Factors influencing consumer’s intention to use cashless transactions in Ho Chi Minh City

Abstract

Developing cashless payment has become a popular and targeted goal of many countries. In Vietnam, over the past time, cashless payment activity has had a strong development, with the exciting competition in the development of non-credit retail services of commercial banks, supporting technology companies. payment services, payment intermediaries. The legal environment for this activity is getting better and better. Along with that is the response from many public service providers when realizing the economic benefits of cooperation in developing cashless payment services. However, according to the State Bank of Vietnam (SBV), the promotion of commerce in recent years is facing many difficulties and challenges. This study aims to test the model of Factors influencing consumer’s intention to use cashless transactions in Ho Chi Minh City based on the research of Wu & Lee (2017). This study uses survey data of 385 customers in HCMC to assess the impact of individuals. factors that influence consumer intentions. The results of the SEM linear model show that the model fits the market data and the hypotheses are accepted. The research took place in the context of the Covid epidemic affecting society, thereby understanding the development trends as well as the challenges posed, thereby proposing some solutions to develop non-cash payment methods in Vietnam in the near future.