUSINESS | BUSINESS AND MANAGEMENT

Factors affecting Vietnamese consumers’ intention to

continue using e-wallet: A case study of MoMo
Phuong Thanh Nguyen¹, Minh Tuan Phung1*, Thi Minh Ly Pham¹, Tan Lac Thien Vo¹, Le Bao Tran Tran²
¹Faculty of Business Administration, Ton Duc Thang University, 19 Nguyen Huu Tho Street, Tan Phong Ward, District 7, Ho Chi Minh City, Vietnam
²Faculty of Economics and Finance, The Guido Carli Free International University for Social Studies, 32, 00197 Roma, Italy
Received 19 July 2023; revised 5 September 2023; accepted 19 February 2024

Abstract:
MoMo stands as a leading e-wallet in Vietnam. Amidst the backdrop of intensified market competition, e-wallets are
urged to transcend the reliance solely on sales promotions for user retention. This paper aims to investigate the
key factors that elucidate the intention to continue using MoMo e-wallet services, which is essential for acquiring
strategic insights that enable organizations to leverage their competitive advantages. The authors incorporate
a framework comprising Technology Continuance Theory (TCT) factors and four additional variables to explore
this phenomenon in a novel context: price benefit, trust, habit, and operational constraints, which may influence
users’ intention to persist in using e-wallets. Research data was obtained by distributing questionnaire to 310
respondents and then analyzed using Partial Least Square Structural Equation Modelling. The findings indicate
that users’ behavioural intention to continue using e-wallets hinges upon attitude and habit, which are identified
as pivotal factors in predicting users’ desire to sustain e-wallet usage. Conversely, these findings are poised to aid
service providers in comprehending user behaviour and devising more apt business strategies, thereby enabling
them to leverage and uphold their competitive advantage in retaining users.
Keywords: e-wallet, intention to continue to use, MoMo, Technology Continuance Theory (TCT), Vietnamese.
Classification number: 2.2

1. Introduction presents a substantial e-wallet market ripe for exploitation

and development.
The utilisation of electronic payment services in urban
areas of Vietnam saw a notable increase, with at least Over a span of six years, the number of e-wallet
50% of families adopting such services by 2020, as per a options in Vietnam has expanded significantly, surging
survey conducted by the World Bank. By 2021, Vietnam from a mere five to over 43 [5]. Some e-wallet providers
had secured a significant position among the leading capitalise on early market entry by forming exclusive
Asian nations, boasting 29.1% of mobile payment users alliances with super-apps, while others leverage
[1]. A surge in mobile wallet transactions, estimated to connections with financial institutions to tap into a
increase over sevenfold, was anticipated by fintech shared customer base [5]. MoMo, ShopeePay (AirPay),
experts. Moreover, both the user base and transaction and ZaloPay have emerged as the top three e-wallets,
value were projected to grow by more than threefold [2]. primarily due to their penetration rates [5]. Notably,
The proliferation of mobile and digital payment systems these e-wallets differentiate themselves, enhancing
has propelled Vietnam to the forefront of electronic their appeal among consumers. Among them, MoMo
payment growth globally. Allied Market Research (2021) stands out as the most recognised name, maintaining
[3] reported an impressive annual growth rate of 30.2% its leadership position with an active customer base of
in electronic payments from 2020 to 2027. Visa research 86% and being the preferred e-wallet for 56% of users
further underlined this trend, revealing that presently, 76% [6]. Furthermore, MoMo has extended its services to
of Vietnamese individuals utilise e-wallets [4]. Following small and medium enterprises (SMEs), which constitute
the COVID-19 pandemic, 65% of users reported carrying 98% of businesses in Vietnam. Keeping pace with global
less physical cash, with 32% expressing intentions development, MoMo has continuously expanded its
to discontinue cash usage altogether. Thus, Vietnam portfolio with services contributing to its robust business

*
Corresponding author: Email: [email protected]

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performance in recent years. However, only a minority of author has constructed a model by adapting TCT factors
e-wallet enterprises have turned a profit, with the majority along with four variables to extend TCT, including price
recording losses for several years [7, 8]. benefit, habit, trust, and operational constraints.
In the burgeoning e-wallet market in Vietnam, users Despite numerous studies on e-wallet users’
may hesitate to continue using existing e-wallets as continuance intentions globally, the number of such
competitors offer more attractive promotions. A survey studies, particularly in Vietnam, has increased remarkably,
focused on mobile application performance revealed especially after the COVID-19 pandemic. The TCT has
that only 24% of users continued using an app after been widely used as the primary theoretical framework for
three months, with this figure decreasing to 14% after six investigating factors influencing users’ continued usage
months and plummeting to 4% after a single installation of e-wallets. TCT has been the subject of numerous prior
[9]. Prior research has shown that acquiring new research [18-20] employing various empirical data and
customers can cost up to five times more than retaining application scenarios. However, results have not been
existing ones [10]. Furthermore, a 5% improvement in consistently uniform across different studies. In Vietnam,
customer retention can increase company profits by 25 although some researchers have explored this topic, the
to 95% [11]. Consequently, e-wallet providers must focus number of studies remains relatively limited, with most
on customer retention. However, research on e-wallets focusing on the stage of user acceptance rather than
in Vietnam often centres on the acceptance stage rather continued usage. Given these challenges and gaps,
than usage retention [12]. To gain insights into users’ this study aims to analyse and verify which components
acceptance and sustained usage of information systems, have a significant impact on users’ continuance intention
the TCT has been instrumental. TCT comprises six key towards MoMo, a leading e-wallet in Vietnam. This
constructs derived from earlier models: confirmation, analysis incorporates extended variables of price benefit,
perceived usefulness, perceived ease of use, satisfaction, trust, habit, and operational constraints in influencing
attitude, and continuous intention. Its comprehensive users’ intention to continue using e-wallets.
nature enables effective explanation of post-adoption
behaviour [13]. Thus, employing this integrated model 2. Relevant literature and hypothesis development
can significantly enhance our understanding of the 2.1. E-wallet
motivational factors, attitudes, and behaviours influencing
users’ continued utilisation of e-wallet services. An electronic wallet, also known as a digital wallet,
serves as the digital counterpart of a physical wallet,
Additionally, it is pertinent to note that users
containing monetary assets and various cards such as
incur no additional expenses when employing digital
membership, debit, or credit cards [21]. Technology
payment methods such as e-wallets. Instead, they
utilises the internet to establish a secure connection
may experience financial benefits through cost savings
between users and suppliers, facilitating financial
facilitated by conducting online transactions via e-wallets.
transactions for the purchase of goods or services [22,
Consequently, the concept of “cost” has transformed
23]. Therefore, e-wallets function as mobile payment
into “price benefit” in academic literature [14]. Moreover,
solutions, enabling users to initiate, approve, and
trust in the system is crucial when using e-wallets for
authenticate transactions conveniently [24].
transactions. The secure connection between users’
bank accounts and mobile payment service providers K.K. Eswaran (2019) [25] highlighted the escalating
ensures a high level of trust in financial transactions. adoption of e-wallets as an alternative mode for online
Trust is a critical component in mobile payment systems, transactions, attributing their growing prominence to
directly influencing users’ perception of system safety the increasing prevalence of online business activities.
[15]. Therefore, trust aligns well with the current research The adoption of non-cash methods has gained traction
methodology. Additionally, users may develop an intention in numerous countries, with the fear of the coronavirus
to use such payment systems after gaining experience pandemic further influencing confidence. The survival
with mobile payments [16]. Hence, habit becomes a of the coronavirus on card or paper media has led to
crucial variable in this study. However, it’s essential to increased e-wallet usage and a rise in the overall number
acknowledge existing limitations in global digital literacy, of e-wallet users [26]. Government initiatives have also
which present operational barriers hindering effective been shown to spur the use of e-wallets in some nations,
utilisation of mobile applications [17]. Therefore, the as evidenced by India’s demonetisation program [25].

