Adoption of fintech payment services in Vietnam: Empirical evidence from an emerging country

Abstract

Purpose: This study aims to identify the factors influencing the adoption of Fintech payment across Vietnam and evaluate the impact of demographic variables on Fintech adoption. Design/methodology/approach: This research applies a model to illustrate primary motivators believed to influence the adoption of Fintech payment applications among Vietnamese users, utilizing quantitative research methodologies. An online survey was administered to gather data, which involved 304 participants with experience in Fintech payment usage. Regression analysis was employed to ascertain the significance of the relationships between the variables. This study draws upon the established frameworks of the Technology Acceptance Model (TAM) and Theory of Reasoned Action (TRA) as presented in an international original article, utilizing statistical analysis through SPSS software. Findings: The findings of this paper reveal 5 main perspectives including: Safety, Trust, Perceived ease of use, Perceived usefulness, Perceived risk. Among them, Safety and Perceived risk are highly associated with Fintech Payment Services adoption, whereby the Perceived usefulness is underlined as the strongest. Notably, Perceived risk is the sole factor demonstrating a negative impact on the relationship between users and Fintech payment adoption. Limitations: Due to the time of completing is not much, the study cannot avoid deficiencies and its applicability is limited. The results are derived from the examination of a small sample using purposive sampling which limits the generalizability of the conclusions to a more crowded population. Originality/value: The result provides a general overview of Fintech, while the research article highlights the landscape of the Fintech payment market in Vietnam, the variances in application methods between urban and rural regions. Research provides valuable insights into the current state of the Fintech market in Vietnam, including market trends, consumer preferences, and areas of unmet demand. This understanding can guide businesses in developing tailored products and services. Simultaneously, research can empower consumers by increasing awareness and understanding of Fintech products and services, enabling them to make informed decisions about their financial lives.