Topic factors affecting the satisfaction of generation z in ho chi minh city when using the momo e wallet

ABSTRACT This study explores key factors influencing Generation Z’s satisfaction with the MoMo e- wallet in Vietnam, focusing on convenience, service integration, reliability, security,

HO CHI MINH CITY UNIVERSITY OF FOREIGN LANGUAGES

- INFORMATION TECHNOLOGY

FACULTY OF BUSINESS ADMINISTRATION

SUBJECT: PROJECT RESEARCH

TOPIC: FACTORS AFFECTING THE SATISFACTION OF GENERATION Z IN HO CHI MINH CITY WHEN USING THE

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ABSTRACT This study explores key factors influencing Generation Z’s satisfaction with the MoMo e- wallet in Vietnam, focusing on convenience, service integration, reliability, security, and user interface design Findings reveal that while convenience impacts satisfaction, unmet expectations in this area can lead to dissatisfaction Security and user interface demonstrate strong positive effects, reflecting Generation Z’s high emphasis on secure, intuitive digital experiences Reliability also has a significant positive effect, while service integration does not show a notable influence Theoretically, this research adapts the SERVQUAL model for digital payment services, emphasizing the importance of user interface and security in e- wallet satisfaction Practically, the findings provide actionable insights for MoMo and similar providers to enhance features like real-time security alerts and seamless, personalized interfaces This study contributes to understanding digital payment satisfaction in emerging markets, offering strategic guidance for boosting user satisfaction and loyalty among Generation Z in a competitive digital landscape

Keywords: Generation Z, E-Wallet, MoMo, Convenience, Service Integration, Reliability, Security, User Interface Design, SERVQUAL model

CHAPTER 1: INTRODUCTION 1.1 Study Background

E-wallets have become an essential part of the modern payment system, especially in the context of rapid digital transformation in Vietnam MoMo, one of the most popular e- wallet platforms in Vietnam, has stood out thanks to its combination of advanced technology and diverse customer service Launched in 2010, MoMo has built a large user base thanks to its ability to provide payment services, money transfers, shopping, and other incentives quickly and conveniently

Gen Z, including those born from the mid-1997s to the early 2012s (Thuvienphapluat Vn, n.d.), is the main customer group of technology services today They are characterized by their technology savvy and habit of using online services This makes it important to study Gen Z's satisfaction with MoMo Understanding the factors that influence the satisfaction of this group can help MoMo adjust and optimize its services to better meet the needs of customers

1.2 Research Problem

Although MoMo has achieved many successes in attracting users, understanding the factors that influence the satisfaction of Gen Z has not been fully researched User satisfaction can be influenced by many different factors such as product features, user interface, security, and customer service However, no research has provided insight into Gen Z's satisfaction with MoMo and which specific factors are most important to this group

1.2.1 Reasons

Research on Gen Z's satisfaction when using MoMo is necessary because this generation represents the future of the e-wallet market Understanding the factors that influence their satisfaction will help MoMo optimize its services, improve user experience, and retain customers in an increasingly competitive environment Furthermore, the data from this study can provide valuable information for future marketing and product development strategies

Previous studies on user satisfaction with e-wallets often focus on factors such as convenience, security, service fees, and customer support For example, (Nguyen, 2022) found that convenience is the most important factor influencing the intention to use Momo wallet

However, this study mainly focused on general user groups and did not delve into the satisfaction analysis of Gen Z, a group with different habits and expectations Therefore, this study will fill the existing gap in the literature by focusing on Gen Z’s satisfaction with MoMo

1.3 Research Question

To understand the factors that influence Gen Z’s satisfaction with MoMo e-wallet, this study will analyze important variables related to the use of e-payment services In the context of the Vietnamese market, studying these factors is essential to provide insights into users’ needs and behaviors Although many studies have examined the factors that influence satisfaction and intention to use e-wallet services, there is still a gap in studying the specific factors that influence Gen Z, the main user group of MoMo

This study aims to analyze the factors influencing the mtention to use MoMo e-wallet among Gen Z in Vietnam, explore the demand for using this service, and identify the key factors and their impacts on the intention to use of each customer group In particular, the study will provide a platform for e-wallet service providers, including Online Mobile Services Jomt Stock Company (the developer of the MoMo application), to better understand the e-wallet market and propose appropriate solutions to support the long- term development of the e-payment sector in Vietnam

This report will study the following main RQ: Which key factors influencing Gen Z's overall satisfaction with MoMo E-Wallet?

To be able to study this question in depth, the report will have 5 additional sub-questions:

e Sub Research Question 1: In what way does the convenience of MoMo E-Wallet for different payment services influence Generation Z's satisfaction with the platform?