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Although mobile wallets, mobile banking, and mobile restrictions [32]. However, it was demonstrated that
money all enable users to conduct financial transactions within this framework, perceived utility and trust had
via mobile devices, their design and implementation differ no significant influence. Nevertheless, trust may play a
due to varying approaches and contexts. N. Iman (2018) crucial role when consumers choose to use an e-wallet
[22] demonstrated that mobile banking is typically tied to for the first time [33]. According to D. Chatterjee, et al.
bank procedures and has a narrower scope. Similarly, (2019) [34], trust is considered a psychological condition,
mobile banking, often referred to as Internet banking, is referring to the customer’s belief in the service provider’s
an application developed by banks to provide consumers moral character and readiness to rely on the provider’s
with various channels for accessing their savings and services Additionally, numerous studies have shown
conducting transactions available in bank systems, that perceived usefulness directly impacts continuance
including account transfers, deposits, bill payments, intention [10, 35]. According to Bhattacherjee’s ECM,
withdrawals, and balance inquiries [27, 28]. On the satisfaction with the use of information systems (IS)
other hand, according to P.M. Tun (2020) [29], a mobile emerged as the most influential predictor of users’
wallet is an extension of mobile banking and mobile intention to continue, while perceived usefulness played
money, allowing users to store personal information and a significant but comparatively weaker role. Similarly, in
payment method details. An electronic wallet or e-wallet the TAM, extensive research has validated perceived
encompasses a broader concept involving the digital usefulness as a key antecedent influencing consumers’
storage of money and the execution of payments through intention to persist with the service [36]. Recognising
desktop computers, laptops, or smartphones [28]. the gap in existing research, the author aims to conduct
MoMo currently stands as the number one super app a study applying the TCT model with four extended
platform in Vietnam and one of the largest and fastest- variables to elucidate users’ continuous usage intention
growing fintech companies [30]. With a market share of of MoMo - E-wallet application in the Vietnamese context.
68%, it dominates the market, facilitating transactions 2.3. Hypothesis development
for almost all online and offline payments in major
Drawing upon an extensive literature review of previous
Vietnamese cities [30]. MoMo acts as a one-stop shop for
relevant studies, the author proposed a research model
digital payments, financial services, and a wide range of
that explores the impact of TCT alongside four extended
daily life services. Therefore, MoMo, as one of the most
variables - price benefit, trust, habit, and operational
popular e-wallets in the Vietnamese market, serves as
constraint - on individuals’ intention to continue using
the primary focus of this research.
e-wallets. The model is depicted in Fig. 1.
2.2. Theoretical framework
2.3.1. Continuance intention (CI)
The TCT initially developed by C. Liao, et al. (2009) [13],
has proven effective in predicting individuals’ intentions The term “Continuance intention” refers to an
to utilise technology. TCT individual’s desire to persist in using a service once they
amalgamates three well-known
information system models: the
Technology Acceptance Model
(TAM), Expectation-Confirmation
Model (ECM), and Cognitive
Dissonance Theory (COG).
N.A.A. Halim, et al. (2022) [31]
utilised the TCT framework to
examine the variables impacting
Malaysians’ ongoing use of
e-wallets. According to existing
literature, consumers’ intentions
to continue using e-wallets
were significantly influenced
by satisfaction, attitude, price
advantage, habit, and operational Fig. 1. The research model [31].

