Extending UTAUT2 to Mobile Money Adoption and Consumer Behavior: An Empirical Study in Vietnam

ABSTRACT

Using an extended unified theory of acceptance and use of technology, the goal of this paper is to investigate the antecedents of behavioral intention towards mobile money, as well as the mediating effect of trust between behavioral intention and financial inclusion in Vietnam during the COVID-19 period (UTAUT2). The data for this study was obtained via an online self-administered questionnaire, which was then analyzed using the SmartPLS 3.3.3 program. For the purpose of determining the relevance and performance of the exogenous constructs, an importance-performance matrix analysis was performed. The findings of this study suggest that knowledge, structural assurance, habit, and performance expectancy are the most important factors influencing users' behavioral intention to use mobile money. In the case of mobile money adoption, the behavioral intention has a significant influence, and trust does not mediate between behavioral intention and financial inclusion. For the first time in Vietnam, the extended UTAUT2 is being used to investigate mobile money usage and adoption patterns. The current study, however, focuses on users' financial inclusion goals rather than their intended behavior.