Factors affecting Vietnamese consumers’ intention to continue using e-wallet: A case study of MoMo

Abstract

MoMo stands as a leading e-wallet in Vietnam. Amidst the backdrop of intensified market competition, e-wallets are urged to transcend the reliance solely on sales promotions for user retention. This paper aims to investigate the key factors that elucidate the intention to continue using MoMo e-wallet services, which is essential for acquiring strategic insights that enable organizations to leverage their competitive advantages. The authors incorporate a framework comprising Technology Continuance Theory (TCT) factors and four additional variables to explore this phenomenon in a novel context: price benefit, trust, habit, and operational constraints, which may influence users’ intention to persist in using e-wallets. Research data was obtained by distributing questionnaire to 310 respondents and then analyzed using Partial Least Square Structural Equation Modelling. The findings indicate that users’ behavioural intention to continue using e-wallets hinges upon attitude and habit, which are identified as pivotal factors in predicting users’ desire to sustain e-wallet usage. Conversely, these findings are poised to aid service providers in comprehending user behaviour and devising more apt business strategies, thereby enabling them to leverage and uphold their competitive advantage in retaining users.