TABLE OF CONTENTS

I.Executive Summary 1

II.Literature review 1
Perceived Usefulness 2
Perceived Ease of Use 3
Social Influence 3
Facilitating Conditions 3
Lifestyle Compatibility 3
Perceived Trust 4

III. Hypothesis 4

IV. Introduction Background 5

1.Industry 5
2. Company 10
3. Current Situation 12

V. Key Research Objectives 13

VI. Key Research Questions 14

How can MoMo gain the intention to use of Generation Z (Gen Z)? 14
What are some key factors triggering GenZ’s intention to use it? 14

VII. Research Methodology 14

1. Study 1: Desk Research: 14
2. Study 2: Qualitative Research: 14
3. Study 3: Quantitative Research: 16

VIII. Sample of Deliverables 17

X. References 36

XI. Appendix 39
 1

I. Executive Summary

As a pioneer in the Financial-Technology market, MoMo - a mobile payment wallet - holds the
highest market share in the Fintech industry in Vietnam and is the only Vietnamese
representative listed in “The Fintech 50 list”. Despite the hardships most other corporations
are facing during the COVID-19 pandemic, MoMo is in its booming growth. Through its
performance in the two recent years 2019 and 2020, MoMo asserts its leading position in the
market more firmly.

This research is conducted to have a clear understanding of what elements trigger the
intention to use the MoMo e-wallet of Generation Z (Gen Z) by referencing the usage level of
Gen Z before and during the COVID-19 pandemic - which is the main contextual factor in most
of the business problems in the two recent years. Since then, we can assist MoMo e-wallet to
maintain its leading position in the Fintech industry with an apparent comprehension of its
customer’s purchasing behavior. Thus, it will have a proper strategy for its continuing stage of
growth or to have a well-made preparation about the problem the firm has to face shortly.

We conduct this research based on the two main methodologies which are Quantitative
Research (online survey) and Qualitative Research (focus group discussion). The first method
involves the process of collecting data from the survey respondents - who are also students or
young people in Gen Z. Followed by the focus group discussion which will claim to reinforce
the understanding of our study through interviewing the Gen Z users of MoMo. After
conducting the research and other methods, we conclude the aforementioned research
objective and will better come up with suggestions for the improvement of the company
strategy.

II. Literature review

With the development and remarkable growth of mobile e-wallets in Vietnam recently, many
companies have launched their own mobile payments app that combines several salient
features. This research is conducted to know Gen Z’s intention to use e-wallets payment
methods, especially for MoMo e-wallet. Besides, we want to discuss further to see how
MoMo can gain more market share in Vietnam by figuring out key factors affecting customer
1,2
behavior. According to some of the earlier research with the same topic , we have
concluded eight common factors were used to test the behavioral intention and behavior of
using E-wallets of young people in Vietnam. The eight factors are compatibility, perceived
convenience, perceived trust, perceived reputation, perceived usefulness, perceived ease of
use, security, and privacy, the final one is social influence.

After conducting some secondary research about the topic and its relevance, we realize that
there were many approaches from different prior authors. Generally, the marketers applied
Quantitative Research in most of their research about the behavior of consumers - which
leads to the factors triggering them to adopt a new product, technology, or service. In our
topic field, their studies collect data from the users or their target customers to understand
the motivation in using the cashless transaction applications. In detail, there was a model
called the Unified Theory of Acceptance and Use of Technology (UTAUT) which was developed
by Venkatesh et al3. This is a widely-used core construct, consisting of multiple factors that
provoke the customers’ consumption of e-wallets. From the possibility of the previous
research, our fundamentals of the study will also be based on this model.

The previous investigation indicates that there is a comparatively significant relationship

between the influence in consumers’ intention to use e-wallets. But as we can find, four main
motivations trigger the using habits, namely the perceived usefulness, perceived trust,
perceived reputation, and social influence. Consequently, in this study, we will examine those
constructed hypotheses as well as other measurements that will be taken into account during
the research.

In conclusion, our research will have the ability to navigate which dimensions lead to
consumers’ habits. Moreover, our client and us will be able to broaden our perspective to
another aspect of technology users' adoption, relying on potential benefits and risks from this
research.

This study adopts the research model from Yang, M. et al4. The model was explained by
selecting relevant factors that had a relationship with the intention to utilize. The goal of this
research model is to see how variables like perceived usefulness, perceived ease of use,
security, and privacy, social influence, trustworthiness, facilitating conditions, and lifestyle
compatibility impact intent to use.

Perceived Usefulness

The belief that adopting the technology will increase job performance is referred to as
perceived usefulness. In other words, it describes a user's cognitive anticipation of the
system's performance in terms of whether or not it can assist him or her with their work.
 3

Customers feel that employing that technology will allow them to achieve their lifestyle and
financial goals. In addition, it also increases efficiency while conducting transactions.

Perceived Ease of Use

The ease with which a technology system and its display can be accessed is related to
perceived ease of use. It's also one of the most important factors in their system's
acceptability. As a result, the more users who believe a particular system is simple to use, the
more likely they are to utilize it. Many customers described their experience with the
e-wallets app as simple enough. Moreover, for young customers with their quick adaptation,
technology is not considered an obstacle.

Social Influence

The process through which the presence or activity of others influences an individual's
attitudes, behavior, or beliefs is known as social influence. Family members, acquaintances,
coworkers, and neighbors are all possible influencers for customers to adopt e-wallets.
Societal influence will have an impact on everyone's mind when it comes to using new
creative items through technological services. Hence, the social influence might also increase
customers’ trustworthiness while using the product.

Facilitating Conditions

Facilitating conditions are considered as the factors or the technical infrastructure that affect
the use of mobile technology or specifically the financial technology services, which intensify
the willingness to use of the consumers in the industry5. For example, it could be the positive
impacts of the mobile banking apps or the e-wallet apps on the using process of the
consumers6. Thus, users are bound to continue to use the services after being convenient to
use the facilities provided by the service providers that facilitate payments and transactions.

Lifestyle Compatibility

Lifestyle compatibility refers to a consistent degree between natural personality traits of users
such as users’ beliefs, lifestyles, values, needs, or ConmigoCityrience and the innovation7 and
degree of fits between the innovative technology and users 8. To minimize the potential
uncertainty in using technology, lifestyle compatibility is the factor that needs to be strongly
considered since it sticks with the daily behavior of the consumers9. As Herrero10 has
perceived, the decisive impact influencing the level of usage of e-wallets partly comes from
lifestyle compatibility. They would make their decisions when they feel the connection
between their previous experiences and the apps or the similarity in mobile technology using
their characterized lifestyle or not.

Perceived Trust

When a consumer believes in a system or a technological service and starts relying on them,
they will continuously use the apps in daily life. Hoque and Alam11 said that the knowledge
and the experience stimulates a degree of confidence in starting to use something, especially
for those technological-driven services like mobile payment apps. Therefore, perceived trust
will be a factor that manifests the intention of the consumer to adopt an e-wallet using.
Moreover, having confidence in the source of information can lower the risks and since then,
strengthen consumer loyalty in using them.

III. Hypothesis

Hypothesis 1 (H1): Perceived usefulness of service varieties has a significant effect on GenZ’s
intention to use.

Hypothesis 2 (H2):

(H2.0): Perceived ease of use puts a positive impact on the convenience for the intention to
use e-wallets of GenZ.

(H2.1): Perceived ease of use leading to fewer hassle transactions affect positively the
intention to use GenZ.

Hypothesis 3 (H3): Social influence of following new trends impact undoubtedly on the
intention to use GenZ.

Hypothesis 4 (H4): Facilitating conditions of internet development significantly influence

GenZ’s intention to use MoMo.

Hypothesis 5 (H5): Lifestyle compatibility of personal branding has a positive effect on GenZ’s
intention to use.

Hypothesis 6 (H6): (H6.0): Perceived trust in restricting the spread of infection affects firmly
the intention to use GenZ.

(H6.1): Perceived trust of safety and having the confidence in the source of information put a
positive outcome on GenZ’s intention to use.
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IV. Introduction Background

1.Industry

In recent years, Vietnam experienced a boom in the e-wallet market. According to Vietnam
Insider12, daily, over 30 million online transactions take place in the Vietnam market.

In 2020, as can be shown in Figure 1, there were 6.5 million people registered with mobile
wallets in Vietnam13. The mobile payment industry in Vietnam is more and more competitive.

Figure 1: Number of users in mobile wallets in Vietnam in 202012

According to Cimigo Vietnam14, more and more Vietnamese people have used more than 1
e-wallet in their smartphone especially in Ho Chi Minh City:
Figure 2: The percentage of users using non-multiple and multiple e-wallets in HCM city and
Ha Noi14

Moreover, the average amount that e-wallet users top up their wallets is around 1 million
VND. Almost all users top up less than 2 million VND into their e-wallets. Up to half of the
people top up below 500,000 VND.