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have accepted it, as described by A. Bhattacherjee (2001) 2.3.3. Perceived usefulness (PU)
[10]. Since 2001, continuation intention has been studied Perceived usefulness refers to users’ perception of
in various scenarios including electronic technologies the expected benefits of information system use. Users
such as smartphone applications [18, 37], e-learning can gain from information systems in several ways, such
[38], online banking [10, 39], and online self-service [40]. as by ensuring greater accuracy, efficiency, and speed in
Psychological factors, such as personal experiences work fulfilment [47]. Earlier research has demonstrated a
and cognitive processes encompassing ideas, emotions, direct link between perceived usefulness and satisfaction,
as well as between perceived usefulness and intention
and beliefs, influence user behaviour [41]. Satisfaction
to continue using the service [10, 48]. W. Zhou, et al.
and attitude consistently emerge as key elements
(2018) [49] found that confirmation greatly affects users’
frequently identified in research on continuance intention.
desire to keep using e-finance when studying e-finance
The results of this research show, in summary, how users’
persistence. Similar to this, research has shown that
opinions of social connections, mindsets, and emotions
confirmation and perceived usefulness have a substantial
may be influenced by continuation intention, which in impact on whether or not people continue the use of
turn can affect their likelihood of engaging in a specific technology [10, 13, 19, 49].
behaviour [42].
Within the scope of this study, it can be referred to
2.3.2. Confirmation (CONF) as users’ expectations regarding the performance of the
Confirmation refers to users’ perception that the e-wallet. Users consistently anticipate obtaining beneficial
actual performance of a specific IT system aligns mobile services, such as ubiquity and convenience [50].
Users will be satisfied when their expectation is met
with their expectations [10]. A. Bhattacherjee (2001)
[17]. Numerous studies have established a favourable
[10] proposes that users may use their confirmation
correlation between perceived usefulness (PU) and user
experience to adjust their impression of usefulness when
satisfaction [51]. The influence of PU on individuals’
doubt arises over what may be anticipated from system
attitudes and intentions to use mobile banking services
operation beyond the users’ initial perceived utility. More has been well-established [52]. B. Foroughi, et al. (2019)
specifically, the level of perceived usefulness is enhanced [19] found that consumers’ future attitudes towards the
by confirmation, while disconfirmation diminishes it. adoption of mobile banking were predicted by their levels
Past studies examining continuous usage behaviour of perceived usefulness and satisfaction. In the context
have established a noteworthy association between of e-wallets, perceived usefulness plays a significant
confirmation and user satisfaction [13, 43]. Satisfaction role in predicting behavioural intention to continue using
them [53]. Moreover, PU has been identified as a crucial
is defined as “a positive affective state that results from
factor in shaping individuals’ mindset and decision to
a global judgment of performance based on previous
persist with e-wallet services [19]. Hence, the following
purchasing and consumption experience” [44]. Prior
hypotheses were developed:
research by X.M. Fu, et al. (2018) [45] found that
confirmation was connected to satisfaction. Additionally, H3: A more favourable perceived usefulness will lead
A. Susanto, et al. (2016) [46] found that user's confirmation to higher satisfaction.
after initial service usage had a significant impact on their H4: A more favourable perceived usefulness will lead
level of satisfaction. In the context of this study, where to a higher attitude.
initial expectations for using MoMo align with actual
H5: A more favourable perceived usefulness will lead
experiences, it is anticipated that satisfaction levels will
to a higher intention to continue using e-wallets.
be positively affected. Users’ expectations may vary as
they gain more experience using an e-wallet. As a result, 2.3.4. Perceived ease of use (PEU)
the following theories were developed: Perceived ease of use pertains to the level of
convenience associated with utilising an information
H1: A more favourable confirmation will lead to higher
system and the comprehensibility of the system [54].
perceived usefulness.
Within the context of this study, ease of use refers to the
H2: A more favourable confirmation will lead to higher minimal effort required by users to comprehend, learn,
satisfaction. and operate the mobile payment system. Users are more

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likely to embrace new technology if they find it effortless H8: A more favourable satisfaction will lead to a higher
to integrate into their daily routines. Previous research attitude.
[55] has established a significant association between
H9: A more favourable satisfaction will lead to a higher
perceived ease of use and perceived usefulness, as well
intention to continue using e-wallets.
as attitude, in the adoption of technology.
2.3.6. Attitude (ATT)
If modern technologies are user-friendly, people will
use them [31]. According to C. Liao, et al. (2009) [13], While satisfaction deals with how people view e-wallet
PEU describes how much prospective users anticipate applications, attitude refers to the user’s evaluation of
this target system to be simple. In regards to using an e-wallet services [58]. The relationship between attitude
e-wallet, a person’s perceptions influence their emotions, and intent to act in the context of mobile payments has
which subsequently impact their acceptance of and been the subject of numerous studies [59].
engagement with e-wallet usage [19]. Additionally, it Previous studies conducted within this research
is argued that perceived ease of use (PEU) acts as a context have consistently demonstrated a confident
determining factor for perceived usefulness (PU) in online connection between attitude and the desire to keep
transactions, thereby playing a significant role in the using e-wallet applications [60]. As a result, attitude is
readiness to continue using e-wallets and establishing thought to be a key factor in predicting the desire of users
a strong association with PU [16]. Hence, it is logical to continue using e-wallets [19]. Consumers who hold
to assume that PEU has a substantial influence on an favourable perceptions of e-wallets exhibit enthusiasm
individual’s decision to continue or discontinue the use of towards adopting and utilising them [18]. However,
an e-wallet [31]. Thus, we suggested that: perceived ease of use (PEU), perceived usefulness
(PU), and satisfaction play influential roles in shaping
H6: A more favourable perceived ease of use will lead
users’ attitudes towards e-wallets, ultimately impacting
to higher perceived usefulness.
their intention to continue using them. Accordingly, we
H7: A more favourable perceived ease of use will lead formulated the following hypothesis:
to a higher attitude.
H10: A more favourable attitude will lead to a higher
2.3.5. Satisfaction (SAT) intention to continue using e-wallets.
Satisfaction can be defined as the retrospective 2.3.7. Price benefit (PB)
assessment of users’ initial experience with a service,
In comparison to available alternatives, information
encompassing positive feelings and overall contentment. and communication technology (ICT) has brought about
In marketing literature, consumer satisfaction is various advantages, including cost reduction. However,
recognised as a vital factor in cultivating and sustaining economically disadvantaged segments in emerging
loyalty [56]. This principle extends to the realm of economies may not be willing to incur additional charges
information systems, where user satisfaction tends to for a technology when a low-cost alternative such
enhance their intention to repeatedly utilise the system. as cash is readily accessible [61]. When there is an
Customer happiness is a critical factor that affects economic benefit, the dynamics change because banking
post-adoption habits, especially continuation intention, programs and other e-commerce platforms around the
according to A. Bhattacherjee (2001) [10]. world offer discounts to encourage the use of these
B. Foroughi, et al. (2019) [19] claim that satisfaction payment methods, leading to increased adoption [62].
has a favourable impact on people’s attitudes toward This financial benefit directly impacts consumers. Given
various technology applications. According to reports, the high price sensitivity among less privileged sections
satisfaction may easily affect the reason for continuing of society [63], users are more likely to continue using
to use an e-wallet [18]. This also applies to the setting mobile payment services that offer cost advantages.
of information systems, where user satisfaction tends to Consequently, due to the significant price sensitivity of
increase a user’s intention to use the system repeatedly. marginalised groups, customers may expect to continue
According to the literature, the choice to reuse the utilising programs like e-wallets that provide such price
benefits [14]. Therefore, this study hypothesised that:
application may have been motivated primarily by the
degree of customer satisfaction with the e-wallet [57]. H11: A more favourable price benefit will lead to a
Consequently, we hypothesised that: higher intention to continue using e-wallets.