Sub Research Question 2: How does the integration of MoMo E-Wallet with external systems like bank accounts, utility services, and e-commerce platforms influence Generation Z’s satisfaction with the service?

Sub Research Question 3: How does Generation Z’s satisfaction with MoMo E- Wallet relate to its perceived reliability in terms of transaction consistency and accuracy?

Sub Research Question 4: How do the security features of MoMo E-Wallet, such as data protection and transaction safety, affect Generation Z's satisfaction with the service?

Sub Research Question 5: To what extent does the design and ease of use of MoMo E-Wallet’s interface impact Generation Z's satisfaction with the application? This study will provide valuable information to help e-wallet service providers adjust their strategies to better meet the needs of Gen Z, while contributing to the development

of the e-payment market in Vietnam

1.4 Research Objective

The study aims to understand the key factors that Gen Z appreciates in e-wallet services, including convenience and service integration, reliability and security, as well as user interface design By identifying and analyzing these factors, the study will have the main objective of this report is to investigate these factors affecting Generation Z's satisfaction when using the MoMo e-wallet Based on the research sub-questions, the study will outline five research objectives that will contribute to clarifying the main objective of the

report

Sub Research Objective 1: The convenience of various payment options within MoMo E- Wallet influences how satisfied Gen Z users are with the platform Sub Research Objective 2: The integration of diverse payment services in MoMo E- Wallet impacts the overall satisfaction of Gen Z users with the platform

Sub Research Objective 3: Gen Z's satisfaction with MoMo E-Wallet is affected by the reliability they perceive the service to be

e Sub Research Objective 4: The perceived security of MoMo E-Wallet plays a role in shaping Gen Z’s satisfaction with the service

e Sub Research Objective 5: The user interface of MoMo E-Wallet's interface influences Gen Z’s satisfaction with the app

1.5 Contribution

1.5.1 Theoretical Contribution

This research will significantly advance theoretical knowledge in the field of electronic payment systems by offering a detailed analysis of user satisfaction factors specific to Generation Z By integrating variables such as convenience, service integration, reliability, security, and user interface into the SERVQUAL model, the study will refine and extend this model to better capture the nuances of e-wallet adoption and satisfaction Additionally, the research will fill gaps in the current literature by focusing on an emerging market, Vietnam, which has been underrepresented in prior studies This will provide valuable insights into how cultural and economic contexts influence user behavior and acceptance of digital payment systems, contributing to a more comprehensive understanding of e-wallet use in diverse environments

1.5.2 Practical Contribution

From a practical perspective, this research will provide actionable insights for MoMo and other e-wallet service providers aiming to enhance their offerings and market presence The findings will inform strategies to improve user satisfaction by highlighting the key features that are most valued by Generation Z, such as enhanced convenience, robust security measures, and intuitive user interfaces This knowledge will enable MoMo to refine its application, tailor its marketing strategies, and enhance customer support to better meet the needs of this demographic Furthermore, the research will offer strategic recommendations that can help e-wallet providers stay ahead of market trends, adapt to evolve user expectations, and strengthen their competitive positioning in the digital payment landscape By leveraging these insights, MoMo can drive user engagement,

boost retention rates, and achieve sustained growth in the rapidly expanding e-wallet market

CHAPTER 2: LITERATURE REVIEW 2.1 Theory background

Satisfaction theory generally refers to the study of how individuals or consumers evaluate their experiences or interactions with products, services, or situations based on their expectations and the actual outcomes Satisfaction is typically seen as a key indicator of success in customer relationships, personal experiences, or goal achievement (Parasuraman et al., 1988)

In business and psychology contexts, satisfaction theory often encompasses the following:

1 Expectancy-Disconfirmation Theory: This is one of the most widely accepted theories

of satisfaction It suggests that satisfaction arises from the comparison between a person’s expectations and the actual performance or outcome If the experience meets

or exceeds expectations (positive disconfirmation), satisfaction is high If it falls short (negative disconfirmation), dissatisfaction occurs (Oliver, 1980)

2 Equity Theory: According to Adams (1965), satisfaction 1s also influenced by the perception of faimess in an exchange or interaction In this theory, individuals compare what they receive to what they feel they deserve or what others receive Satisfaction increases when individuals perceive that they have been treated fairly

3 SERVQUAL Model: The SERVQUAL model is closely related to customer satisfaction because satisfaction often depends on whether the service meets or exceeds their expectations This is a model for measuring service quality based on the comparison between customer expectations and their actual perceptions of the service The model is built on five components: reliability, responsiveness, assurance, empathy, and tangibles It helps businesses identify gaps between what customers expect and their actual experiences, enabling improvements to better meet customer needs (Parasuraman et al., 1988)