Figure 3: The percentage of the amount of money top-up into e-wallets 14

On the other hand, research from Cimigo15 in Q4/2019 indicated that Vietnamese users have
around 1.6 to 2.2 transactions on digital platforms daily with average spending of around
500,000 VND. To be more specific, Moca users conducted 2.2 transactions every day, and the
statistics for Momo and ZaloPay were 2 and 1.6. Momo users spent around 520,000VND
equivalent to $22.2 whereas it was 506,000 VND equivalent to $21.6 for Moca users and
441,600 VND equal to $18.8 for ZaloPay.
 7

Figure 4: Average spending of Vietnamese on e-wallets 15

From the beginning of introducing MoMo e-wallet, the number of newcomers has increased
since 201516. Figure 5 shows that the number of e-wallets in Vietnam has risen from 5
e-wallets in 10/2015 to 37 e-wallets 08/2020.

Figure 5: E-wallet in Vietnam from 2015 to 202016

As we can see from Figure 5, the E-wallet industry has been more competitive since 2015. A
report by Q&Me17 in 2019 illustrated that Momo is prevailing with 68% of market share
followed by Viettel pay, Moca, and AirPay. Furthermore, MoMo is the top-of-mind mobile
payment with 77%. In addition, Momo is easily recognized by Vietnamese users at 97%, while
ZaloPay and ViettelPay are recognized by 68% and 62% respectively17.

Figure 6: Market share in e-wallet industry in Vietnam17

A report by VNUHCM-IBT18 shows that there are more than 145 firms operating in Financial -
Technology (Fintech) and more than 70% of startups are now related to Fintech. In that
potential market, Momo, ViettelPay, AirPay, and ZaloPay are the top e-wallets in Vietnam now,
according to Vietnam Credit.18 A report by Q&me17 also shows that there are two main
reasons why Vietnamese people use e-wallets from Momo, ViettelPay, AirPay, and ZaloPay
which are good promotions and service diversities.

Figure 7: Reason to use e-wallets in Vietnam17

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However, there are 5 main reasons why Vietnamese people have not used e-wallets which
are: concerns about the security (32%), do not know how to use (31%), lack of shops for
mobile payment (23%), cash is easier (16%) and reluctance on transaction cost (16%).

Up to now21, 3 e-wallets have the largest number of Vietnamese people who downloaded and
used them, which are MoMo, Viettel Pay, and Zalo Pay according to the Appota in 2021.

Figure 8: The growth in the number of downloads in e-wallets applications21

In addition, among e-wallets in Vietnam, Momo, ViettelPay, and ZaloPay are the 3 most used
e-wallets. Comparing downloads among the three e-wallet brands, Momo holds the position
as the most downloaded e-wallet, with the peak in February and March when reaching
992,000 and 839,000 downloads, respectively21.

Figure 9: The number of downloads in e-wallets application from 01/2020 to 02/202119

In the context of Covid-19, there is a dramatic increase in the number of users in Vietnam
through Momo, Viettel Pay, Zalo Pay, Airpay, Visa, and GrabPay22. By looking at Figure 10,
Airpay had the highest increase, but MoMo had the highest number of customers in Vietnam.

Figure 10: The proportion of current customers in e-wallets 22

Appota's report21 also indicates that, currently, among Vietnamese e-commerce payment
methods, card use accounts for the highest percentage (34%), followed by wire transfer (26%)
and cash. face (21%), e-wallet (14%).

With the habit of cashless payment forming during the Covid-19 epidemic, JP Morgan has
forecasted that by 2023, solely 15% of e-commerce transactions will be paid in cash. Instead,
bank transfer (30%) and payment via card (29%) will be the two most popular forms. E-wallets
will also be a popular option with a rate of 22%. Therefore, by 2023, cash will no longer be a
popular form of payment21.

2. Company

With an aim to become the No.1 E-Wallet, JSC Mobile Services Online (M_Service) operates in
the field of mobile payment under the brand MoMo. With the belief that financial services
and payments will contribute to changing lives and increasing incomes for Vietnamese
people, the company has successfully built a unique and innovative payment infrastructure
that can provide service for all kinds of customers. MoMo is the leading company in Vietnam
in providing mobile e-wallet application services, cash transfer services at OTC and payment
 11

platforms. Through strategic cooperation with banks and financial institutions, MoMo acts as
an extension arm to bring financial and online services to Vietnamese people, especially in
remote areas. Up to now, the company has made tens of millions of transactions for
customers and this community is still growing23.

MoMo is an e-wallet application on smartphones, which is available on iOS and Android

operating systems with more than 23 million users. As a mobile payment platform, MoMo
promotes non-cash payment transactions and provides users with One-Touch Payment.
Moreover, MoMo gives hundreds of service utilities, including Money Transfer, Payment Pay
bills, Buy Air Tickets, Buy Train Tickets, Movie Tickets, Collect-Pay, and Trade on Mobile23.

MoMo wallet is now directly linked with more than 25 banks. MoMo Wallet users can pay for
all daily utilities such as Electricity/Water/Internet/Cable TV; Buy Air ticket/car ticket/train
ticket; Vinasun taxi payment; Buy movie tickets in all theatres; Book maid service; Buy fresh
flowers…; Install installment loans of all financial companies or use MoMo to pay at MoMo
payment points such as Gongcha, The Coffee House, Al Fresco's, Mon Hue, Hoang Yen,
Co.opMart, Circle K, Ministop23,…

MoMo is currently meeting the most stringent standards in the international banking and
financial industry: PCI DSS (Payment Card Industry Data Security Standard) - a security
standard established by the Security Standards Council security (PCI Security Standards
Council). In Vietnam, MoMo is the first e-wallet unit with the highest certificate of PCI DSS -
Level 1. At the same time, MoMo Wallet applies advanced and outstanding authentication
technologies such as Two-factor authentication; Authentication by fingerprint or face
recognition; Automatically lock the application when the usage time is over; Secure SSL/TLS
standard transmission; Features of international card number encryption (Tokenization)23.

After having been active for around 12 years, MoMo has become a pride of the
Financial-Technology (Fintech) industry in Vietnam as an originally domestic product24.

MoMo expects to provide opportunities for every Vietnamese person, from the rural to the
urban areas, to have an economic revolution service which is the “Cash-free transactions”.
With the ambition of enforcing the Non-cash economy by providing the “One Touch Payment”
service, MoMo wants to develop Momo’s ecosystem which is mainly focused on being
developed as a mobile app, not a website. That is a leading step for MoMo to become the
pioneer in the Fintech revolution in Vietnam and expand to the Southeast-Asian-wide24.
 ● Become a top Fintech company in Vietnam

● Is the only Vietnamese corporation in “THE FINTECH 50 LIST”

● Recruit the talents to develop Momo’s own ecosystem/habitats

● MoMo is both a technology application, a financial instrument, and an entertainment

element.

3. Current Situation

Before Covid-19, specifically in 2019, cash payment was popular28. Particularly in rural and
distant regions in Vietnam, a large proportion of the population prefer cash transactions.
Even though people shop online, 97 percent of Vietnamese still have a preference to use cash.
Therefore, it indicates that cash payment acts as a hindrance to digital payments adoption in
Vietnam.

During Covid-19, a study of Visa25 demonstrates that nearly 60% of Vietnamese people tend
to change their behavior by using cashless payment to limit the spread of infection. Moreover,
50% of Vietnamese people believe that non-cash payments are less complicated. On the
other hand, the spread of COVID-19, and social distancing regulations have led to an increase
in the proportions of consumers shopping online via social media, online shopping in
websites/apps, and e-commerce by 44%, 82%, and 85% respectively since the beginning of
Covid-19.

Figure 11: Reasons to adopts digital payments14

 13

According to YouGov22, more than 50 percent of Vietnamese said that they use cashless often
due to Covid-19, and 60 percent of Vietnamese believe that Vietnamese people will use
non-cash payments mostly. As a result, it is a chance for the e-wallet industry to take off
generally, and for MoMo specifically.

Figure 12: Covid-19’s impact on the use of cash22

By 2025, Generation Z is anticipated to grow to 15 million people, and their spending power
has continuously increased. Therefore, e-wallet companies expect that Gen Z is an essential
segment that they target29. Based on characteristics from Gen Z shoppers30, such as
preference convenience and new trends play an important role to trigger their usage of
e-wallet in the context of COVID - 19 when non-cash payment is less complex and safer with
the limitation of infection.

V. Key Research Objectives

● Identify and synthesize the motivations of Generation Z in using MoMo e-wallet.

● Assess the booming growth of MoMo since 2015.

● Propose the data for the development of the MoMo e-wallet and the Fintech industry
in the upcoming period.
VI. Key Research Questions

How can MoMo gain the intention to use Generation Z (Gen Z)?

The use of mobile payment wallets is becoming more and more popular and attracting the
attention of people, especially Gen Z, because of the benefits it brings. MoMo e-wallet is
considered the industry leader, with more than 20 million users up to now. Unlike others,
MoMo can take advantage of its strengths and characteristics to reach more Gen Z users
(which are already the main customers) to expand its market share. In this research, we will
take a closer look at the habits of using e-wallets of Gen Z customers and offer some solutions
for MoMo to grow by answering the question:

What are some key factors triggering GenZ’s intention to use it?