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2.3.8. Trust (TRU) challenge. According to D. Ma, et al. (2016) [72], mobile
application technologies significantly contribute to their
Trust is the expression of one party’s willingness to
inaccessibility, leading to various obstacles and issues.
expose themselves to the actions of another party [64].
These restrictions include those brought on by constrained
It is widely regarded as a crucial factor for successful
mobile data allowances and outside obstacles that are
business transactions [65]. Previous research [17, 59]
connected to mobile services, such as security worries,
has established trust as a key determinant influencing
difficult internet-based lessons, pointless pop-ups, and a
perceived usefulness, perceived ease of use, satisfaction,
lack of flexible selections.
and usage intention among mobile payment consumers.
The significance of trust in the context of mobile payments In the case of e-wallets, the limited scope of mobile
has been consistently demonstrated through various applications, including constrained displays and
studies. underperforming apps, can prove arduous and impede
application responsiveness, thus presenting additional
P. Gerrad, et al. (2003) [66] found that consumers
challenges. Users normally expect applications to run
in banking contexts were worrying that their profiles
smoothly and efficiently and when they don’t, their
and information may be shared across the banking
patience is notoriously thin. That is why we proposed the
group to improve the sales for other banking products.
hypothesis:
Consequently, trust serves as a vital component for
increasing users’ intention to continue using e-wallets H14: A more unfavourable operational constraint will
and ensuring satisfaction in conducting e-wallet activities. lead to a higher intention to continue using e-wallets.
Therefore, we proposed the following hypothesis:
3. Methodology
H12: A more favourable trust will lead to a higher
intention to continue using e-wallets. 3.1. Measure

2.3.9. Habit (HAB) TCT is important to this study model. The construct of
A. Bhattacherjee (2001) [10], V. Venkatesh, et al. (2000)
Habit refers to the extent to which users engage [58], and P.G. Schierz, et al. (2010) [73], which includes
in behaviour unintentionally as a result of the learning five factors: confirmations, perceived utility, perceived
process [58, 67]. Previous research has consistently ease of use, satisfaction, and attitude are used in this
demonstrated a strong correlation between habit and study to measure TCT. Three indicators form the structure
both usage and intention to continue using a specific of confirmations and attitudes. There are five indicators
technology [68]. used to structure perceived usefulness and perceived
A recent study conducted by D.C. Herting, et al. ease of use. Four indicators make up the structure of
(2023) [69] emphasised the significance of habit as a satisfaction.
critical factor in influencing repeated use of technology, Besides these, price benefit is one of the most
considering its impact on decision-making and the important factors in this investigation. Price benefit and
perceived usefulness or functionality of applications. habit were developed by V. Venkatesh, et al. (2012) [74].
Consequently, individuals who have been using e-wallets Price benefit is built on two indicators, while habit has
for an extended period develop a habit and find it easy four indicators. The scale for trust was drawn by A. Pal,
to utilise these systems for their transactions [70]. As a et al. (2020) [32]. Trust constructs have three indicators.
result, it is anticipated that the habitual use of e-wallets Operational constraints also have a significant impact
would lead users to have intentions to continue utilising on whether people decide to keep using e-wallets. The
them [31]. In this vein, we set the following hypothesis: scale for this factor is adapted from Y. Song (2011)
H13: A more favourable habit will lead to a higher [75]. Operational constraints have four indicators. On
intention to continue using e-wallets. the other hand, the intention to keep using e-wallets is
taken from K.M. Alraimi, et al. (2015) [76]. In the present
2.3.10. Operational constraint (OC)
study, a 7-point Likert scale was utilised to assess the
The pervasive issue of inadequate digital literacy responses to all inquiries included in the questionnaire.
worldwide [71] poses a significant obstacle to the This scale ranged from 1, representing a disposition of
adoption of mobile phones, as citizens may struggle to strong disagreement, to 7, indicating a stance of strong
utilise these devices proficiently, presenting a noteworthy agreement (Table 1).

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Table 1. Measurement items of the survey.

Items Description Sources Items Description Sources

Demographic Attitude

GEN What is your gender? ATT1 Using e-wallet services is a good idea
[73]
AGE What is your age? ATT2 Using e-wallet services is a beneficial
[31]
EDU What is your education level? ATT3 Using e-wallet services is a wise idea

EUT E-wallet usage to make transactions? Price benefit

EUS Sector-specific usage of e-wallets E-wallet apps or offer discounts and

PB1 [74]
cash back
Confirmations I save money when I pay through
PB2
I had a better e-wallet experience than I e-wallet apps
CONF1
had anticipated Trust
I was pleasantly surprised by the level of [10]
CONF2 TRU1 E-wallet apps meet my interests
service offered by the e-wallet
Overall, using the e-wallet confirmed the [32]
CONF3 TRU2 My needs are met by my e-wallet apps
majority of my expectations
The e-wallet apps have features as
Perceived usefulness TRU3
promised by the providers
I can complete transactions more
PU1 Habit
quickly by using the e-wallet
Making transactions is simpler when Using e-wallet apps has become a habit
PU2 HAB1
using the e-wallet for me

