VNU Journal of Economics and Business, Vol. 3, No.

2 (2023) 91-101

VNU Journal of Economics and Business

Journal homepage: https://jeb.ueb.edu.vn

Original Article
Determinants of Students’ Intention to Use e-Wallet
in Hanoi – A PLS-SEM Analysis

Nguyen Thi Vinh Ha*, Nguyen Thu Anh, Nguyen Ngoc Diem Quynh,
Phung Thi Nguyen Thao, Nguyen Viet Tung
VNU University of Economics and Business
No. 144 Xuan Thuy Road, Cau Giay District, Hanoi, Vietnam

Received: March 27, 2023

Revised: April 04, 2023; Accepted: April 25, 2023

Abstract: E-wallet is a cutting-edge payment method that fosters cashless transactions and supports
the expansion of the digital economy. Hanoi plans to become a digital city and achieve 50% of
electrical payments by 2025. Understanding the intention to use e-wallets is crucial for promoting
e-payment. This paper explores a hybrid theory of behaviour, including the Technology Acceptance
Model (TAM), the Unified Theory of Acceptance and Use of Technology (UTAUT), and the Theory
of Planned Behaviour (TPB) to examine the factors influencing undergraduate students’ intention to
use e-wallets. Using survey data on 363 students from 12 higher education institutions in Hanoi and
the Partial Least Square Structural Equation Model (PLS-SEM) technique, the research findings
indicate eight factors influencing students’ behavioural intention toward e-wallets in Hanoi: attitude,
cost of e-payment, facilitating conditions, service quality, credibility, ease of use, usefulness, and
social influence. Due to its multitude of factors, the proposed model offers high explanatory power.
The results suggest implications to help Hanoi boost e-payment and digital transformation.
Keywords: E-wallet, intention to use, behavioural theory, PLS-SEM.

1. Introduction* people interact and communicate; affecting

distribution channels and the sales network,
The fourth industrial revolution, brought on particularly regarding online transactions and
by technological advancement, has altered how payments. In the past decade, e-commerce led to
________
* Corresponding author
E-mail address: [email protected]
https://doi.org/10.57110/vnujeb.v2i6.176
Copyright © 2023 The author(s)
Licensing: This article is published under a CC BY-NC
4.0 license
91
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an explosion of electronic payment forms (Bui, Early Majorities, who adopt new ideas well
2021). Among them, e-wallets are a type of before the average person and they tend to
cutting-edge payment method that encourages become loyalists (Rogers, 2010). Therefore, this
cashless transactions and promotes the overall study focuses on undergraduate students in the
growth of the digital economy. urban areas of Hanoi for efficient policy
E-wallet is a mobile application allowing recommendations. The PLS-SEM technique is
users to make virtual cash transactions. E-wallets applied for data analysis.
keep money or store information on payment
cards and bank accounts on mobile devices to
replace cash and physical wallets. E-wallets play 2. Research method
an essential role in today’s commerce owing to
their benefits, such as convenience, cost- 2.1. Proposed research framework and
effectiveness, and safety (Kapoor et al., 2022). hypothesis development
Users can easily access many services such as
savings, insurance or booking movie tickets, Our proposed framework combines several
restaurants, travel and payment for groceries, behaviour theories relating to the use of
and education, among other things. These technology, including the TAM, UTATU, TPB
utilities bring convenience to consumers and and other literature (T. N. Q. Nguyen & Pham,
assist the central bank in managing cash flow 2021; Yuan et al., 2020), deepening the existing
efficiently. For these reasons, e-wallets are theories, redefining determinants, introducing
becoming more and more popular. some variables, and learning the importance of
Vietnam ranks third in the percentage of each (Figure 1).
mobile payment users after China and South The TAM (Davis et al., 1989) explains the
Korea, accounting for 29.1% of the population factors affecting the acceptance of using a
(Statista, 2020). Research by VISA - the world’s technological product. Perceived usefulness and
leading electronic payment technology company perceived ease of use are the two most important
in 2022 - shows an apparent change in payment determinants of the actual use of technology.
habits: 65% of Vietnamese consumers carry less These two factors are influenced by external
cash in their wallets, and nearly 76% of current variables (Kustono et al., 2020).
consumers use e-wallets (Ha, 2022). The UTAUT (Venkatesh et al., 2003) has
There have been several studies providing some advantages compared to other models (Yu,
theoretical frameworks to analyse and evaluate 2012). The model aims to provide a
the factors affecting the intention to use new comprehensive insight into all the factors
technology, such as the TPB (Ajzen, 1991), the influencing behavioural intentions toward new
TAM (Davis et al., 1989) and the UTAUT technology. The UTAUT states four core
(Venkatesh et al., 2003). This study aims at determinants of acceptance and use:
testing if the behaviour related to digital Performance Expectancy, Effort Expectancy,
transition follows such theories in the case of Social Influence, and Facilitating Conditions.
Vietnam by proposing a hybrid behaviour External factors such as gender, age,
model. The research also seeks to understand the voluntariness, and experience modulate the
determinants of the intention to use e-wallets in intention-to-use behaviour. Yu (2012) argues
Hanoi to aid financial technology businesses in that UTAUT has a high explanatory power due
attracting users and helping Hanoi to its numerous factors
administrators accelerate the digital The TPB (Ajzen, 1991) indicates that an
transformation process. individual’s behaviour is determined by
As described by the Diffusion of Innovation behavioural intention, which depends on attitude
Theory (Rogers, 2010), undergraduate students to behaviour, subjective norm, and perceived
are often Early Adopters, who get excited over behavioural control, which depends on
the prospect of trying new and unique things, and perceived facilitation and control belief.
 N.T.V. Ha et al. / VNU Journal of Economics and Business, Vol. 3, No. 2 (2023) 91-101 93