To answer this key business question, we would like to consider the following research
objectives. First, we will verify how often Generation Z uses mobile payment wallets and what
their using purposes are. Second, we will explore in more detail and find out what are the key
factors that influence Gen Z to start using MoMo.

VII. Research Methodology

To collect a large amount of data, information as well as new insights from Gen Z users who
are directly using MOMO e-wallet, we designed a Research Methodology with 3 stages
associated with our 3 studies. Consists of: Desk Research, Qualitative Research and
Quantitative Research with the key Research is from the Study 2 - Qualitative Research.

1. Study 1: Desk Research:

We carried out desk research to review previous research findings of MoMo's Industry,
Company Background, and Current Situation of MoMo to gain a broad understanding of our
target objective and key research goals for our project.

2. Study 2: Qualitative Research:

2.1 Reason to choose FGD

Focus group discussions are considered to be very beneficial in collecting qualitative data.
The results of the Focus group application are especially effective in providing information
about how people think, feel, or act about a specific topic according to Freitas31. In other
 15

words, focus groups can provide insight into individuals' thoughts and feelings on a variety of
issues while also revealing the differences in perspective between groups of individuals32.

In addition, focus groups also have the advantage of allowing the moderator to use the
dynamics of the group to discuss topics in-depth and take into account the opinions of all
participants. Hence, large amounts of data can be collected in a short time with focus groups
and the results can be used to precede quantitative procedures. This group interaction is one
of the most valuable aspects of the process.

Moreover, considering the current situation of COVID-19, we conducted an online focus group
discussion rather than a face-to-face discussion. As participants did not have to travel to a
specific location to take part in online focus groups, there were no geographical restrictions.
As well as saving time and money, it also allowed us to reach a wider audience.

Throughout this focus group interview, we tried to get the data from the target customers
who were using Momo e-wallet in order to gain a much deeper understanding of their
intention to use Momo. Besides, the drawbacks of Momo were also identified via this focus
group and those would be the basis for our recommendations.

2.2. How to conduct

Step 1: Identifying the Marketing Research objectives and related problems

We identified the Approach method: Qualitative research - Focus group discussions to have a
deeper understanding of the participants. That action had a purpose to help us gather insights
to understand consumers' habits of using e-wallets during and before the COVID-19 epidemic
and understood customers’ experiences and expectations with MoMo.

Step 2: Preparing the discussion guide for qualitative research (exploratory research)

First, we designed screening questionnaires based on the objectives in 2 parts. For part 1, we
focused on the demographic info, basic knowledge, and respondents’ awareness about
e-wallet in general. In part 2, which is the main part, we dived into the customers’ behavior
when using MoMo. Secondly, we created moderator outlines and identified recruit
respondents who were Gen Z, from 18 to 23 years old, mostly students, and often used
MoMo e-wallet and other e-wallets (if needed).
Step 3: Executing the Focus group interview:

In this step, we first identified the number of participants would be 7 including 4 males and 3
females. The platform we used to conduct the Focus group discussion is Google Meet and the
duration of the Focus group discussion is 90 minutes. Lastly, the meeting was recorded for
later use.

3. Study 3: Quantitative Research:

3.1. Reason to choose Surveys

The survey method used in quantitative research is typically to obtain information that will
help to understand the needs of individuals about certain topics, they are also used to collect
quantitative information about items in a population. It is a simple tool or technique that
allows researchers to collect a large amount of data in a relatively short period. We can use
surveys to collect information on a broad range of things, including personal facts, attitudes,
past behaviors, and opinions. Depending on the objective of the survey, it may focus on
opinion or be based on facts.

In this project, we conducted a survey approach to classify the influence level of each
component in our 6 variables that affect the intention to use MoMo of gen Z in Vietnam.
Through the information we gathered from the survey, we can take a closer look at how
young people use MoMo e-wallets and other cashless payments in general. Furthermore, we
can obtain a deeper understanding of consumer behavior and satisfaction when using MoMo
e-wallet, as well as what MoMo needs to enhance in the future to attract their target
customers.

3.2. How to conduct

Step 1: Identifying the MR objectives and related problems

We identified the Approach method: Quantitative research - Online survey to collect large
quantities of data about the target respondents using e-wallets included collecting data on
the change in habits and demand for using e-wallets before and during COVID-19 to help
investigate the representativeness of individual views and experiences about specific factors
driving Gen Z to keep or stop using e-wallets, especially MoMo.
 17

Step 2: Defining the target respondents: We targeted mostly university and high school
students with locations in Ho Chi Minh city and other provinces for the sample size of about n
= 100 - 200.

Step 3: Creating survey forms: The survey form must follow requirements such as not too
long, straight to point, not put questions related to personal information first, clear
description for the questions, and multiple-choice and 5-likert-scale questions are more
preferable. In addition, it must also have key questions to answer the problems posed with
MoMo such as: How did your use of e-wallet change when COVID came?; What are the key
things that make you keep/stop using MoMo?; Suggestions to change?

Step 4: Analyzing: We conducted a poll to validate and reevaluate our initial findings to
determine which is more representative of the general public.

VIII. Sample of Deliverables

Throughout this research, we have some expectations for the outcomes of our study.
Generally, they have to be data-based, reliable, and useful for further research.

With this study on Momo, we expect that the majority of survey respondents are regular
users of the Momo app. The reason is that they will be our target audiences who can provide
the best quality data.

Moreover, the result that we expect to get is strong growth in the number of Momo app users
and their usage frequency during the Covid-19 pandemic. The reason lies in the fact that
during the Covid-19 period, everyone needs to practice social distancing, which disrupts travel
and in-person purchases. For that reason, shopping through e-commerce sites will be
optimized and payments through e-wallets like Momo will also increase rapidly. This can be
said to be a great advantage for the development of the Momo e-wallet

Furthermore, the audience we are targeting is Gen Z, the generation exposed to the great
development of technology, we hope that this will be the most potential respondents for this
research.

However, the big question here is how MoMo can take advantage of this during the ongoing
Covid-19 epidemic. We have designed the Focus Group Discussion to better understand the
insight of the file the customer is talking about. We hope that we can get the best quality
information, including how their habits of using e-wallets changed when Covid arrived as well
as what made them choose Momo over any other apps. The expected answer for this lies in
the convenience and wide coverage of Momo. In addition, to get quantitative data, we will
also conduct an online survey, with the participation of at least 100 people to better
understand their Momo usage habits, problems that they may be experiencing when using
Momo. From there, we will have some suggestions and conclusions for the development of
Momo to become the most trusted and used application in Vietnam.

IX. Research Results

1. Results of the Study 2: Qualitative Research

Through collecting user opinions, the results of the FGD interview showed us two great
strengths of MoMo: usefulness and its significant influence on the community. In the opinion
that MoMo is beneficial for customers’ lives and their experience, MoMo stands out in its free
money transfer service. First, with this free service, all 7 participants find MoMo as an
effective alternative to cash. Especially during the current epidemic, limiting cash is also a
protection for the community. Thanks to that convenience, users can be more flexible in
paying utility costs such as electricity, water, and phone bills without worrying about the
amount of cash available. Through the group interview, 3 out of 7 attendees said that they
use Momo to pay for utility bills. Second, we target users - especially Gen Z - who have high
entertainment needs, so they are very interested in convenient payment methods like MoMo
to serve their demands like buying movies and travel tickets. Two attendees from the group
interview stated that they used Momo to buy these kinds of tickets. Third, when evaluating
the features and speed of services on the MoMo app, 6 over 7 participants agreed that
MoMo is superior to other competitors because of its long-term development platform,
providing a fast and accurate service user experience. In addition, all 7 participants agreed
with the point that MoMo's promotions are also heavily invested and give many impressions
to users with a complete and necessary amount of information such as ads with the presence
of Ngoc Trinh, "Lac xi" promotional campaign, etc.

Considering the strength of MoMo's influence on the community, we can see that MoMo has
become a significant application for people to transfer money back and forth with friends.
Users can use other e-wallets like ZaloPay, Shopee Pay because there are many promotions or
payment limits in certain services like Shopee. However, for MoMo users, it is optimal for
their daily transactions at any time, anywhere with the catchphrase "MoMo đi" to replace the
saying "Chuyển tiền đi." MoMo is also very invested when paying a decent amount of money
when users recommend the app to another person, increasing the influence of the brand.
 19

Finally, MoMo's promotions and promotions-hunting games became an incredibly unique and
effective USP of it, attracting a lot of users and even groups were established to hunt for
promotions provided in these games. Typically, games like "Nuôi heo đất" or "Lắc xì" and
many other relaxing activities are programmed on MoMo's app, making a simple e-wallet
much more fun for people.

By analyzing the above two strengths of MoMo, we have seen the cause of the MoMo app's
success. Those are also the strengths that make MoMo's brand value in our market, especially
for Gen Z.

When it comes to the weaknesses of the Momo e-wallet, we have identified two main
reasons why Momo users are not really satisfied with it when conducting the Focus Group
interview.