My transactions are more effective when [58] HAB2 I am used to apply e- wallet apps [74]
PU3
I use the e-wallet
HAB3 I automatically use e- wallet apps
The quality of the transactions would
PU4
increase with the use of the e-wallet HAB4 Using e-wallet apps is natural to me
My transactions would benefit from
PU5 Operational constraints
using the e-wallet
Perceived ease of use E-wallet app’s display and screen make
OC1
it difficult to use
PEU1 I become proficient at using the e-wallet E-wallet apps often freeze or
OC2
malfunction [75]
PEU2 I find using the e-wallet simple
[58] The buttons and options of the e-wallet
It does not take much mental effort to OC3
PEU3 apps are difficult to find
interact with the e-wallet
My interaction with the e-wallet is The features provided by the e-wallet
PEU4 OC4
understandable apps are not sufficient for my needs
PEU5 I find using the e-wallet convenient Intention to continue use e-wallet
Satisfaction I intend to continue using e-wallet in the
CI1
future
SAT1 I am satisfied with e-wallet
CI2 I will continue using e-wallet in the future [76]
SAT2 I am pleased with e-wallet [10]
I will strongly recommend e-wallet for
CI3
SAT3 I am happy with the e-wallet others to use it
I will keep using e-wallet as regularly as
SAT4 I am delighted with e-wallet CI4
I do now

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3.1.1. Population (n=200) and complex structural model (10 variables and
The study’s target audience comprises individuals 37 indicators), PLS is a powerful modelling method. As
who have used MoMo at least once in Vietnam. This per J.J.F. Hair, et al. (2014) [78], PLS is appropriate for
selection criterion ensures that participants possess examining structural models when the primary objective
updated knowledge of MoMo, aligning with the research is not theory confirmation.
objective of understanding reasons for continued e-wallet
usage. 4. Results

3.1.2. Sampling method 4.1. Respondent demographics

Table 2. Sample profile.
According to J.J.F. Hair (2010) [77], the minimum
sample size required is five times the number of research Item Frequency Percent
indicators. Thus, the study necessitates a minimum Male 152 49.03
sample size of 185. Employing convenience sampling, Gender
Female 158 50.97
a non-probability sampling technique, from a population Less than 25 46 14.84
requiring a sample size between 100 and 200 respondents
25-30 66 21.29
for Structural Equation Model (SEM) interpretation, the
Age 31-40 117 37.74
author aimed to gather at least 200 responses. Primary
41-50 75 24.19
data collection was conducted via an online survey using
Above 50 6 1.94
Google Forms.
College and under
33 10.65
3.2. Analytical method college
Education
Bachelor 212 68.39
3.2.1. Descriptive analysis
Master and higher 65 20.97
Descriptive statistics in SPSS 25.0 software were MoMo Once in a while 71 22.90
utilised by the author to present basic characteristics of usage Often 30 9.68
the research sample, such as frequency (%) of sex, age, to make
payment Always 209 67.42
and education level, through statistical tables.
Food delivery 56 18.06
Sector-
3.2.2. Independence testing Groceries 35 11.29
specific
To assess nonresponse bias, the authors examined usage of Bill payment 160 51.61
e-wallets
whether the sample was representative of the population. Food & beverage 59 19.03
A t-test was conducted to compare differences between
The sample (Table 2) comprises 310 responses from
genders. The non-significant t-values (ranging from
the online survey, with 152 male respondents (49.03%)
1.08 to 1.16, p>0.05) indicated no statistically significant
and 158 female respondents (50.97%). In terms of age
differences in means, allaying concerns of nonresponse
bias. Harman’s one-factor test was employed to address distribution, respondents under the age of 25 accounted
the possibility of common-method variance (CMV), for 14.84%. The age groups of 25-30, 31-40, and 41-
revealing that the largest factor explained 49.90% of 50 represented 21.29, 37.74, and 24.19% respectively.
the total variance (<50%), suggesting minimal common Approximately 1.94% of respondents were aged 50 and
method bias threat. above. Respondents with college and below college
3.2.3. Partial Least Square Structural Equation education constituted 10.65% of the sample, while those
Modelling (PLS-SEM) with higher education qualifications, including diploma
and master’s degrees, comprised 68.39 and 20.97%
The author adopted the partial least squares (PLS)
technique for model measurement and hypothesis testing respectively. Regarding payment frequency, 67.42% of
using SmartPLS (v. 3.0) software. PLS is suitable for respondents exhibited constant usage behaviour, while
maximising the explanation of dependent constructs and 9.68 and 22.90% reported frequent and occasional
is widely applied. Given the study’s small sample size usage, respectively.

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4.2. Results Using factor loading, average variance extracted

(AVE), and composite reliability (CR), the model was
Table 3. Convergent validity.
evaluated for convergent validity analyses. All item
loading values are higher than 0.707 as demonstrated by
Construct Item Loading CR AVE
the PLS algorithm results, and all AVE values are higher
CONF1 0.836 than 0.50, indicating convergent validity at the construct
Confirmation CONF2 0.897 0.910 0.771 level [78]. Additionally, all the CR values surpassed
CONF3 0.900 0.70, thereby confirming the convergent validity of
PU1 0.847
the measures (Table 3). Table 4 displays heterotrait-
monotrait ratio of correlations (HTMT.85) values below
PU2 0.880
Perceived
0.85. Therefore, the acceptable discriminant validity of
PU3 0.916 0.947 0.781 the measurement model is achieved [79].
usefulness
PU4 0.891
Table 4. Discriminant validity.
PU5 0.885
PEU1 0.856 ATT CONF HAB CI OC PEU PU PB SAT TRU

