Browse > Article
http://dx.doi.org/10.13106/jafeb.2020.vol7.n10.231

Factors Affecting Online Payment Method Decision Behavior of Consumers in Vietnam  

NGUYEN, Thi Phuong Linh (Faculty of Business Management, National Economics University)
NGUYEN, Van Hau (Faculty of Political Theory, National Economics University)
Publication Information
The Journal of Asian Finance, Economics and Business / v.7, no.10, 2020 , pp. 231-240 More about this Journal
Abstract
E-commerce development led to the explosion of online payment. Consumers have many choices when deciding on the online payment method for each transaction. Using a combination of both qualitative and quantitative methods with the help of SPSS AMOS version 22.0, the article explores the factors that influence consumers' online payment method decision behavior in Vietnam. Research results show that awareness of usefulness, awareness of risk, awareness of trust, awareness ease of use, product uncertainly perception and perceived behavioral control have effects on the behavior of deciding on online payment methods. Awareness of risk has the strongest negative impact on online payment method decision behavior and awareness of usefulness has the strongest positive impact on online payment method decision behavior. Based on these important results, the article proposes a number of implications: (i) continuing to invest and upgrade modern technology to ensure customer information absolutely confidential; (ii) converting all ATM cards on the market to EMV chip standard card technology; (iii) improving service activities, quickly handle things to create confidence for customers; (iv) credit institutions operating in the field of online payment linked to e-commerce sites, supermarkets, convenience stores, restaurants must ask partners to increase transparency for the products.
Keywords
E-Commerce; Online Payment Method; Customers; Vietnam;
Citations & Related Records
Times Cited By KSCI : 6  (Citation Analysis)
연도 인용수 순위
1 Vu, V. V., Nguyen, Q. H., & Dang, H. H. (2019). Factors affecting consumers' intention to use mobile payment, Journal of Financial, 2(1), 23-28.
2 Tham, K. W., Dastane, O., Johari, Z., & Ismail, N. B. (2019). Perceived risk factors affecting consumers' online shopping behaviour. Journal of Asian Finance, Economics and Business, 6(4), 246-260. https://doi.org/10.13106/jafeb.2019.vol6.no4.249   DOI
3 Wang, Y. S., Lin, H. H., & Luarn, P. (2006). Predicting consumer intention to use mobile service. Information Systems Journal, 16(2), 157-179. https://doi.org/10.1111/j.1365-2575.2006.00213.x   DOI
4 Pimentel, R. (2013). Innovation in retail payments: Challenges posed to regulators. Journal of Payments Strategy & Systems, 7(1), 90-97.
5 Pozzi, A. (2013). E-commerce as a stockpiling technology: Implications for consumer savings. International Journal of Industrial Organization, 31(6), 677-689. https://doi.org/10.1016/j.ijindorg.2013.05.005   DOI
6 He, F., & Mykytyn, P. P. (2007). Decision factors for the adoption of an online payment system by customers. International Journal of E-Business Research, 3(4), 1-32.   DOI
7 Han, H., Hsu, L. T. J., & Sheu, C. (2010). Application of the theory of planned behavior to green hotel choice: Testing the effect of environmental friendly activities. Tourism Management, 31(3), 325-334. https://doi.org/10.1016/j.tourman.2009.03.013   DOI
8 Hamidinava, F., & Madhoushi, M. (2010). Evaluating the features of electronic payment systems in Iranian bank users' view. International Review of Business Research Papers, 6(6), 78-94.