The biggest concern of users when using Momo is security-related issues. As this is a
money-related application, all 7 participants are still cautious about keeping a lot of money in
this e-wallet. From the group interview, 6 out of 7 of the interviewees mentioned the security
issue first. They think that Momo's security steps such as using fingerprints or face ID are not
safe enough for them, one of them even suggested that they should be more secure by using
OTP codes for each transaction. Moreover, 2 participants suggested that Momo should add a
support utility for users in case they transfer money to the wrong person or send the wrong
amount of money. In addition, 2 of the participants said that the transaction notification
needs to be made clear because there have been cases where the recipient was not aware of
the amount they received just because they did not save the sender's number. They require
specific invoices or notices for large amounts of transactions.

The second problem that Momo should improve is information overload. Two of the
participants mentioned how confused they were when using Momo because there are too
many things on it. It seems that Momo is aiming to become a multi-tasking application,
integrating many services and utilities at the same time. However, this causes obstacles for
some users, especially older users who have little exposure to financial applications. The
integration of too many functions will cause confusion and discomfort for users. Sometimes
users only use the main functions of the Momo wallet, which is to transfer money or pay bills,
without the need for other services such as ordering food, raising piggy banks, or saving. All in
all, the excess amount of information presented in the interface of Momo is sometimes
overwhelming to users and discourages them from using the app.
There were also some limitations of Momo that the participants pointed out, including that
they felt uncomfortable when being asked to provide too much personal information such as
facial recognition or ID photos. In addition, the problem of connection speed is also a notable
point when participants have reported that money transfers are slow or not done when their
network connection is weak.

In conclusion, security and interface are two areas that Momo needs to pay attention to.
Improvements from these issues will be outlined in the suggestions section.

In a deeper discussion, all participants from the focus group discussion agreed that MoMo
advertisements are attractive and eye-catching with catchy sounds, slogans, images, and
influential KOLs such as Bui Cong Nam, Binz, and Ngoc Trinh. However, two of seven
participants (Thuận and Vi) perceived these advertisements to be pretty inappropriate for the
elderly and middle-aged people. Therefore, even though MoMo performs well in attracting
Generation Z to engage in its marketing activities, MoMo can expand its target users to attract
more new users who do not belong to Generation Z. On the other hand, three out of seven
participants (Thuận, Vi and Hoàng) were concerned about personal information while using
MoMo and doubted MoMo’s security when making transactions. Therefore, MoMo should do
marketing advertisements to make users feel more confident and trust its application and
attract non-users concerned about its security.

In addition, MoMo is known as a pioneer in the e-wallet industry in Vietnam. Therefore, with
its current resources and innovative functions such as entertaining games, activities, and
charitable activities such as raising pigs which attracted attention from users, MoMo can
develop its ideas to attract more non-users and retain current ones.

We may conclude from the information gathered during the focus group discussion that
having numerous competitors in the same field is a threat to MoMo.

Besides using the MoMo e-wallet, the interviewees also stated that they also use other
e-wallets such as Zalopay, Shopeepay, Vnpay, or Moca, depending on the individual’s use.
They also provided some specific examples and certain comparisons between MoMo and
others. Most participants said that promotions in other e-wallets were more suitable for their
needs, so the use of e-wallets for them became quite flexible. According to a participant’s
share, when using the Shopee app to shop, the Shopeepay e-wallet will be her preferred
payment option because she can apply more discount coupons. Moreover, the promoting
campaigns of other e-wallets also attracted the attention of many users. Zalopay and
 21

Shopeepay are new opponents, so they have been concentrating their efforts on promotion
and providing a large number of vouchers to their users. On the other hand, some of the
participants (Thuận and Hùng) commented that MoMo’s interface is more difficult to use
than other apps because it includes many functions and takes time to learn to use effectively.

In conclusion, the competition among the e-wallets market is becoming intense, not only
MoMo but also other companies are attempting to improve and expand their market share.
Furthermore, banks nowadays are developing their own ecosystem in which they integrate
many of the functions of e-wallet apps into their original digital banking apps. That is a signal
for other competitors in the cashless payments market to constantly update the technology
as well as customers’ services, or else, they can be wiped out someday.

2. Results of the Study 3: Quantitative Research

The survey of MoMo e-wallet was conducted in the middle of August 2021 to collect the
response of the participants on the factors affecting their using behavior towards the cashless
payment method, especially aimed at MoMo. A sample of around 110 respondents was
drawn from our survey. Our target population was Momo users aged from 16 to 24 years old.
In order to create the sample, a convenient sampling method was applied to collect
respondents from a large number of Momo users. Using the survey is a useful method for
exploratory and descriptive research and it is the most commonly used sampling technique as
it’s incredibly prompt, uncomplicated, easy to collect data, economical and simple to
implement. Finally, a sample of 135 individuals was obtained, with 127 qualified responses.
Momo users account for 87.4 percent (111 respondents) of the 127 qualified respondents,
while non-users account for 12.6 percent (16 respondents).

Demographic
This survey instrument includes demographics characteristics of the respondents and is firstly
based on these characteristics to briefly analyze our respondents. In this paper, GenZ
population, including those who are at the age of 16 to 24 years old, is the target, since there
is a widely assessed idea that they are the generation equipped well with digital skills. Our
respondents mostly are youngsters who are currently studying at universities and those who
are white-collars under 24 years old, with priority given to regions where the prevalence of
using cashless payments more frequently, Ho Chi Minh city.

Using MoMo * Gender

GENDER
 Male Female Other Total
Using MoMo Yes 43 58 1 102
No 2 7 0 9
Total 45 65 1 111

Value

Contingency Coefficient 0.116

Table 1: SPSS analysis - Crosstab table for Using Momo and respondents’ Gender.

The targets set out do not include the gender characteristics but took a look at the population
indicating that there are 58.6% of females and the latter part belongs to male respondents, 41.4%. In
other words, there are 58 over 65 female respondents saying that they are using MoMo, which
accounted for nearly 90% and 95% went for the same result in the male population. However, as far
as the research calculation, the contingency coefficient of 0.116 for the correlation between the
gender and the using decision. This figure is below 0.3 indicating that there is a low dependence
between the gender of the users and the decision whether they use MoMo or not.
Likewise, with the data analyzed, there is no significant correlation between the users’ income and
their decision to use MoMo e-wallet.

Using MoMo * Income

INCOME (million VND/month)
<1 1≤ x <5 5≤ x <10 >10 Total
Using MoMo Yes 33 46 15 8 102
No 5 4 0 0 9
Total 38 50 15 8 111

Value

Contingency Coefficient 0.171

Table 2: SPSS analysis - Crosstab table for Using Momo and respondents’ Income.

From these two characteristics of the survey’s sample, it specified that MoMo e-wallet users are
variable, regardless of their gender or financial status. From this point, MoMo should continue to
expand its target customers to attain more users and enlarge its market share. Besides, with the
 23

respondents’ status, our group has retrieved some information regarding the using behavior of the
participants. From our data collected, 84.7% of the respondents are in the educational status of which
27% of them are part-time employees. At the same time, around 15% of the sample are fully
employed.

Using MoMo * Job

JOB
Student + Student +
Part-time Full-time
Student part-time full-time Total
worker worker
worker worker
Yes 57 3 13 26 3 102
Using MoMo
No 8 1 0 0 0 9
Total 65 4 13 26 3 111

Table 3: SPSS analysis - Crosstab table for Using Momo and respondents’ Job.

There is a trend that those who are at work are more willing to use MoMo e-wallet compared to
those who are currently just studying. In regards to the participants who are employed, unrelated to a
part-time or full-time job, nearly all of them said that they are using MoMo. This draws to the
conclusion that when people go to work, they have the tendency to use less cash and switch to using
e-wallets or cashless payments.

PU - Perceived Usefulness
 Figure 1: Data on the using purposes of Momo

The chart above illustrates data on using behaviors of Momo users. More specifically, the majority of
users (96.4%) use Momo e-wallet for money transfer and this is also one of the main functions of
Momo. Next, about 77.5% of survey respondents use Momo for a mobile top-up, which also partly
shows Momo's convenient side because this has almost completely replaced the traditional way of
buying physical mobile cards. Besides, the majority of respondents also use Momo to pay for
entertainment services such as games, music, apps purchases on their phones, etc. In addition, up to
62% of users use Momo for online shopping. This really reflects the increasing demand of people for
online shopping, especially during the ongoing Covid-19 epidemic. Moreover, Momo also integrates a
utility to pay electricity and water bills, and this feature is gradually getting attention when about 30%
of participants use this utility of Momo. Notably, there are also a small number of participants using
Momo to pay for tuition fees (8%).

Figure 2: Percentages on how users rate 3 main features of using Momo

The chart above shows the satisfaction level of survey participants for the 3 most prominent features
of Momo e-wallet: free, convenient, and fast. Up to 83% of participants agree that money transfers on
Momo are free. This is considered one of Momo's strengths when users always have a comparison
with other e-wallets or banking applications that charge fees for transactions. In addition, more than
80% of people surveyed agree that MoMo's transactions are done quickly. Therefore, more than half
of the participants think that Momo is really convenient. Notably, 14% of them rate the convenience
 25

of Momo wallet at a neutral level. This shows that there are still some participants who are not really
satisfied with the convenience of Momo.