PEU2 0.899 ATT 0.925

Perceived ease CONF 0.592 0.878
PEU3 0.839 0.945 0.774
of use
PEU4 0.913 HAB 0.596 0.598 0.898
PEU5 0.890 CI 0.753 0.596 0.682 0.880
SAT1 0.946 OC 0.230 0.174 0.357 0.247 0.877
SAT2 0.948 PEU 0.704 0.622 0.560 0.583 0.085 0.880
Satisfaction 0.965 0.872
SAT3 0.939 PU 0.699 0.710 0.650 0.680 0.138 0.613 0.884
SAT4 0.900 PB 0.579 0.484 0.627 0.590 0.238 0.523 0.500 0.948
ATT1 0.914 SAT 0.717 0.737 0.693 0.718 0.168 0.758 0.759 0.594 0.934
Attitude ATT2 0.939 0.947 0.856 TRU 0.727 0.657 0.770 0.722 0.217 0.690 0.692 0.714 0.786 0.909
ATT3 0.923
According to the findings of this study, confirmation
PB1 0.953 and perceived ease of use (PEU) have an impact on
Price benefit 0.947 0.898
PB2 0.943 perceived usefulness (PU) and satisfaction. Additionally,
TRU1 0.872 perceived usefulness significantly influences satisfaction
Trust TRU2 0.936 0.934 0.826 and attitude, while also slightly increasing the intention
to continue using e-wallets. Perceived ease of use,
TRU3 0.917
perceived usefulness, and satisfaction exert substantial
HAB1 0.932 influences on attitude, consequently influencing the
HAB2 0.944 intention to continue using e-wallets. Furthermore,
Habit 0.944 0.807
HAB3 0.826 attitude, price benefit, habit, and operational constraints
HAB4 0.887 play significant roles, whereas trust exhibits a relatively
lower sensitivity. Utilising a blindfolding technique, the
OC1 0.893
results indicated that the Q2 values for attitude, perceived
Operation OC2 0.860 usefulness, satisfaction, and intention to continue using
0.930 0.770
constraint OC3 0.894 the e-wallet were equal to or greater than 0, indicating an
OC4 0.863 acceptable level of predictive value (Table 5).
CI1 0.929 According to Table 5, confirmation (H1, β=0.537,
Intention to
CI2 0.921 t=10.223, and p=0.000) and perceived ease of use
continual usage 0.932 0.774
CI3 0.825
(H6, β=0.279, t=4.596 and p=0.000) positively affect
perceived usefulness has a significant impact on
CI4 0.839
continuing use of e-wallet applications. Confirmation (H2,

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Table 5. Summary of hypothesis testing.

Hypothesis β Std. Dev t-value p-value Q2 R2 f2 VIF Supported

H1 0.537 0.052 10.223 0.000 0.542 0.552 0.394 1.633 YES
H2 0.399 0.063 6.283 0.000 0.605 0.655 0.228 2.019 YES
H3 0.476 0.058 8.192 0.000 0.325 2.019 YES
H4 0.334 0.062 5.367 0.000 0.521 0.621 0.123 2.379 YES
H5 0.106 0.065 1.646 0.100 0.532 0.677 0.012 2.858 NO
H6 0.279 0.061 4.596 0.000 0.107 1.633 YES
H7 0.347 0.077 4.504 0.000 0.134 2.367 YES
H8 0.200 0.103 1.953 0.051 0.030 3.484 NO
H9 0.144 0.078 1.839 0.066 0.018 3.607 NO
H10 0.369 0.072 5.106 0.000 0.156 2.702 YES
H11 0.063 0.056 1.125 0.261 0.006 2.155 NO
H12 0.070 0.072 0.969 0.333 0.003 4.510 NO
H13 0.191 0.067 2.838 0.005 0.037 3.063 YES
H14 0.025 0.033 0.751 0.453 0.002 1.201 NO

β=0.399, t=6.283 and p=0.000) and perceived usefulness satisfaction, greatly influences the likelihood of continued
(H3, β=0.476, t=8.192 and p=0.000) have a positive e-wallet usage. Furthermore, attitude, price benefit,
impact on satisfaction. Both perceived usefulness (H4, habit, and operational constraints significantly impact the
β=0.334, t=5.367 and p=0.000), perceived ease of use intention to continue using e-wallets, unlike trust, which
(H7, β=0.347, t=4.504 and p=0.000) have a positive lacks significant evidence of effects.
impact on attitude. On the other hand, satisfaction 5.1. Confirmation and perceived usefulness
(H8, β=0.200, t=1.953 and p=0.051) has no impact on
attitude. Perceived usefulness (H5, β=0.106, t=1.646 Confirmation shows a significant positive correlation
and p=0.100) and satisfaction (H9, β=0.144, t=1.839 with PU to a large extent (f2=0.394), consistent with the
and p=0.066), price benefit (H11, β=0.063, t=1.125 and findings of N.A.A. Halim, et al. (2022) [31]. Confirmation
p=0.261), trust (H12, β=0.070, t=0.969 and p=0.333), towards MoMo reflects users’ satisfaction after using
and operational constraint (H14, β=0.025, t=0.751 and it, implying that e-wallet application developers should
p=0.453) with a marginal impact, in contrast to attitude invest in features that enhance user satisfaction and
(H10, β=0.369, t=5.106 and p=0.000), and habit (H13, comfort, thereby increasing PU and the likelihood of
continued e-wallet usage.
β=0.317, t=6.132 and p=0.000) have a positive impact on
intention to continue to use the e-wallet. 5.2. Confirmation and satisfaction

5. Discussion Confirmation has a moderately positive impact on

satisfaction (f2=0.228), indicating that higher confirmation
The research results are expounded upon through levels on the e-wallet application correspond to increased
a discussion of the associations among Technology satisfaction levels. This finding aligns with previous
Continuance Theory (TCT), price benefit, trust, habit, research by N.A.A. Halim, et al. (2022) [31]. Service
operational constraint, and the intention to continue using providers should design applications catering to general
the MoMo e-wallet, derived from responses of 310 existing user preferences to bolster satisfaction levels towards
MoMo users via an online questionnaire. As observed in the system.
section 4.2, perceived usefulness (PU) and satisfaction
are influenced by confirmation and perceived ease of use 5.3. Perceived usefulness and satisfaction
(PEU). While PU has a modest effect on the intention to According to the findings, user satisfaction is
continue using e-wallets, it significantly affects satisfaction significantly influenced by perceived usefulness, which is
and attitude. Attitude, in turn, influenced by PEU, PU, and in line with those of N.A.A. Halim, et al. (2022) [31] and