4 The SERVQUAL model is the best and most suitable choice for this study to measure the factors affecting Gen Z's satisfaction when using the MoMo e-wallet, as it 1s an effective and widely used model for evaluating service quality.The use of the

SERVQUAL model to measure the factors affecting the satisfaction of Gen Z when using the MoMo e-wallet This model was developed by Parasuraman, Zeithaml, and Berry in 1988 and is one of the most popular methods for assessing service quality It helps businesses better understand the factors influencing Gen Z's satisfaction with service quality, allowing them to bridge the gap between expectations and actual experiences Below are the main reasons why the SERVQUAL model is suitable for measuring the satisfaction of Gen Z when using the MoMo e-wallet

(This pertains to the security measures MoMo has in place

Assurance Communicating strong security protocols is essential to address

Gen Z's concerns about personal and financial safety

[This involves understanding and addressing user needs MoMo can Empathy enhance satisfaction by actively listening to feedback and making

improvements based on it

Table 1: SERVOUAL Model

Electronic payment systems, or e-payments, are digital platforms that enable users to make payments and transfer funds electronically, eliminating the need for cash or checks These systems have transformed financial transactions, offering quicker, more efficient, and easily accessible services for individuals with bank accounts By removing the need for physical money, e-payment systems reduce transaction costs, paperwork, and labor expenses for businesses, making them a cost-effective solution for managing financial operations (Chidananda, 2024)

2.2.2 E-wallet (Electronic Wallet)

An e-wallet is a digital application or service that allows users to store money and manage electronic payments using a mobile device or computer It securely stores payment mformation (such as credit card or bank account details) and can be used to perform online and offline payment transactions E-wallets often integrate additional services like loyalty pomts, bill payments, and peer-to-peer transfers (Dahlberg, T., Guo, J., & Ondrus, J (2015))

2.2.3 MoMo

MoMo is a leading e-wallet service in Vietnam that enables users to conduct a wide range of financial transactions, including money transfers, bill payments, and online shopping It provides convenience and security through features such as QR code scanning, peer-to-peer transfers, and direct bank integration (Nguyen, Q T., & Nguyen,

N P (2018))

2.2.4 Gen Z

Generation Z refers to the generation born roughly between 1997 and 2012 This generation 1s characterized by their extensive use of technology, social media, and mobile devices Gen Z is considered to have grown up in a fully connected digital world, familiar with technology They are often seen as tech-savvy, socially conscious, and

demanding convenience, personalization, and speed in the products and services they use (Geiger, 2024)

Additionally, the study by Francis & Hoefel (2018) deeply analyzed the behavior and consumption preferences of Generation Z, individuals born between approximately 1997 and 2012 This generation grew up in a world that is fully digitally connected and exhibits very different consumer characteristics compared to previous generations The study was conducted to better understand the shopping behavior and consumption habits

of Generation Z Francis and Hoefel focused on how this generation reacts to the development of technology and convenience, especially in the context of online shopping and the use of digital products and services such as e-wallets Francis & Hoefel's study provided businesses with valuable insights on how to approach and engage with Generation Z Companies should focus on developing convenient digital products and services that meet the demand for speed and ease Additionally, personalizing the experience is also a key factor m retaining consumers from this generation

HI: Convenience has a positive impact on Generation Z's overall satisfaction with the MoMo e-wallet

2.3.2 Integration

Integration refers to the ability of an e-wallet platform to combine various services such

as payments, transfers, shopping, and financial management into one cohesive application It enables users to access a wide array of services in a single platform, simplifying their financial activities and enhancing convenience According to Thuy Nguyen (2022), integration is a key factor in increasing user satisfaction with MoMo, as

it provides an all-in-one solution that meets the diverse needs of users, particularly Generation Z, who prefer multifunctional and efficient digital platforms Previous studies have shown that integration plays a crucial role in enhancing user satisfaction with e-wallet services According to Nguyen (2022), the integration of multiple services such as bill payments, money transfers, and shopping within MoMo’s platform significantly improves user satisfaction by simplifying daily financial activities and reducing the need for users to switch between different applications This seamless service offering makes the platform more convenient, especially for younger generations

like Generation Z Gaitan et al (2015) also highlight that service integration in digital platforms, especially in the fintech industry, leads to higher customer engagement and retention Users prefer platforms where they can perform multiple functions in one place,

as it enhances their overall experience and efficiency Moreover, Intarot and Beokhaimook (2018) found that integration positively impacts user satisfaction by creating a more streamlined and cohesive user experience In their study of mobile payment services in Southeast Asia, they noted that users are more satisfied with platforms that offer comprehensive features, which reduce transactional friction and increase convenience