Figure 3: Percentage of participants when asked whether they use all Momo’s features (left) and their
overall satisfaction with the functions and services provided (right)

From the chart on the left, with the question of whether people use all the features of Momo, it can
be seen that about 47.7% of users disagree with this question. In addition, 27% of respondents are
still unsure about this question. The above data shows that the majority of users do not use all the
utilities provided by Momo, which also partly reflects that Momo is trying to build into a
multi-featured application but still not really effective.

The chart on the right is the overall rating of user satisfaction with Momo. It can be seen very clearly
that the majority of users (80%) are satisfied with the functions and services that Momo offers. In
which, only 17% of users rate satisfaction as normal and very few people are not satisfied with Momo.
Thereby proving that Momo is still one of the top favorite e-wallets as well as doing quite well in
retaining users with the convenience it brings.

PEU - Perceived Ease of Use

 Figure 4: The proportion of how users rate MoMo helps them to save time and how MoMo
users find the app's interface easy to use

Based on statistics through two charts, MoMo has shown that they have done well in maintaining the
app's system, interface, and operation to become the most convenient and fastest for users, with over
80% agreeing. That is also one of MoMo's competitive advantages over competitors in the same
industry based on its development age, experiences on investment, and well-trained staff. According
to Q&Me Vietnam, the same results were obtained with 73% easy to use and 74% quick payment,
respectively when survey respondents ranked their satisfaction when using the wallet MoMo33.
Thereby, our group observed the importance of how users perceive ease of use to develop the MoMo
wallet.

SI - Social Influence

This factor mentioned some social effects that might directly influence the intention to use Momo of
the target respondents. As a result, friends and the popularity of Momo's in-store payment elements
were shown the highest influence. Whereas, family and frequency seeing ads elements did not as
high effectively as others. The following chart shows the number of respondents for each element.
 27

Figure 5: Social influence factors on intention to use Momo

Our group conducted an SPSS analysis to compare the mean between responses. In which SI11, SI12,
SI13, SI14 asked about elements that influence the intention to use as mentioned above. Besides, SI2
and SI3 asked about Momo's introduction commission and the level of willingness to share their
favorite brand for acquaintances. And once again SI13, which is the popularity of Momo's in-store
payment element, got the highest point among other elements. In addition, almost all the
respondents are willing to introduce Momo to their acquaintances.

Descriptive Statistics
SOCIAL INFLUENCE
N Minimum Maximum Mean
SI11 111 1 5.0 3.85
SI12 111 1 5.0 3.02
SI13 111 1 5.0 3.90
SI14 111 1 5.0 3.21
SI2 111 1 5.0 3.33
SI3 111 2 5.0 4.40

Table 4: SPSS analysis - Descriptive Statistics table for Social Influence.

Finally, for the score that ranges from 1.17 to 5, the mean of this factor which is 3.557 had moderate
effect compared to other factors.

Descriptive Statistics
SOCIAL INFLUENCE
N Minimum Maximum Mean
SI 111 1.17 5.0 3.557

Table 5: SPSS analysis - Descriptive Statistics table for Social Influence.

PT - Perceived Trust

When asked about the satisfaction of customers with Momo’s security, most of the participants felt
quite satisfied, a large number of them agreed (36.9%) and strongly agreed (30.6%) with the
statement while a small number of participants (2.7%) said they were not satisfied. Security is one of
the other important factors that can affect customers' intention to use Momo e-wallet. Users might
face unforeseen scenarios and losses as a result of a low-security level, such as information leakage,
money loss, account hacking, and so on. In general, Momo has done a good job of protecting its
customers' information, but their security still has to be improved in several areas to completely
satisfy consumer expectations.

Figure 6: Proportion of Momo's level of satisfaction with the security of user information and in
trusting the safety of transactions on Momo

According to the results, the majority of participants agree with the statement that they trust Momo's
safety, with more than 38 agreeing, 28.8% strongly agreeing, and only 5.4 percent disagree. As a
 29

result, it can be observed that the safety of transactions on the Momo app is assured, the number of
individuals experiencing difficulties processing transactions is small, and Momo's users are generally
confident in the system's security.
FC - Facilitating conditions

Figure 7: Proportion of participants’ satisfaction with Momo’s customer service

Since Momo is working in the service sector, the customer service element has a significant impact on
customers' consumer behavior. When customers encounter difficulties or problems while using
Momo wallet, the fact that the company can solve those problems will increase the reliability of users
when using the application. On the other hand, if those issues are not handled or not resolved well, it
will reduce the trust of customers in Momo wallet. According to the survey results, people who use
Momo are pleased with the company's customer service and guiding policies, but not completely
satisfied. Furthermore, there is still a small percentage of Momo’s users dissatisfied with the service.
 Figure 8: Proportion of the speed and stability of Momo application on customer’ devices

​The stable usage of the application also greatly affects the motivation of users. The results illustrate
that the Momo application does not cause many problems to customers' devices, as shown by the
replies of the respondents, 41.4 percent of individuals have Momo stable installed on their
smartphone, while 4.5 percent disagree and have issues with the app.
Instability and slow speed can be caused by a variety of factors. According to certain comments
obtained from focus group discussions, instability might be caused by device faults that are not
updated frequently or overloaded. However, faults can also be caused by the app, therefore Momo
should continue to solve any possible or common issues users may encounter in order to give a better
experience.

LC - Lifestyle Compatibility
 31

Figure 9: The proportion of how people perceive MoMo as a suitable form of payment
during the pandemic

When asked about the suitability of payment via MoMo in the context of the pandemic, most MoMo
users agreed that using MoMo as an alternative to cash payment is an effective measure to prevent
the disease from spreading, specifically 89.2% of people chose options 4 and 5. The chart above
confirms the importance of the MoMo e-wallet during the pandemic outbreak, which is an
opportunity and the challenge for MoMo to optimize the user experience with a high increase of
30-40% of users34. However, the transaction value can decrease by up to 30%, while MoMo's revenue
is calculated based on transaction value.

Figure 10: The proportion of what Momo's advertising form that customers have ever seen
and been attracted
Through the above chart, our group can easily see that the three most popular and impressive forms
of advertising for MoMo users are those on the internet and social networks (93.3%), advertising on
television (22.9%), and advertising through events, product launch ceremonies (20%). Thereby, our
group can see the importance of digital marketing via the internet and social networks, with an
impressive number of 93.3% contributing significantly to MoMo's success. From the results achieved
from Google, That is also an excellent potential for MoMo to influence the gen z audience when
Vietnam has a gen z population of about 14.4 million, and 74% of them use more than four social
networks35. In particular, in 2020, MoMo recorded more than 1.6 million discussions during the period
of the “Lắc Xì" campaign, especially during the boom period of the campaign, it recorded 1.3 million
discussions within two weeks, this is also the campaign with the most significant total discussion and
actual audience36 (YouNet Media Agency, 2020). Although there are many opportunities for MoMo
through digital marketing, as proven above, gen Z is still challenging customers because gen Z is
considered problematic customers who would not likely spend a large amount of money compared to
Millennials.

Descriptive Statistics
Factors affect intention to use MoMo
N Minimum Maximum Mean
PU 111 2.13 5 3.5721
PEU 111 2.5 5 4.464
SI 111 1.17 5 3.5571
PT 111 2 5 3.964
FC 111 1.5 5 3.7973
LC 111 1.5 3.5 2.7973
Valid N (listwise) 111

Table 6: SPSS analysis - Descriptive Statistics table for factors affecting intention to use Momo.

From the table above, seven independent variables positively influence the intention to use MoMo
when the mean of 6 factors is above 3.5, which means agreeing. Significantly, the perceived ease of
use is a critical factor affecting the intention to use MoMo, whose mean is 4.46, indicating agreeing or
totally agreeing. The mean of LC shows that MoMo is doing well with advertising to attract GenZ's
intention.
 33

Descriptive Statistics

N Minimum Maximum Mean

LC1 111 2 5 4.51

PEU2 111 1 5 4.48

PEU1 111 3 5 4.45

PU22 111 1 5 4.22

PU7 111 1 5 4.21

PU23 111 1 5 4.21

PU21 111 1 5 4.20

PT3 111 2 5 4.05

SI3 111 2 5 4.04

PT1 111 1 5 3.93

PT2 111 2 5 3.91

SI13 111 1 5 3.90

FC2 111 1 5 3.89

SI11 111 1 5 3.85

FC3 111 1 5 3.70

SI2 111 1 5 3.33

PU3 111 1 5 3.30

SI14 111 1 5 3.21

SI12 111 1 5 3.02

PU4 111 1 5 2.96

PU5 111 1 5 2.76

PU6 111 1 5 2.73

LC2 111 1 2 1.08

 Valid N (listwise) 111

Table 7: SPSS analysis - Descriptive Statistics table for every response question.

MoMo performs exceptionally well in attracting GenZ's intention to use when almost 111 participants
feedback positively through 15 questions impacting on intention to use with the mean of these is
above 3, which means agreeing.