Figure 1: Proposed research framework

Source: Proposed by the authors.

Behavioural intention refers to a person’s application should have friendly interfaces, clear
relative strength of desire to carry out a and conspicuous steps, appropriate content and
specific action (Venkatesh et al., 2003). In this graphical layout, useful functions, and
research, behavioural intention is mentioned notifications of errors. Innovative technology
as the Intention of Use, which refers to a systems perceived as easier to use and less
person’s intention or willingness to use e- complex are more likely to be accepted and used
wallets in the future. by potential users (Pham et al., 2021). So, the
Perceived Usefulness is defined as the second hypothesis is that “Perceived Ease-of-
consumer’s assessment of the benefit of an Use positively impacts the Intention to Use
application. It also includes time convenience, e-wallets”.
performance expectations, and transaction Attitude is defined as an individual’s
control. According to the TAM, perceived positive or negative feelings about the
usefulness positively impacts the intention to use performance of a goal behaviour (Davis et al.,
e-wallets (Tran, 2018). However, Kustono et al. 1989). The TAM and TPB indicate the
(2020) find that perceived usefulness has little mediating impact of attitude toward behavioural
effect on using e-wallets among students.
intention (Ajzen, 1991). When consumers have
Therefore, this study will test if “Perceived
Usefulness positively impacts the Intention to a positive attitude about the benefits of online
Use e-wallets.” payment, they find the use of e-wallets to be wise
Perceived Ease-of-Use is the degree to and valuable, which leads to their decision to use
which an individual believes using a particular e-wallets (Tran, 2018). Studies have also
system will be effortless (Davis et al., 1989). confirmed the mediating role of attitude toward
Ease of use is perceived when consumers feel the behavioural intention to use technology products
electronic payment system is not difficult to (Gao & Yee, 2022). This study will test if
download, make settings, learn and use. “Attitude has positive mediating roles toward the
Regarding e-wallet payment, an easy-to-use Intention to Use e-wallets”.
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According to the UTAUT theory, Social expensive, then perceived costs are said to
Influence describes how much other family influence customer attitudes positively. So, the
members, co-workers, and members of the subsequent hypothesis is “Perceived costs
community impact customers’ decisions to influence attitude and intention to use e-wallets”.
accept and use mobile payment systems Service Quality is formed by technical
(Venkatesh et al., 2003). In the TPB theory, awareness, how to handle arising errors and
social influence is considered a subjective norm transaction time. Nguyen and Huynh (2017)
that impacts attitude (Ajzen, 1991). Social explain that service quality is the service
influence positively and directly affects provider’s customer support. Yuan et al. (2020)
customers’ intention to use mobile payment indicate service quality is a significant factor as
services (Koenig-Lewis et al., 2014). However, the lack of user support will be one of the first
Yeh and Tseng (2017) show that social influence reasons customers abandon the service. This
does not impact Taiwanese students’ intention to study will test if “Service Quality impacts on
use mobile payment services. The subsequent perceived usefulness, attitude, and intention to
hypothesis is that “Social Influence influences use e-wallets”.
attitude and intention to use e-wallets”. In addition, the UTAUT model identifies
Facilitating Conditions refer to the degree to gender and age as moderating factors affecting
which an individual believes that technical and behavioural intention (Venkatesh et al., 2003).
organizational infrastructure assist them in using Chawla and Joshi (2020) confirm the mediating
technology (Venkatesh et al., 2003). Facilitating role of gender and age in the choice to use e-
wallets. This study will seek the moderating
conditions relate to consumers’ perceptions of
impact of gender and cohort, which is a proxy of
resources and available support in using e- age, on the intention of use.
wallets (Bui, 2021). The UTAUT theory The Structural Equation Model is widely
indicates that facilitating conditions influence used in behavioural research (Gao & Yee, 2022).
the perceived ease of use. Gao and Yee (2022) This paper applies the PLS-SEM for data
suggest facilitating conditions affect usage analysis to explore the appropriateness of the
attitude and intention. Hence, the hypothesis to proposed research framework. Since the factors
be tested is “Facilitating conditions influence the influencing behavioural intention cannot be
perceived ease of use, attitude and intention to measured directly, several observed variables
use e-wallets”. are employed to identify them.
Perceived Credibility relates to the safety
and security of information of automatic 2.2. Measurement of factors
payment services. Bui (2021) argues that
perceived credibility depends on the Based on the research framework and
application’s reliability and security. The more previous studies, the measuring factors will be
reliable and secure a technology system is, the reflected in the observed variables listed in
more assured users will be to use the technology Table 1.
(Nguyen & Pham, 2021). The following All variables are expressed in complete
hypothesis is “Perceived credibility impacts the statements and require respondents to confirm
intention to use e-wallets”. their agreement on a Likert-5 scale (1. Strongly
Perceived Cost includes registration fees, Disagree; 2. Disagree; 3. Neutral; 4. Agree; and
service, transaction, cashback promotion, and 5. Strongly Agree).
vouchers. The perceived costs of online A survey questionnaire is designed to be
transactions often arise from information filled on paper, or Google Forms with pre-
asymmetries, and investment in mobile devices designed answer boxes, making the respondents’
can hinder consumer engagement (Nguyen & responses faster and more convenient. The
Pham, 2021). If the use of e-wallets does not questionnaire also asks for personal data like
cause a cost burden on customers and is not gender, cohort, and studying majors.
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Table 1: Reflective observed variables of factors

