ADIEU TO CASH: A TRANSITION IN VIETNAM UNDER COVID-19 PANDEMIC, EVIDENCES FROM E-COMMERCE PLATFORMS

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Hoang - huy Nguyen
Tran Trung Dung Phan
Nguyen Ha Anh Dao

Abstract

The global COVID-19 pandemic has negatively affected the world economy, including Vietnam, yet the crisis has also levered the increase in the cashless payment rate, thereby giving rise to new consumer behaviour.  The study aims to develop an integrated model of the Unified Theory of Acceptance and Use of Technology (UTAUT) and Protection Motivation Theory (PMT) to examine factors affecting Vietnamese customers' intention to use cashless payment services on E-commerce platforms during the COVID-19 pandemic.  Based on data from a survey of 183 samples, the proposed conceptual model was empirically validated by applying the Covariance-Based Structural Equation Modeling (CB-SEM) and bootstrapping techniques.  Findings revealed that Vietnamese customers’ intention to use cashless payment on E-commerce platforms during the COVID-19 pandemic is positively influenced, either directly or indirectly, by performance expectancy, effort expectancy, social influence, perceived security and privacy, and response efficacy, while self-efficacy and perceived severity were proved to be not significant enough.  It can also be seen that social influence and self-efficacy have a direct positive effect on effort expectancy, and effort expectancy mediates their effects on performance expectancy, while response efficacy is directly associated with performance expectancy.

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