As a result of Covid-19, MoMo user's lifestyles have changed substantially when almost 111
participants agree that it is the suitable payment to avoid the spread of the pandemic. Therefore,
Vietnamese payment methods can go cashless when the consumer's behavior has started to change.
Furthermore, from the descriptive statistics, the MoMo's ease of use positively affects MoMo's
intention to use. Most participants agree that using MoMo helps them save time, and the interface of
MoMo apps is quite friendly for them to use.

Moreover, MoMo succeeds in advertisements when 105 out of 111 participants saw its advertisement
on several channels. Moreover, 98 out of 105 users feel impressed by the ad through the Internet and
social media. Therefore, MoMo should focus on advertising through the Internet and social media to
save money and attract more users instead of using several channels.

However, spending money on multi-function and entertaining activities hasn't attracted most users
when they ignore MoMo's functions and entertainment activities. Moreover, only thirty percent of
users find that MoMo's promotions are helpful for them, indicating that MoMo wastes its budget and
resources by providing useless promotions for customers. Therefore, useless promotion is also the
negative point to retaining users. On the other hand, when one of the motivations for using MoMo is
promotions, most customers agree that they started to use MoMo because the brand provides them
promotions (mean is 3.3). Therefore, users may consider using other applications to receive valuable
promotions if MoMo can not offer them more attractive and suitable promotions.

X. Recommendations

For further development, Momo should target more groups of age that help the diffusion of
innovation in a cashless society. Besides, the advance in account security should be developed
to attract and retain customers. In the current situation, CSR strategy might be a considered
strategy such as contributing to the Vietnam vaccine fund. Momo can also call for social
responsibility by opening some humanitarian funds. This strategy not only improves brand
recognition but also gains a positive business reputation.
 35

XI. Limitations

Although this study has been done in the most enthusiastic way, there are still some
limitations in doing this research. First, we use convenient sampling which is non-probability
sampling and it is accessible to our targeted users, which is Generation Z. However,
convenient sampling still has some biases due to the fact that we mainly approach the
surrounding groups of students. Therefore, there is a lack of social status in the respondents’
portfolio. As a result, the data does not represent the whole population or in other words, it
lacks generalizability. Secondly, due to Covid-19, we had to conduct Focus group interview
online, which made the discussion less engaging, which somehow affected the quality of the
data collected. Lastly, there is not much data on the cashless payments in Vietnam in recent
years. The lack of data from reliable sources did prevent us from making the predictions or
results more insightful and its shortage also blocked our way to a further and deeper
understanding of this industry in Vietnam.

XII. Conclusion

This research is based on the UTAUT model to study the intention to use Momo of GenZ. Our
group project examined seven factors that were considered to have an impact on intention to
use which were Perceived Usefulness, Perceived Ease of Use, Social Influence, Facilitating
Conditions, Lifestyle Compatibility, Perceived Trust. Both quantitative research and qualitative
research were used to have a comprehensive insight into this topic. Momo has become the
most popular e-wallet in Vietnam now due to the satisfaction needs of users. Through the
research, our group realized that there were two main factors that impacted on intention to use
Momo which are Perceived Usefulness and Perceived Ease of Use. However, MoMo users are
concerned about privacy and confidentiality in personal information and transactions.
Therefore, MoMo can set OTP codes for each transaction to increase the degree of privacy.
Moreover, most of its promotions and incentives are ineffective when users do not use them
all. Therefore, MoMo should personalize promotions for different users when most users are
using MoMo because of promotions, while at present, other e-wallets still offer attractive
incentives for users.

MoMo has done an excellent job attracting a considerable number of users generally and GenZ
substantially via promotions, marketing activities, and other functions. Moreover, the pandemic
context helps MoMo change user’s behaviors from cash payments into cashless payments. However, it
is still a long way for MoMo to stand out in the e-wallet industry when more and more newcomers,
competitors, and other cashless payments such as Internet banking.

XIII. Project Timeline

 37

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 39

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26. Nguyen, Cuong & Nguyen, Trang. The Determinants of Consumer's Intention to Use E-wallet:
The Case Study of MoMo in Vietnam.[Internet]. 2020 June [cited 2021 July 20]. Available
from:

https://www.researchgate.net/publication/346579921_The_Determinants_of_Consumer%27
s_Intention_to_Use_E-wallet_The_Case_Study_of_MoMo_in_Vietnam

27. Vu M. Momo E-Wallet | The Rise of Super App Platform in Viet Nam 2020 [Available from:
https://agiletech.vn/momo-e-wallet-super-app-platform/.

28. Deloitte. The Vietnam Consumer Survey An accelerating momentum. 2020.

29. DO NB, DO HNT. An investigation of Generation Z's Intention to use Electronic Wallet in
Vietnam. The Journal of Distribution Science. 2020;18(10):89-99.

30. IBM. What do Gen Z shoppers really want?

31. Freitas, H., Oliveira, M., Jenkins, M., & Popjoy, O. (1998). The Focus Group, a qualitative
research method. Journal of Education, 1(1), 1-22.
 32. Rabiee, F. (2004). Focus-group interview and data analysis. Proceedings of the nutrition
society, 63(4), 655-660.

33.

34. MoMo, V. (2021). Ví MoMo là Ứng dụng tài chính có nhiều người sử dụng nhất năm
2019. Retrieved 3 September 2021, from
https://momo.vn/tin-tuc/tin-tuc-su-kien/vi-momo-la-ung-dung-tai-chinh-co-nhieu-nguoi-su-d
ung-nhat-nam-2019-1140

XI. Appendix

Discussion Guide

1. Time: August 8th, 2021

2. Moderator: Võ Chí Dũng

3. Target participant group: GenZ who is using MoMo (within ISB program)

4. Group size: 5-7 participants (both males and females)

5. Time duration: 60 - 90 minutes

6. Platform: Zoom/Google Meet

7. The Focus Group Discussion - Questionnaire (Draft)

GOAL SETTING
Block Outcome Questions
1. Can you introduce yourself?
Participant 2. Where do you live? Are you in HCM city or in other provinces?
Warm-ups (7-10 introduction: 3. Does Covid-19 affect your area?
min.) personal 4. How does Covid-19 affect your studying?
information. 5. How does Covid-19 affect your buying behaviors such as the
way you go shopping, buy stuff, and so on?
We are forming this discussion to get the information from the
- Review the purpose
participants about the topic that we are doing - MoMo e-wallet.
of the meeting.
After collecting all of the information, we will have a final report
- Outline the
Introduction about the discussed topic and we take this as our assignment and
structure and how
hand it to our lecturer.
the information will
In this discussion, we will record the answers for further
be used.
discussion. You should be relaxed about this because we discuss
 41

them inside our group only and the record will never be sent to
anyone else.

6. Have you ever heard about e-wallet? In your opinion, what is

an e-wallet?
7. In general, what do you think about e-wallets? Why do you
Get to know the
General think like that?
reasons/ contexts for
Questions 8. Can you tell me some E-wallets you have used so far? How
using the e-wallets.
many E-wallet apps are on your phone now?
9. Why did you choose those e-wallets?

Understand 10. How often do you use MoMo e-wallet?

customers' priorities 11. What do you think are the features you like the most about
and concerns with using MoMo?
Pre Focus group
Momo to identify 12. How did it help you in life?
Questions
the important 13. Do you have any problems when using MoMo that you feel
factors that we need annoyed/hate to use? What are they?
to pay attention to. 14. How do those issues affect your user experience?
15. Does using MoMo save your time? Why?
Perceived 16. Do you find MoMo's features quick and
usefulness convenient for you to manage your finances?
Why?
17. Learning to use the Momo app was easy for
you or not?
18. Using the Momo app was clear and
Perceived
understandable for you or not?
ease of use
19. Is the Momo app flexible to use?
Understand the 20. Do you find the Momo app easy to use? Which
concerns and issues app function do you often use?
related to the 3
21. MoMo is considered the leading e-wallet app.
factors mentioned (it
Do you consider that opinion as the factor causing
could be out of our
your usage?
stated questions but
22. How did you get to know this app? (friend,
related to the
Social family, ads/social media...)
intention to use the
influence What did your friends/family motivate you to use
customers).
the Momo app?
23. Have you ever heard of the advertising
campaign/TVCs/Marketing campaign of MoMo?
What is the advertisement that interests you?
 24. Can you think of any determinants that
increase the level of risk when using Momo
e-wallets?
Perceived 25. What factors do you think determine our trust
trust in using Momo?
26. Do you find any security problems while using
MoMo?
27. How do you feel about the privacy of MoMo?
28. Do you have the financial and technological
resources required to use an e-wallet like Momo?
Facilitating 29. Do you think MoMo e-wallet services are well
conditions integrated and stable to use? Are there any
problems with your devices while using the MoMo
e-wallet app?
30. What three adjectives come to your mind
when you hear about MoMo?
31. Can you tell me about your personality?
Lifestyle
32. How do you feel about MoMo about its
Compatibility
functions and services?
33. Does MoMo meet your standards when you
use it?
Understand the 34. Will you continue using MoMo? If not, then why?
upcoming solutions 35. Can you tell me the reasons why you don't use MoMo
and directions that anymore?
Implication
the company should 36. What do you expect MoMo to improve its products/services?
Questions
apply according to + If yes, then what are they? Why do you need them to improve?
the needs of + If no, then what are your most favorite things that cause the
customers. continuing usage of yours?
37. If Momo added features, elements, promotions... As you
The cost(s) that want, what cost do you think is reasonable?
customers are willing 38. Does MoMo cost you when you use its services?
Needs - Pay-off to pay when using 39. In which types of services does MoMo cost you? How much is
MoMo (transfer it?
fees, etc.). 40. Do you find that price reasonable? If not, what price would
you recommend?
41. How do you feel about this interview today?
42. Do you have any recommendations for us to improve next
Ending Greetings time?
Thank you for spending time with us. We hope that you have a
nice day and stay safe in the Covid-19.
 43