Code Factors/Observed variables References

PU Perceived usefulness Kustono et al. (2020)
PU1 Not necessary to carry a lot of cash. Nguyen and Huynh (2017)
PU2 Saves time. Nguyen and Huynh (2017)
PU3 Manage and control online payment transactions. Tran (2018)
PU4 Improve work efficiency. Author’s recommendation
PEU Perceived ease of use Davis et al. (1989)
PEU1 Easy-to-use e-wallets. Tran (2018)
PEU2 Easy to learn how to use an e-wallet. Author’s recommendation
Operations on the e-wallets are straightforward
PEU3 Tran (2018)
and easy to understand.
PEU4 E-wallets interact flexibly. Tran (2018)
Easy to download and install the e-wallet
PEU5 Author’s recommendation
application on any smartphone.
Simple requirements to participate in e-wallet
PEU6 Ta (2022)
promotions.
SQ Service quality Kustono et al. (2020), Yuan et al. (2020)
Thoroughly solve errors and not affect the user’s
SQ1 Author’s recommendation
experience.
SQ2 Get better service quality. Author’s recommendation
SQ3 E-wallet payment service works well technically. Nguyen and Huynh (2017)
SQ4 E-wallet payment process is error-free. Author’s recommendation
PC Perceived cost Gao and Yee (2022)
No extra charge (i.e., fee registration, no service
PC1 Cha et al. (2021)
fee, etc.).
PC2 Use e-wallets in a “cashback” promotion. Cha et al. (2021)
Use an e-wallet with an e-voucher (e.g., get a free
PC3 Cha et al. (2021)
delivery voucher).
PC4 Not expensive cost of using the e-wallet. Author’s recommendation
PCR Perceived credibility Kustono et al. (2020), Tran (2018)
PCR1 Personal information is kept private. Author’s recommendation
PCR2 Secure transactions. Bui (2021)
PCR3 E-wallet application helps customers in any case. Author’s recommendation
Available advanced forms of security against
PCR4 Author’s recommendation
account intrusion.
Provide many forms of account recovery in the
PCR5 Author’s recommendation
event of account theft.
Thoroughly and accurately reflect transaction
PCR6 Author’s recommendation
information.
SI Social influence Bui (2021), Venkatesh et al. (2003)
I1 Because family members use them. Tran (2018), Cha et al. (2021)
SI2 Because my friends use them. Tran (2018), Cha et al. (2021)
SI3 Because it is a social trend. Author’s recommendation
SI4 Because organizations support electronic payment. Bui (2021)
SI5 To be in line with current trends. Author’s recommendation
FC Facilitating conditions Venkatesh et al. (2003), Ta (2022)
FC1 Stability of internet availability supports e-wallets. Cha et al. (2021)
FC2 All smartphones can support electronic payment. Cha et al. (2021)
96 N.T.V. Ha et al. / VNU Journal of Economics and Business, Vol. 3, No. 2 (2023) 91-101

Code Factors/Observed variables References

FC3 Available e-wallet payment methods from sellers. Author’s recommendation
FC4 E-wallets can be used everywhere. Author’s recommendation
AT Attitude Gao and Yee (2022); Kustono et al. (2020)
ATT1 Enjoy using e-wallets. Tran (2018)
ATT2 Using an e-wallet is a wise decision. Tran (2018)
ATT3 Feel comfortable using e-wallets. Tran (2018)
ATT4 Sense of excitement. Author’s recommendation
IU Intention to use Venkatesh et al. (2003)
IU1 Plan to continue using an e-wallet. Venkatesh et al. (2003)
IU2 Willing to use e-wallets in my daily life. Venkatesh et al. (2003)
Recommend the e-wallet to friends and
IU3 Venkatesh et al. (2003)
colleagues.
IU4 Plan to use e-wallets often. Venkatesh et al. (2003)
Source: Compilation by the authors