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G.S. Weng, et al. (2017) [48]. Due to technology’s utility, possess general concepts of e-wallets and their expected
more tasks may be completed quickly and easily. These functionalities, service providers must differentiate
results also indicate that emphasising the utility of the themselves effectively to maintain attractiveness and
e-wallet application could lead to greater happiness. In shape customers’ perceptions of usefulness. This
this scenario, MoMo must establish and maintain strong underscores the importance of continuous innovation
relationships with users to address their demands and and differentiation strategies to sustain user engagement
preferences for e-wallet applications. Therefore, it is and satisfaction over time.
reasonable to infer that cultivating robust relationships 5.6. Perceived ease of use and perceived usefulness
with users and fostering mutual understanding will lead
to an improvement in user happiness. Perceived ease of use was observed to significantly
influence perceived usefulness, corroborating the findings
5.4. Perceived usefulness and attitude of N.A.A. Halim, et al. (2022) [31]. Fundamental functions
In agreement with N.A.A. Halim, et al. (2022) [31] and such as transactional activities are deeply ingrained in
D. Chatterjee, et al. (2019) [34], this study also confirms users’ daily routines, and the assistance provided by
the associated hypothesis that perceived usefulness can e-wallets is perceived as greatly supportive. Therefore,
largely impact attitude. Adapted to the context of e-wallet for e-wallet users to continue using them, especially for
application systems, users’ attitude toward them is core services, service providers and policymakers must
influenced by the PU of such applications. When making prioritise ensuring optimal system performance [53].
online and offline payments, users perceive the means of 5.7. Perceived ease of use and attitude
payment as more useful and comfortable to them when
Consistent with previous research [80], this study
the time spent on transaction completion is reduced,
also confirms the related hypothesis that users perceive
which can be achieved when e-wallets improve their job
e-wallets as applications that streamline their lives and
performances.
tasks, leading to a positive attitude towards them as
5.5. Perceived usefulness and intention to this characteristic becomes more pronounced. Users’
continue using e-wallet perceptions of an e-wallet application’s usability often
In contrast, perceived usefulness was found not engender positive sentiments. Consequently, service
providers should strive to create user-friendly applications
to significantly influence the intention to continue
that simplify daily activities, thereby increasing user
using e-wallets, with a modest effect size (f2=0.012),
appreciation for e-wallet apps.
consistent with previous research [13, 31]. One potential
explanation for this phenomenon is that perceived 5.8. Satisfaction and attitude
usefulness (PU) is typically established during the initial
Surprisingly, satisfaction was found to have minimal
introduction of e-wallet features to users. The awareness
to no impact on attitude. In this regard, the findings of
and assessment of the perceived usefulness level of
this study diverge from existing literature. One possible
e-wallet applications prompt users to initiate their usage. explanation is that satisfaction typically arises in the later
Unless e-wallets introduce new features, users generally stage of usage, once users have somewhat assessed
develop expectations regarding the functionalities of the level of usefulness, whereas an individual’s attitude
e-wallet applications and how they can enhance their is generally shaped by their initial perception and
daily activities with improved efficiency. MoMo, for overall experience upon encountering a new service.
instance, is recognised for its ability to assist users in Nonetheless, the discrepancies in the results may simply
managing various financial aspects using multiple stem from differences in research contexts.
funding sources such as credit cards, savings accounts,
and credit-line accounts. As users interact with MoMo 5.9. Satisfaction and intention to continue using
for the first time, they are required to review and agree e-wallet
to the terms and conditions, as is customary with any The findings of this study suggest that satisfaction
e-wallet application. This initial interaction ensures that does not influence the intention to continue using
users are well-informed and educated about the utility e-wallets, which contrasts with the results of N.A.A.
of e-wallets. Consequently, the direct influence of PU Halim, et al. (2022) [31]. This may be attributed to the
on the intention to use may be more pronounced during highly competitive e-wallet services market in Vietnam.
the early stages of adoption. Given that users already With e-wallets widely accessible and available, the