Focus Group Discussion - Transcript

Question Answer

Which function of MoMo do you use most? Can Interviewee #1: Phạm Minh Thuận
you share your using habits before and during
social distancing? There are two main functions that I often use in
the MoMo wallet: transferring money to wallet
users and paying bills. Before the epidemic, my
parents often paid the bill by bringing them to
the nearby Bach Hoa Xanh or FPT to pay in
cash. Because my parents did not link their
bank to the MoMo wallet, but during social
distancing, I encouraged them to pay via
MoMo, only then did my parents use MoMo.
After that, they paid the electricity and water
bills via MoMo, therefore, there is no fee for
transferring money so my parents also like it
and use it to this day.

Interviewee #2: Ms. Nhi, Student, RMIT

university

I usually use MoMo because firstly I can transfer

money to my friends and the transaction fees
are free. Secondly, I do not bring cash to go
outside, and selling places usually use MoMo.
Yes, it does not cost money. That’s all.

Interviewee #3: Ms. Vi, Student, University of

Finance - Marketing

Before pandemic: Pay bills

In pandemic: Pay the shipping fee to avoid

direct contact

Interviewee #4: Hoàng Ngọc Giáng Tiên -

1st-year student – International School of
Business

I also use MoMo to transfer money to my

friends. But there was a time when MoMo held
a game called “Lắc Xì” and I was bored at home
 at that time, so I opened MoMo to play a few
times to pass time.

Interviewee #5: Nguyễn Hoàng

Before Covid-19, I did not use Momo. I started

to use Momo since my friend told me that I
should use Momo for having vouchers, mobile
cards, and free transactions.

Interviewee #6: Đức Hùng

There are two services he likes in Momo,

namely electricity payment and money transfer
as Thuan said, and another point is that Momo
has a CGV booking function, I don't need to go
there but I can still make a reservation at home.
Also still love the free momo money transfer
service

Interviewee #7: Quoc Nhan

Before pandemic: Repay money to your friends,

utility bills, bills, shopping.
In pandemic: Do not use.
I am only using Momo because I don't have a
lot of money.

Do your parents have any difficulties while using Interviewee #1: Thuận
the MoMo app?
At first, my parents did not know how to use it
very well, so they would ask me whenever
there were any difficulties while using MoMo.

Does MoMo meet your satisfaction as an Interviewee #1: Thuận

E-wallet?
I am quite satisfied when using MoMo. In
addition to the money transfer or pay bills
functions, MoMo also has some other very
interesting utilities. MoMo often organizes
events in the form of games for people to
compete with each other. Moreover, there are
some charity donation programs that I find very
useful.
45

Interviewee #2: Nhi

I am satisfied with MOMO due to its fast speed,

many promotions, and convenience to pay bills.
Moreover, I can buy goods, transfer money to
friends...

Interviewee #3: Vi

I am satisfied with MoMo because it can

transfer money fast and free. Moreover, I don’t
need to input the account numbers when I
transfer money. Moreover, I have a goldfish
memory so transferring by MoMo is easy for
me.

Interviewee #4: Giáng Tiên

Every time I transfer money, MoMo will suggest

me a ‘thank you’ note, or like when I give some
lucky money to others, MoMo will suggest my
wishes for them, that is very cute. I really like
that.

Interviewee #5: Nguyễn Hoàng

I am quite satisfied with Momo because it has

free transactions, quick and easy to use.

Interviewee #6: Đức Hùng

Fast, convenient, attractive promotions,

beautiful app’s interface

Interviewee #7: Quoc Nhan

Beautiful colors, cute, many promotions, and

many free services.
How did you know about MoMo? Do you Interviewee #1: Minh Thuận
consider the idea of “MoMo is having a large
number of customers” as a factor that forces The first time I used and knew about MoMo
you to use it? was in my first year of college. At that time, I
had just opened my bank account and was
introduced to MoMo by my friends. Because
MoMo has a policy that when introducing new
users, the one who introduces will receive a
commission.

I think yes because at first, I used MoMo, which

was recommended by my friends, so I think if
many people around me use MoMo, it will
affect me and make me want to learn and use
it.

Interviewee #2: Nhi

I knew about MoMo when my friends

introduced it to me. They said that transferring
by MoMo does not cost me money. I think
having a large number of customers is a factor
that forces me to use MoMo because having
more users means that they can understand the
convenience of MoMo so they can introduce it
to me.

Interviewee #3: Vi

I knew about MoMo when I saw an advertising

booth in Kinh Duong Vuong galaxy cinema a
long time ago. However, at that time, I didn't
care much and didn't trust MoMo, so I did not
use it. A few years later, after my mom used it,
she saw it was easy to use and download.
Therefore, I used it. I think that having a large
number of customers affects me a lot to use
MoMo when it increases credibility and
reputation. Furthermore, it is very convenient
to transfer money to everyone.

Interviewee #4: Giáng Tiên

MoMo run a promotion that if anyone

introduces new people to use MoMo, both the
offeror and the acceptor will receive a voucher
(according to my remembrance), it's 4 million or
47

something so I heard it and I was like "Wow ",

this is a good deal so why don’t I join it? So I
just started using MoMo. But I don't trust it
very much, I was afraid of losing money and my
personal information. But the good thing is that
there were many times when I went to Shopee
(?) (e-commerce sites), whenever I used MoMo
to pay the bills, I would get a discount. I am in
love with promotion. Why not? It is beneficial
for me so why don’t I just use it? That is a factor
for me to join MoMo. But sometimes, those
promotions are not really helpful. (Factors
leading to intention to use are confirmed to be
the promotions).

Interviewee #5: Nguyễn Hoàng

I started to use Momo since my friend

suggested using Momo for free transactions.
Thus, I think that the people surrounding me
using Momo also affect my intention to use it

Interviewee #6: Đức Hùng

My friend introduced MoMo to me. I think

having a large number of users can affect my
decision because it indicates that MoMo is
good-quality.

Interviewee #7: Quoc Nhan

He uses Momo because friends also use it to

transfer money to each other. In addition,
Momo also has many incentives, so it saves
more costs than using cash or bank
applications.
What are your feelings/comments on the Interviewee #1: Phạm Minh Thuận
advertisements and Marketing campaigns of
MoMo? I find the TVCs very eye-catching when I look at
them. I want to find out what MoMo is.
Although I’m not familiar with this field I think
it’s good. And MoMo also knows how to choose
famous KOLs that are more suitable for young
people.

However, I think that might be MoMo’s

weaknesses as well. Thus, in my opinion, such
video clips will not be suitable for older people.
I think MoMo advertisements will only focus on
young customers. In general, MoMo marketing
is quite good.

Interviewee #2: Nhi

Yeah, I think I like MoMo's colour scheme, like

every time I see MoMo, I see pink, in general,
when I see pink, I know it's MoMo. All the
advertisements are trying to use a specific
colour so that people can easily remember.
Therefore, when I see the pink colour, I
recognize MoMo immediately.

Interviewee #3: Vi

Well, I see that MoMo does pretty good

marketing and spends a lot on campaigns.
Besides, the awareness of MOMO is quite high
right now. For example, now people don't say
"Transfer money", but they say "MoMo me" as
we can see that it is a successful way for MoMo.
Moreover, I think it's okay if they choose KOLs
or celebs. For example, BinZ matches their
colour, and the story is also appropriate.
Therefore, I think they built this campaign quite
well.

Regarding "Lắc Xì" from MoMo, it haunted me

for a whole Tet holiday because every time I
opened the app, it would say "Just shake it and
win a gift" even though I haven't seen Bui Cong
Nam's MV but when I hear that sentence, I am
always obsessed with it. Therefore, it was
49

accidentally pinned to my head.

In terms of weaknesses, as Mr. Thuan has said,

MoMo targets young people. Moreover, they
have been successful so they can expand their
target audience. They should spend money on
reaching a larger audience because now older
people like my parents are used to using
phones rather than Low-tech like in the past. In
addition, since this is a money transfer app, I
think there should be more ads about that
security because it makes people feel more
trustworthy.