2.3. Sampling and survey implementation 363 observations without missing data points
were left for PLS-SEM analysis, including 219
Since PLS-SEM is a non-parameter analysis, responses from face-to-face interviews and 144
there is no threshold for the minimum number of online forms. The data description is shown in
observations in the data sample (Sarstedt et al., Table 2.
2021). In the covariance-based SEM, the sample
size must be at least five times the number of Table 2: Data sample
observed variables (Hair Jr et al., 2017). This Description N %
study has 42 observed variables, so at least N = Public 294 81.0
Institutions
5 x 42 = 210 observations are needed for CB- Private 69 19.0
SEM. According to Hair Jr et al. (2017), PLS- Female 191 52.6
Gender
SEM achieves more statistical power than CB- Male 172 47.4
SEM in all sample sizes, especially smaller ones. 1st year 114 31.4
2nd year 104 28.7
Therefore, the sample size of 210 observations Cohort
3rd year 111 30.6
would be enough for a statistically significant 4th and 5th year 35 9.7
PLS-SEM analysis, although a large size sample Total 363 100
will produce more precise statistical results.
Source: Data from field survey.
Hanoi has 101 higher education institutions,
including 93 public and 18 private ones. Twelve The survey tried to maintain equal shares of
universities, accounting for 11.8% of the total students regarding gender and cohort. There are
number of higher education institutions, were
52.8% of female students in the final sample.
chosen for the study, including ten public
According to statistics from the Ministry of
universities (11.9%) and two private ones
Education and Training (2021), the male-to-
(11.1%). The survey tried to include universities
female ratio of university students in Hanoi is
with various majors to ensure the student
about 1:1.25; about 55% of students are female,
population’s representativeness. About 30-40
students in each university were approached for and 45% are male. The gender ratio of the
paper-based and online interviews. sample is close to the student population’s ratio,
The survey was implemented in February indicating that the sample is representative in
2023 and got 371 responses. After data cleaning, terms of gender.
 N.T.V. Ha et al. / VNU Journal of Economics and Business, Vol. 3, No. 2 (2023) 91-101 97

The data sample has an equal percentage of Reliabilities are more than 0.708, indicating the
students in different cohorts, in which the 1st year appropriateness of the constructs for a PLS-SEM
cohort accounts for 31.2%, 2nd year 28.5% and analysis (Hair et al., 2019).
3rd year 30.7%. As there are often fewer students Average Variance Extracted (AVE) is the
in their last year of study on campuses, the variance captured by a construct compared to the
proportion of the 4th and 5th year cohorts is 9.7%, variance due to measurement error. It is a
which is appropriate. These figures also confirm measure to assess convergent validity. Fornell
that the sample is representative in terms of cohort. and Larcker (1981) suggest that a scale is
convergent if the AVE is 0.5 or more. In this
study, all AVEs exceed the threshold of 0.5,
3. Research results and discussion which means the latent variables explain, on
average, more than 50% of the variation of each
3.1. Evaluation of the measurement models observed variable.
Discriminant validity
Outer loadings The constructs have discriminant validity
Since the observed variables are reflective, when the square root of AVE is larger than the
the reliability of the latent measurements is explained variance of any other latent variable
evaluated using outer loading factors. Outer (Fornell & Larcker, 1981). In this study, the
loading is the square root of R2 in the linear absolute values of the square roots of AVEs
regression from the latent variable to the are greater than any of the correlation
observed variable. Hair Jr et al. (2020) suggest coefficients in the columns and rows
that the outer loading should be 0.708 or more to containing them; the scales are discriminatory.
ensure the reliability of an observed variable. In summary, all the measurement models are
Since 0.7082 = 0.5, an observed variable is reliable and valid; therefore, they are
reliable if the construct explains at least 50% of appropriate for the PLS-SEM analysis.
its variation.
Using SmartPLS4 software, we exclude the 3.2. Structural model results
observed variables with outer loading factors
lower than 0.708 and obtain the acceptable Using f-squares and p-values from
measurement models where all reliably observed bootstrapping calculations, the final model keeps
variables have outer loadings of more than the significant relationships and excludes the
0.708. insignificant ones for easy analysis. The path
Construct reliability and validity model result is shown in Figure 2. Numbers on
Cronbach’s Alpha measures the reliability or the connecting paths and outside the brackets
internal consistency. For reflective measurement indicate the direct impacts, which are the
models, Hair et al. (2019) state that Cronbach’s standardized coefficients of the partial
Alpha should be 0.708 or higher. In the final regressions. The figures in brackets are p-values,
model, all Cronbach’s Alphas are between 0.708 calculated based on bootstrapping regression of
and 0.90, indicating that the constructs are 5000 subsamples. The total effects can be
reliable. calculated as the sum of direct effects and
Construct reliability is also a measure products of indirect effects. Figures located in
of internal consistency in scale items, much the node circles show the R squares of the
like Cronbach’s Alpha (Netemeyer et al., 2003). regression models.
It is an indicator of the shared variance among As shown in Figure 2, the model can explain
the observed variables (Fornell & Larcker, 44.4% of using intention variance and 45.9% in
1981). In this study, all the Construct attitude toward e-wallets.
98 N.T.V. Ha et al. / VNU Journal of Economics and Business, Vol. 3, No. 2 (2023) 91-101

Figure 2: Determinants of students’ intention of using e-wallets in Hanoi, PLS-SEM model

Source: PLS-SEM 4 graphic results from the survey data.

