Cashless Vietnam: a study on intention and adoption of cashless payment
Journal of Science and Technology Policy Management
ISSN: 2053-4620
Article publication date: 3 October 2023
Abstract
Purpose
This study aims to identify factors that affect the intention and actual adoption of cashless payment (ACP) among Vietnamese youths. Extending the unified theory of acceptance and use of technology (UTAUT) model with two impelling factors (perceived trust [PTR] and lifestyle compatibility [LCM]), this study also examined the mediating effect of intention to adopt cashless payment (ICP) on the relationships of UTAUT model components with the actual ACP.
Design/methodology/approach
All data were collected online from 422 Vietnamese youths through online survey, and partial least squares structural equation modelling was performed to analyse the data.
Findings
The study’s results illustrated the positive and significant effects of performance expectancy, effort expectancy, facilitating conditions, LCM and PTR on ICP. However, social influence was found to exhibit a negative effect on ICP. Furthermore, ICP was found to contribute no mediation effects on the relationships of any of the components with the actual ACP.
Practical implications
This study’s findings are widely useful for marketers and managers to plot their promotional and campaigning strategies, emphasising factors that motivate consumers to adopt cashless payment. The obtained findings also benefit architects and designers in designing products and services by consolidating lifestyle standards and other requirements of consumers. Policymakers should implement policies and strategies to enforce rules and educate the public to widely adopt cashless payment across various sectors.
Originality/value
This study extended the UTAUT model with two new variables, i.e. PTR and LCM.
Keywords
Acknowledgements
Ethics approval and consent to participate: This study has been performed in accordance with the Declaration of Helsinki. Written informed consent for participation was obtained from respondents who participated in the survey. For the respondents who participated the survey online (using google form), they were asked to read the ethical statement posted on the top of the form (There is no compensation for responding nor is there any known risk. In order to ensure that all information will remain confidential, please do not include your name. Participation is strictly voluntary and you may refuse to participate at any time) and proceed only if they agree. No data was collected from anyone under 18 years old.
Availability of data and materials: All data generated or analysed during this study are included in this published article (Submitted with the Manuscript: additional supporting file).
Competing interests: The author(s) declare(s) that they have no competing interests.
Citation
Dieu, H.T.M., Al Mamun, A., Nguyen, T.L.H. and Naznen, F. (2023), "Cashless Vietnam: a study on intention and adoption of cashless payment", Journal of Science and Technology Policy Management, Vol. ahead-of-print No. ahead-of-print. https://doi.org/10.1108/JSTPM-02-2022-0031
Publisher
:Emerald Publishing Limited
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