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impact of satisfaction on fostering intentions to continue 5.13. Habit and intention to continue using e-wallet
use becomes diluted. Users may already find satisfaction
Habit has been found to heavily influence the intention
in switching between service providers, as indicated by
to continue using e-wallets, aligning with the results of
previous research [81].
N.A.A. Halim, et al. (2022) [31]. Users are more likely
5.10. Attitude and intention to continue using to make subsequent payments using an e-wallet when
e-wallet they are already accustomed to the application. As
transactions have become a routine yet recurring activity
In alignment with the literature G.S. Weng, et al. (2017)
in the modern world, using e-wallets for transactions
[48], this study concludes that attitude positively affects
seamlessly merges into users’ daily habits.
the intention to continue using e-wallets. When users
have a positive perception of an e-wallet, they are more 5.14. Operational constraint and intention to
inclined to continue using the application. Therefore, continue using e-wallet
service providers should prioritise enhancements that The study suggests that operational constraints
address operational issues and cater more effectively did not significantly impact intentions for continued
to users’ needs to garner positive evaluations of the use. Considering that all respondents had the digital
applications. infrastructure, such as smartphones, personal computers,
5.11. Price benefit and intention to continue using and well-supported online networks, to participate in the
e-wallet survey, the insignificance can be explained. On the other
hand, this could also be understood in parallel with the
Contrary to the findings of N.A.A. Halim, et al. backgrounds of the respondents, who are current users
(2022) [31], this study discovered that price benefit did of mobile payment apps and are inherently accustomed
not significantly influence intentions to continue using to operational features and infrastructure requirements.
e-wallets. The underlying explanation for this response However, it is not advisable to generalise this finding to
could be that as users’ habits become well-established, contexts in low-income countries where smartphones
the impact of price benefits diminishes. In a competitive are not widely distributed, as operational constraints may
market like Vietnam, where numerous e-wallets operate, hold greater importance in such scenarios. This presents
offering special offers and coupons to attract users a limitation of this study.
is common. While this may be an effective strategy to
initially attract consumers, this study suggests that other 6. Conclusions
factors are more critical for sustaining continued usage 6.1. Theoretical implications
behaviour. This implies a fascinating tactic among market
participants to offer pricing discounts only during the early Previous research has primarily focused on the
adoption stage, such as offers valid only for the first few adoption and usage of mobile payment systems,
uses, as supported by previous findings [32]. overlooking post-adoption retention [15, 43].
Understanding users’ intentions for continued usage
5.12. Trust and intention to continue using e-wallet of mobile payments can offer valuable insights into the
Despite being consistent with the results of N.A.A. economic sustainability of mobile service providers. By
Halim, et al. (2022) [31], the effect of trust on the empirically investigating users’ post-adoption usage
intention to continue using e-wallets was found to be and motivations for continuing to use e-wallets, this
insignificant, contrary to the researcher’s expectations study addresses this research gap and enhances our
and contradicting the study of H. Qasim, et al. (2016) understanding of e-wallet continuance usage behaviour.
[15]. Initially, the research considered fraud, data risk, Continuous enhancements and protection of e-wallet
and personal data piracy issues as common concerns applications emerge as critical influences impacting
regarding e-wallets and investigated the variable of e-wallet usage. Consumer preferences are continually
trust. Upon examining users’ characteristics, it became evolving [13], necessitating that service providers and
apparent that survey participants are predominantly developers invest in understanding and addressing users’
young consumers who may lack knowledge of e-wallet uncertainties to maintain user loyalty. Changes need to
risks or be sufficiently IT-savvy to be aware of them. be promptly captured and responded to. The findings
In either case, trust becomes less significant in their of this study can provide valuable insights applicable to
decision to continue using an e-wallet. other countries, particularly those where e-wallets are

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widely adopted and where there is a growing interest no one-size-fits-all definition of an easy-to-use system;
among service providers and policymakers to expand instead, the focus should be on increasing its perceived
the user base. Furthermore, the increasing number of usefulness, leading to user satisfaction. Consequently,
e-wallet users in Vietnam will directly impact and reinforce users will opt for an e-wallet application that they perceive
Vietnam’s vision towards a cashless economy. as reliable in terms of ease of use.
6.2. Managerial implications Additionally, while users’ decisions to continue using
Ensuring attraction, retention, and facilitation of users e-wallets largely depend on their attitude towards the
in actively generating continued usage is fundamental for applications, it is the user’s perception of e-wallets that
mobile service providers to achieve success [49]. With shapes the degree of attitude. Innovations are needed
rapid developments in e-wallet and various technologies in designing service quality models to identify the range
maturing, user experience needs to be prioritised. of attitudes that influence consumer opinions and drive
Firstly, the current findings demonstrate that users’ decisions, particularly in competitive environments.
satisfaction and attitude are driven by confirmation and Fortunately, the consequential relationship between
perceived usefulness. This observation underscores “importance versus satisfaction” can offer a solution
the importance of providing users with a seamless to the development direction of e-wallets. Providers of
system that simplifies their daily transactions, thereby e-wallets should invest their time, efforts, and resources
enhancing overall satisfaction. Consequently, e-wallet in pinpointing features that are most important to users,
service providers should strive to offer not only a swift thus generating a higher level of satisfaction. Moreover,
and efficient user experience but also a practical one with the aim of satisfying users, system developers must
that facilitates their customers’ day-to-day transactions. ensure that their applications are perceived as “simple
To achieve this, it becomes imperative to expand the to use” and “useful”, ensuring that the benefits of ease
range of services offered by e-wallets to encompass a of use, usefulness, and confirmation are well executed.
wider array of essential daily transactions, including This study’s insights are beneficial not only for business
incorporating additional merchants into the e-wallet owners and application developers but also for the
payment network. Additionally, service providers must Vietnamese government, which is striving towards a
focus on upgrading app performance, ensuring that safe, contact-free economy powered by e-wallet usage.
transaction processing speed exceeds that of traditional A notable benefit of such a strategy is that cashless
payment methods, directly addressing customers’ transactions can help the government avoid catastrophes
aversion to wasting time on mundane tasks. Moreover, as physical cards, wallets, and cash have the potential
as critical as daily transactions are to the core service to facilitate the transmission of viruses, particularly
of payments, technical and informational support should during unprecedented events such as the COVID-19
not be overlooked and must be readily accessible to pandemic. Naturally, both the adoption and continued
ensure that customers can receive assistance whenever use of e-wallets are vital stages in achieving the goal of a
needed. Furthermore, e-wallets should collaborate cashless society, and this study contributes to the latter.
with financial institutions to offer refinancing options
such as “buy now, pay later” and instalment payments, 6.3. Limitations and future research
empowering customers’ purchasing power to complete This research has several limitations, particularly
payments even when funds are insufficient. In summary, concerning the sample characteristics and variables
the perceived usefulness of e-wallet hinges on its ability to investigated. Regarding sample-related issues, this
perform a multitude of functions, including but not limited research only collected feedback from MoMo users, and
to money transfers, utility bill payments, and completing most participants are young consumers, which may affect
online/offline transactions. the experiment’s results. Regarding the insignificant
Secondly, the significant influence of confirmation and impacts of perceived usefulness, satisfaction, price
perceived ease of use on perceived usefulness implies benefit, trust, and operational constraint, which differ
that when an e-wallet system is considered easy to from past studies, it is noteworthy that the respondents
use, its usefulness is also perceived to be heightened. are current users of mobile payment apps, and their
Designers of e-wallet systems should acknowledge familiarity with them could explain the results. Therefore,
that these systems serve a diverse population of users it would be premature to infer that these factors are less
with varying backgrounds, including age and education important in countries where e-wallets are less prevalent.
levels. Therefore, it is crucial to recognise that there is As a recommendation, future studies with larger sample

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