The influence of attitude on the intention of of service quality on attitude is the sum of direct
use is quite considerable; the effects of service effect (0.269) and the product of indirect effects
quality and facilitating conditions on perceived (0.351*0.174), which is 0.330.
ease-of-use are medium. Although the size of the Perceived cost is the second most important
direct effects of other relationships is slight, they factor influencing students’ intention to use
are statistically significant and collectively affect mobile payment, after attitude, with a direct
the attitude and intention of using e-wallets. effect, via the attitude, of 0.137 and a total effect
The following paragraphs discuss the factors of 0.202. Students tend to use more mobile
affecting the intention to use mobile payment. transactions if using e-wallets is less costly, such
Attitude has a crucial impact on the as no or little charge and available voucher
intention of use, with a direct effect of 0.457, promotions. In Vietnam, e-wallets appeared in
i.e., if the attitude is improved by one standard 2008 to facilitate payment between buyers and
deviation, the intention of use will increase by sellers. After 15 years of development, up to
0.457 standard deviations. It is essential to now, there are more than 40 e-wallet
emphasize that since the observed variables applications of different businesses in
are measured in the Likert scale, the standard circulation. Most e-wallets do not require a
deviation has little meaning, except for minimum balance or transaction fee. Besides,
ordering the importance of influence. A larger users often receive discount vouchers such as
coefficient indicates a higher impact. phone cards, refunds when paying electricity and
Attitude plays as a mediator between several water bills, etc. These advantages make e-
factors – including perceived ease-of-use, wallets competitive in terms of cost compared to
perceived usefulness, service quality, social other payment methods. Similar findings are
influence, and perceived costs – and intention of available in the literature of Vietnam and the
using e-wallets. Among them, service quality world (Cha et al., 2021; Gao & Yee, 2022;
and perceived ease-of-use have the highest Nguyen & Pham, 2021).
impacts on attitude, with direct effects of 0.269 Facilitating conditions rank third in
and 0.244, respectively. Better service quality influencing students’ behavioural intention,
also improves perceived usefulness, enhancing directly and indirectly through perceived ease of
attitude toward using e-wallets. The total effect use and attitude, with a total effect of 0.187. This
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result confirms findings from the literature (Bui, effortless performance, and flexible interaction
2021; Chawla & Joshi, 2020; Gao & Yee, 2022; with the application.
Ta, 2022). Students’ perceptiveness of Perceived usefulness improves the intention
facilitating conditions, such as the support of to use e-wallets indirectly via attitude. That is,
mobile devices and the popularity of e-wallet the more valuable the e-wallet, the better the
payment acceptance, are critical factors that lead attitude and the intention to use e-wallets.
to better perceived ease-of-use, enhancing Usefulness is the ability to save time, improve
positive attitudes and intention of using mobile work efficiency, and control online payment
