Associated Factors to the Behavioral Intention of Using Non-Cash Payment Methods: A Comparison between Digital Wallet and Mobile Money

Non-cash payment has been proven for its convenience in the location and time of the transaction, ease of managing expenses, and crime avoidance.In Vietnam, social distancing and government support have boosted its development.This study aims to test two models to identify the associated factors to Vietnamese people's behavioral intentions when using digital wallets or mobile money with the moderating effects of perceived risk.The time frame for this cross-sectional study was September through October 2024.An online survey was conducted with 521 participants using the digital wallet and 545 participants using mobile money.The structural equation modeling (SEM) method was applied to validate the assumptions.The findings revealed that (1) behavioral intention had significant and positive effects on hedonic motivation, facilitating conditions, and performance expectancy in two groups of participants; (2) the relationship between hedonic motivation and behavioral intention among digital wallet users was significantly moderated by perceived risk.The results correspond with the Unified Theory of Acceptance and Use of Technology (UTAUT) model and provide several important implications, including 1) an increase in performance expectancy will increase customers' trust and intention to use, and 2) technological investment to increase transaction security.