9 Hausman, A. V., & Siekpe, J. S. (2009). The effect of web interface features on consumer online purchase intentions. Journal of Business Research, 62(1), 5-13. https://doi.org/10.1016/j.jbusres.2008.01.018   DOI
10 Park, H. S. (2000). Relationships among attitudes and subjective norms: Testing the theory of reasoned action across cultures. Communication Studies, 51(2), 162-175. https://doi.org/10.1080/10510970009388516   DOI
11 Teoh, W. M. Y., Chong, S. C., Lin, B., & Chua, J. W. (2013). Factors affecting consumers' perception of electronic payment: an empirical analysis. Internet Research, 23(4), 465-485. https://doi.org/10.1108/IntR-09-2012-0199   DOI
12 Schierz, P. G., Schilke, O., & Wirtz, B. W. (2010). Understanding consumer acceptance of mobile payment services: An empirical analysis. Electronic Commerce Research and Applications, 9(3), 209-216. https://doi.org/10.1016/j.elerap.2009.07.005   DOI
13 Stroborn, K., Heitmann, A., Leibold, K., & Frank, G. (2004). Internet payments in Germany: a classificatory framework and empirical evidence. Journal of Business Research, 57(12), 1431-1437. https://doi.org/10.1016/S0148-2963(02)00433-2   DOI
14 Taylor, S., & Todd, P. A. (1995). Understanding information technology usage: A test of competing models. Information Systems Research, 6(2), 144-176. https://doi.org/10.1287/isre.6.2.144   DOI
15 Thakur, R., & Srivastava, M. (2014). Adoption readiness, personal innovativeness, perceived risk and usage intention across customer groups for mobile payment services in India. Internet Research. Internet Research: Electronic Networking Applications and Policy, 24(3), 369-392. https://doi.org/10.1108/IntR-12-2012-0244   DOI
16 Venkatesh, V., & Davis, F. D. (2000). A theoretical extension of the technology acceptance model: Four longitudinal field studies. Management Science, 46(2), 186-204. https://doi.org/10.1287/mnsc.46.2.186.11926   DOI
17 Prelec, D., & Loewenstein, G. (1998). The red and the black: Mental accounting of savings and debt. Marketing Science, 17(1), 4-28. https://doi.org/10.1287/mksc.17.1.4   DOI
18 Kahn, C. M., & Roberds, W. (2009). Why pay? An introduction to payments economics. Journal of Financial Intermediation, 18(1), 1-23. https://doi.org/10.1016/j.jfi.2008.09.001   DOI
19 Hoa, N. T., Hien, L. M., & Lien, V. T. P. (2019). Studying the Factors Affecting Online Payment Decision: A Case of Vietnamese Customers. Journal of Management Information and Decision Sciences, 22(1), 43-54. Available at: https://www.abacademies.org/articles/Studying-the-factors-affecting-online-payment-decision-a-case-of-Vietnamese-customers-1532-5806-22-1-124.pdf
20 Hoang, T., & Chu, N. M. N. (2008). Analyze research data with SPSS. Hanoi, Vietnam: Hong Duc Publishing House.
21 Kalinic, Z., & Marinkovic, V. (2016). Determinants of users' intention to adopt m-commerce: an empirical analysis. Information Systems and e-Business Management, 14(2), 367-387.   DOI
22 Lu, Y., Yang, S., Chau, P. Y., & Cao, Y. (2011). Dynamics between the trust transfer process and intention to use mobile payment services: A cross-environment perspective. Information & Management, 48(8), 393-403. https://doi.org/10.1016/j.im.2011.09.006   DOI
23 Kim, C., Tao, W., Shin, N., & Kim, K. S. (2010). An empirical study of customers' perceptions of security and trust in e-payment systems. Electronic Commerce Research and Applications, 9(1), 84-95. https://doi.org/10.1016/j.elerap.2009.04.014   DOI
24 Kumar, B. (2012). Theory of planned behaviour approach to understand the purchasing behaviour for environmentally sustainable products. IIMA Working Papers WP2012-12-08. Ahmedabad, India: Indian Institute of Management Ahmedabad, Research and Publication Department.
25 Le, H. B. H., Ngo, C. T., Trinh, T. T. H., & Nguyen, T. T. P. (2020). Factor Affecting Customers' Decision to Use Mobile Banking Service: A Case of Thanh Hoa Province, Vietnam. Journal of Asian Finance, Economics and Business, 7(2), 205-212. https://doi.org/10.13106/jafeb.2020.vol7.no2.205   DOI
26 Mavlanova, T., & Benbunan-Fich, R. (2010). Counterfeit products on the Internet: The role of seller-level and productlevel information. International Journal of Electronic Commerce, 15(2), 79-104. https://doi.org/10.2753/JEC1086-4415150203   DOI
27 Faziharudean, T. M., & Li-Ly, T. (2011). Consumers' behavioral intentions to use mobile data services in Malaysia. African Journal of Business Management, 5(5), 1811. https://doi.org/10.5897/AJBM10.794
28 Dean, M., Raats, M. M., & Shepherd, R. (2012). The Role of Self-Identity, Past Behavior, and Their Interaction in Predicting Intention to Purchase Fresh and Processed Organic Food. Journal of Applied Social Psychology, 42(3), 669-688. https://doi.org/10.1111/j.1559-1816.2011.00796.x   DOI
29 Deufel, P., & Kemper, J. (2018). Online Payment Method Selection: The Habitual Choice of Deferring Payment. International Conference on Information Systems, San Francisco, CA.