payment. The popularity of e-wallets in today’s transactions. Interestingly, students do not
social life is not only covered by luxury consider “no need to bring cash” a useful
restaurants and supermarkets but also by small function of e-wallets.
shops, street vendors, and traditional markets. In Among the eight elements, social influence
addition, most smart mobile devices can install has the least significant effect on students’ desire
e-wallets easily. As of March 2022, Vietnam has to use, with a total effect of 0.061. Nonetheless,
95.5 million smartphone subscribers, an the impact of social influence has been supported
excellent condition for spreading mobile wallets. by several international research (Koenig-Lewis
Service quality is a characteristic of a et al., 2014; Venkatesh et al., 2003; Yeh &
system with fast and accurate transactions, Tseng, 2017) and domestic ones (Bui, 2021;
solving errors shortly or answering technical Nguyen & Huynh, 2017; Nguyen & Pham, 2021;
problems quickly. It plays the most critical Tran, 2018). Social influence affects the attitude
role in perceived usefulness and attitude and toward using an electronic wallet. They are
ranks fourth among eight factors affecting convinced to use e-wallets by their family
students’ intention to use e-wallets. This result members, friends, and social trends.
coincides with the findings of several studies Various models with moderating factors are
manipulated to check if students’ characteristics,
(Kustono et al., 2020; Nguyen & Huynh, 2017;
such as gender, age, and studying major, have
Yuan et al., 2020).
any direct and moderating impacts on attitude
Perceived credibility relates to the safety and and intention to use e-wallets. The results
security of information of automatic payment indicate that gender and majors have neither
services, i.e., the privacy policy, transaction direct nor moderating effects. Cohort is
security, and support to clients when there is a employed as a proxy for age. The result finds that
problem such as an account intrusion, among cohort does not directly impact attitude or
others. The research result shows that perceived behavioural intention but moderates perceived
credibility has a direct positive effect on the costs’ impact. First- and second-year students
intention to use e-wallets, confirming findings are more cost-sensitive than the 3rd and 4th year
from various studies (Bui, 2021; Kustono et al., students.
2020; Tran, 2018). However, perceived
credibility’s direct effect on the attitude is not
statistically significant.
4. Implications and conclusion
Perceived ease of use positively affects the
attitude toward e-wallets, impacting the 4.1. Policy implications
intention of use. This outcome is consistent with
research by numerous other studies in Vietnam Hanoi plans to become a digital city. By
(Nguyen & Huynh, 2017; Ta, 2022; Tran, 2018) 2025, Hanoi hopes to accomplish several
and other parts of the world (Davis et al., 1989). specific e-payment-related objectives: non-cash
Users will prioritize using what they feel easy to payment values that are 25 times the city’s gross
use. Research results also clarify the specific domestic product; e-tax payments and returns
criteria for ease of use, such as quickly learning account for over 98% of tax transactions for
how to use e-wallets, straightforward and businesses; a rise in the proportion of customers
100 N.T.V. Ha et al. / VNU Journal of Economics and Business, Vol. 3, No. 2 (2023) 91-101