Interviewee #4: Giáng Tiên

Like everyone else, I am also very satisfied with

MoMo's Marketing. I don't know whether you
have noticed or not, but from my perspective,
all of the most successful marketing campaigns
of MoMo are on Tet and holidays. Those are the
days when people need to transfer money or
give out lucky money, usually, MoMo will hit on
those days, so I feel that MoMo really captures
the user's needs and demands.

Interviewee #5: Nguyễn Hoàng

In my opinion, Momo's marketing strategy is

quite good. They use their brand color for all
their advertising which can provide the
connection to customers from ads to their app.
They also use various ads channels such as
Youtube, TV, and social media. I found that the
Momo app was really interesting when I first
used it. They designed many games on the app
which make the app closer to me more.

I think their strategy was quite successful

because almost everyone knows about Momo
now. For that reason, I have not found any
mistakes or problems with their strategy yet.

Interviewee #6: Đức Hùng

According to me, Momo spends quite a lot,

both in terms of advertising, making trend or
 collaborating with singers (BinZ, Ngoc Trinh, )
and I think it's quite good to spend money on
vouchers too. Moreover, it is not effective if
they just focus on the advertising but not
improving the quality of the app. But here
Momo combines both the visual and quality.
There is a game called Lac Xi to create
excitement. I remember that my friends and I
played constantly, day and night. If you have a
chance to win billions of money, who wouldn't
play it?

Interviewee #7: Quoc Nhan

I saw that Momo invited many celebrities to act

in advertisements, and their ads also provided
the right amount of necessary information. I
was most impressed with the advertisement
Ngoc Trinh played.

What do you think MoMo needs to improve in Interviewee #1: Phạm Minh Thuận
the future to attract more customers?
In general, until now, I have not dared to
transfer a large amount of money through
MoMo, I only do some small transactions. So if
MoMo focuses on money transfer, the security
issue is important, it should have 2 to 3 layers of
security, not just confirm through face id or
fingerprint for each transaction.

Besides its popular functions, MoMo has a lot

of other things like piggy bank or charity,... I
think it’s a bit overwhelming. Because for a new
user, if they want to use MoMo effectively, it
takes time to explore and learn more about
MoMo’s applications.

Interviewee #2: Nhi

In my opinion, if the person transfers the

wrong amount of money to others, MoMo can
support the transferee to reverse the money. I
think this is the thing that all online payments
should improve.
51

Interviewee #3: Vi

Like Mr. Thuan, about security, I don't dare to

transfer a lot of money or put a lot of money in
MoMo because I have heard my teacher say
that for a bank if I lost my money, I can
complain to let it pay me back. However, for
e-wallets, it is not so sure. Therefore, after my
teacher told me, I just left tens of thousands of
VND in MoMo. I think that MoMo has to
improve its security to attract more people
because there are many e-wallets now such as
Moca, it's also quite ok. As a result, I think it
needs to improve that problem. Thank you.

Interviewee #4: Giáng Tiên

This is not from my own experience but from a

friend of mine. There was a time when my
friend transferred money to another person,
but she was like "why did I transfer the money
but I didn't see any notification or notes from
MoMo?" and later found out it was because my
friend's phone didn't save the person's number,
so it got into the waiting message, like on
Facebook, texting with strangers and we will be
on the waiting list of Messenger. Then I think
MoMo should have a solution for this because
transferring money needs to be clear. If I
transfer a large amount of money that I want to
prove to someone, I will need a receipt or at
least a notification from MoMo, not in the
waiting list like that and I even need to search
for that waiting list. So MoMo needs to improve
this. However, this doesn't happen to everyone,
so I'm not sure if MoMo had any problems at
that time or not.

Interviewee #5: Nguyễn Hoàng

The same as all the interviewees, I also think

that their account security is not really good.
Thus, I just keep and transfer a small amount of
money on the Momo app. In case Momo has
problems or goes bankrupt, I will not get my
money back. Whereas, for the bank account, I
 still can be returned my money due to the law.
In addition, it seems like Momo only focuses on
free and instant money transfer advertising. For
instance, their "Túi Thần Tài" was not really
widely advertised.

Interviewee #6: Đức Hùng

The first thing is that Momo needs to be linked

to his bank account before he can use it. The
second one is about speed. I remember a case
like this: at that time I was paying for milk tea in
Phuc Long with my family, I didn't understand at
that time my network was weak or something
but Momo's connection speed was not stable.
like VNpay. With VNpay, you open the app and
you can pay immediately. With Momo, when he
transferred money, the transaction was not
done immediately, but only when there was a
stronger internet connection, it would transfer
later. When using, I still prefer VNpay because
the connection speed is faster, I also use it to
hunt for sale

Interviewee #7: Quoc Nhan

With current usage needs, there is no need to

improve much.

Rating: 9/10 points for peace of mind.

However, I found that Momo asked for a lot of

personal information, causing discomfort about
security with facial recognition. For some
people, using a low-profile phone, the fact that
Momo has many functions makes the phone
lag.

On a scale of 1-10, how would you rate MoMo? Interviewee #1: Phạm Minh Thuận

I give MoMo 8 out of 10 because besides the

good points, as mentioned above, there are
some things that MoMo still needs to improve
in the future.

Interviewee #2: Nhi

 53

I think it's 7/10 because I use MOMO and don't

transfer much. Moreover, before I transfer
money, I have to enter the password that I put
in MOMO. Therefore, it is so safe, and I don't
have to worry a lot when I use MOMO.

Interviewee #3: Vi

Interviewee #4: Giáng Tiên

I haven't had any problems yet, just heard

stories from my friends like the
aforementioned. Until now, I am still very
satisfied with MoMo. Generally speaking,
MoMo has never done anything to make me
unhappy.

Interviewee #5: Nguyễn Hoàng

For the customer assurance criteria, I can only

mark for Momo 6/10. Actually, Momo had
spent a lot of money on their marketing which
was around 1 billion dollars as I remember.
Momo is also one of the most used e-wallets in
Vietnam. For these reasons, I believe that
Momo will not easily be bankrupt. However,
their account security is not really good which
leads to their score for this criterion not being
high.

Interviewee #6: Duc Hung

I rate 7 points out of 10.

Interviewee #7: Quoc Nhan

Rate 10/10 because with current usage needs,

Momo has met enough.

On a scale of 1-10, what is your willingness to Interviewee #1: Minh Thuận

recommend MoMo to others?
I think I will be willing to recommend other
people to use MoMo, so I give it 9 out of 10

Interviewee #2: Nhi

8/10
 Interviewee #3: Vi

8/10

Interviewee #4: Giáng Tiên

8/10

Interviewee #5: Nguyễn Hoàng

8/10

Interviewee #6: Đức Hùng

I rate it 5/10. When people ask me if I use

momo, I will also answer yes and if they ask
about how to use it, I am also willing to show
them but I do not suggest it to people because I
do not use momo much and I also use many
more apps

Interviewee #7: Quoc Nhan

5/10 because it is not secure to share with

others, only share when people really need it.

Do you use any app other than MoMo? Interviewee #1: Phạm Minh Thuận

I am using two e-wallets that are MoMo and

Zalopay. About Zalopay, I use it to pay through
The Coffee House's app, because if you pay via
Zalopay, Zalopay will give you some discount
codes for The Coffee House. In addition,
Baemin also has many discount codes on
Zalopay, and 7eleven also often has a voucher
to reduce 15k if paying with Zalopay. I mainly
see which one has a discount code, then I will
download and use it. In general, I see MoMo
and Zalopay are the two apps with the most
incentives.

Interviewee #2: Nhi

I don't have much experience because all these

apps have to be downloaded just to receive
promotions. Therefore, I only use each app 1-2
times, but only MoMo I use frequently.
55

Interviewee #3: Vi

I am using eBay and MoMo. The reason why I

use eBay is that it discounts me, but actually, I
don't really like it, I still like MoMo. I only use
eBay to pay for Shopee. It discounts a lot. That's
it.

Interviewee #4: Giáng Tiên

Actually, if I need to transfer money, I would use

MoMo. Like when I buy things on Shopee or
Lazada, it has some promotions so when I use
ShopeePay, ZaloPay, or Moca, I pay less money.
Since then, it depends on what e-wallet has the
most beneficial promotion from the apps, I will
choose to use it. Basically, I will choose that
wallet to buy things online.

Interviewee #5: Nguyễn Hoàng

I only use one e-wallet which is Momo. My

bank card is JCB and it seems like only Momo
can link to my card. I used to have ViettelPay
but it did not accept my bank card. For that
reason, I only have one e-wallet now. Besides, I
think that my e-wallet can be used for shopping
anywhere so it doesn't need to have more than
one.

Interviewee #6: Đức Hùng

Besides MoMo, I have also used Vnpay and

Moca. For Vnpay, it used to have an event to
give a discount voucher when the users paid for
electricity which attracted a lot of new
customers. I remember that MoMo had a
similar event but did not attract as much
attention as Vnpay.

Moca is more special since it is linked with

Grab, so those who need to use transportation
can use Moca very effectively.

Interviewee #7: Quoc Nhan

I do not have much money, so I only use Momo.