30 Dimoka, A., Pavlou, P. A., & Davis, F. D. (2011). Research commentary-NeuroIS: The potential of cognitive neuroscience for information systems research. Information Systems Research, 22(4), 687-702.   DOI
31 Ghose, A. (2009). Internet exchanges for used goods: An empirical analysis of trade patterns and adverse selection. MIS Quarterly, 33(2), 263-291.   DOI
32 Giao, H. N. K. (2020). Customer Satisfaction at Tiki. vn E-Commerce Platform. Journal of Asian Finance, Economics, and Business, 7(4), 173-183. https://doi.org/10.13106/jafeb.2020.vol7.no4.173   DOI
33 Gu, J. C., Lee, S. C., & Suh, Y. H. (2009). Determinants of behavioral intention to mobile banking. Expert Systems with Applications, 36(9), 11605-11616. https://doi.org/10.1016/j.eswa.2009.03.024   DOI
34 Guriting, P., & Ndubisi, N. O. (2006). Borneo online banking: evaluating customer perceptions and behavioural intention. Management Research News, 29(1/2), 6-15. https://doi.org/10.1108/01409170610645402   DOI
35 Ha, H. Y., & Janda, S. (2012). Predicting consumer intentions to purchase energy-efficient products. Journal of Consumer Marketing, 29(7), 461-469. https://doi.org/10.1108/07363761211274974   DOI
36 Baker, E. W., Al-Gahtani, S. S., & Hubona, G. S. (2007). The effects of gender and age on new technology implementation in a developing country. Information Technology & People, 20(4), 352-375. https://doi.org/10.1108/09593840710839798   DOI
37 Napitupulu, T. A., & Kartavianus, O. (2014). A structural equations modeling of purchasing decision through e-commerce. Journal of Theoretical & Applied Information Technology, 60(2), 358-364. http://www.jatit.org/volumes/Vol60No2/20Vol60No2.pdf
38 Pavlou, P. A., & Dimoka, A. (2008). Understanding and mitigating product uncertainty in online auction marketplaces. In: 2008 Industry Studies Conference Paper. Available at SSRN: http://dx.doi.org/10.2139/ssrn.1135006
39 Polancic, G., Hericko, M., & Rozman, I. (2010). An empirical examination of application frameworks success based on technology acceptance model. Journal of Systems and Software, 83(4), 574-584. https://doi.org/10.1016/j.jss.2009.10.036   DOI
40 Ajzen, I. (1991). The theory of planned behavior, Organizational Behavior and Human Decision Processes, 50(2), 179-211.   DOI
41 Davis, F. D., Bagozzi, R. P., & Warshaw, P. R. (1989). User acceptance of computer technology: a comparison of two theoretical models. Management Science, 35(8), 982-1003. https://doi.org/10.1287/mnsc.35.8.982   DOI
42 Bauer, R. A. (1960). Consumer behavior as risk taking. In: R. S. Hancock (Ed.), Dynamic Marketing for a Changing World (pp. 389-398). The 43rd Conference of the American Marketing Association.
43 Bezovski, Z. (2016). The future of the mobile payment as electronic payment system. European Journal of Business and Management, 8(8), 127-132.
44 Davis, F. D. (1989). Perceived usefulness, perceived ease of use, and user acceptance of information technology. MIS Quarterly, 13(3), 319-340.   DOI
45 Yoon, S. J. (2002). The antecedents and consequences of trust in online-purchase decisions. Journal of Interactive Marketing, 16(2), 47-63. https://doi.org/10.1002/dir.10008   DOI
46 Wang, Y. S., Wang, Y. M., Lin, H. H., & Tang, T. I. (2003). Determinants of user acceptance of Internet banking: an empirical study. International journal of service industry management, 14(5), 501-509. https://doi.org/10.1108/09564230310500192   DOI
47 Xu, Q., & Riedl, R. (2011). Understanding online payment method choice: An eye-tracking study. In: D. Galletta & T.-P. Liang (Eds.), Proceedings of the International Conference on Information Systems, ICIS 2011. December 4-7, Shanghai, China.
48 Yang, Q., Pang, C., Liu, L., Yen, D. C., & Tarn, J. M. (2015). Exploring consumer perceived risk and trust for online payments: An empirical study in China’s younger generation. Computers in Human Behavior, 50, 9-24. https://doi.org/10.1016/j.chb.2015.03.058   DOI
49 Yousafzai, S. Y., Pallister, J. G., & Foxall, G. R. (2003). A proposed model of e-trust for electronic banking. Technovation, 23(11), 847-860. https://doi.org/10.1016/S0166-4972(03)00130-5   DOI