paying their water bills online to 98%; and around 4.2. Conclusion
99.7% non-cash payments of electricity bill,
tuition, and hospital fees. Hanoi thrives on making Through the development of a hybrid model
non-cash payments a habit of people in urban of various theories, including TPB, TAM and
areas, gradually spilling over to rural areas. UTAUT (Ajzen, 1991; Davis et al., 1989;
The research results confirm Hanoi’s Venkatesh et al., 2003), this study confirms the
solutions, such as having online trading appropriateness of the behaviour model relating
promotion programs, cashless day events, and to intention to use new technology in the case of
cross-border e-commerce seminars. mobile payment. Due to its multitude of factors, the
The government has many supportive proposed model offers high explanatory power.
policies toward e-payment. Recently, the State The study identifies eight determinants of
Bank of Vietnam has licensed more than 43 non- students’ intention to use e-wallets in Hanoi: e-
bank organizations to provide payment services. payment transaction cost and promotions,
Nevertheless, Hanoi still faces some challenges facilitating conditions, service quality,
that must be solved. credibility, ease of use, usefulness, and social
The credibility of e-wallets is still influence. These findings are helpful
problematic as legal regulation is insufficient. information for implications to help Hanoi boost
The policies on e-wallet payment have not been e-payment and digital transformation.
legislated. Many forms of e-payment have Although undergraduate students are an
developed, but the legal corridor is inadequate ideal group of consumers of e-wallets, further
and not keeping up with market and technology studies are still needed for a larger variety of
development. people will provide results for better solutions to
The ease of use is also a problem that needs e-payment development in Vietnam in its course
to be addressed. Currently, e-payment partners, of digital transformation.
including banks, intermediaries and companies
providing electronic payment solutions, have all
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