For Generation Z, integration 1s not just a desirable feature but an expectation in their digital experiences This tech-savvy generation values efficiency, and the ability to access multiple services such as payments, transfers, and online shopping through a single app like MoMo aligns perfectly with their expectations Studies have shown that Generation Z tends to favor platforms that offer convenience and comprehensive services According to Nguyen (2022), the integration of services within MoMo significantly enhances user satisfaction among Gen Z, as it reduces the friction of managing different tasks across multiple platforms Generation Z users, who are accustomed to multitasking and demand seamless digital experiences, find MoMo’s all- in-one service highly attractive Moreover, Intarot and Beokhaimook (2018) suggest that Gen Z’s satisfaction is strongly tied to their ability to perform diverse functions with minimal effort Platforms like MoMo, which integrate payments, shopping, and bill management, align with their lifestyle preferences and digital habits As a result, this generation experiences higher satisfaction with services that enable them to handle their financial transactions conveniently and efficiently

Gaitan et al (2015) also underscore the importance of a seamless user experience for younger generations Gen Z, in particular, is more likely to abandon platforms that require them to use multiple apps for different functions, as they prefer a more streamlined experience This suggests that integration is critical to retaming Generation Z users and maintaining their satisfaction

HÀ2:The inlegration Oƒ mMHiĐle services within the MoMo e-wallet positively affects Generation Z's overall satisfaction

2.3.3 Reliability

Reliability in the context of e-wallets refers to the consistent and dependable performance of the platform, ensuring that users can trust it to process transactions accurately, securely, and without disruptions A reliable e-wallet guarantees that services are available when needed and that users’ financial data and transactions are handled efficiently and safely According to Nguyen (2022), reliability is a critical factor influencing user satisfaction, particularly for digital platforms like MoMo, where users expect uninterrupted access and smooth functionality at all times Gaitan et al (2015) describe reliability as the cornerstone of trust in digital services Users are more likely to adopt and continue using a platform that consistently delivers accurate and error-free transactions For e-wallets, reliability also encompasses system stability, including the platform’s ability to function during peak times and handle large volumes of transactions without failure Le and Pham (2020) emphasize that in financial technology, reliability plays a crucial role in customer retention If users experience failures, errors, or security breaches, their trust in the platform diminishes, leading to dissatisfaction and possible abandonment of the service

Research on e-wallets highlights that reliability is one of the most significant factors influencing user satisfaction, especially in the fintech sector Nguyen (2022) found that reliability plays a critical role in building trust and satisfaction among users of MoMo e- wallet Users expect the platform to perform consistently without delays or errors, particularly for financial transactions Nguyen’s study emphasizes that reliability directly affects the user experience, as any disruptions in service or transaction errors can lead to dissatisfaction and loss of trust Le and Pham (2020) further support this finding by stating that user retention in digital wallets is closely tied to service reliability If an e- wallet fails to deliver consistent, accurate transaction processing, users are likely to abandon the platform in favor of more reliable alternatives This is particularly true in the competitive digital payments market, where users demand seamless performance and

quick access to services Gaitan et al (2015) also explored how reliability impacts user adoption and satisfaction in digital services Their research showed that users prefer platforms that deliver uninterrupted service, particularly when dealing with financial transactions The study found that perceived reliability mcreases user satisfaction and loyalty, making it a crucial factor for long-term customer retention For Generation Z, reliability is a critical factor that significantly impacts their satisfaction with digital platforms like MoMo Gen Z, being digital natives, expects seamless and dependable service from the applications they use, particularly for financial transactions According to Nguyen (2022), Generation Z’s satisfaction is directly influenced by the perceived reliability of the MoMo e-wallet Disruptions, delays, or errors in transactions quickly diminish their trust and satisfaction, as this group tends to have high expectations regarding service consistency.Le and Pham (2020) further argue that Generation Z, given their reliance on real-time digital interactions, is less tolerant of service failures As a result, any lapse in reliability, such as transaction errors or service downtime, can lead to dissatisfaction and the likelihood of switching to a more reliable competitor This generation's demand for constant connectivity and speed makes reliability one of the most important factors for retaining their loyalty Moreover, Gaitan et al (2015) found that younger users, particularly Generation Z, are more likely to continue using a service when it consistently performs as expected For e-wallets like MoMo, this includes timely processing of payments, secure transactions, and overall platform stability, which together boost the user’s trust and long-term satisfaction with the platform

3: Perceived reliability of the MoMo e-wallet positively influences Generation Z's overall satisfaction

2.3.4, Security

Ensuring security in mobile payment systems is essential, as users are concerned about risks like data theft and fraud Providers implement advanced security features such fas biometric authentication (e.g., fingerprint and facial scans) to mitigate these threats and prevent unauthorized access Additionally, encryption technologies like end-to-end encryption secure user data during transactions, protecting it from interception These

14

initiatives are designed to enhance user trust by safeguarding information and identifying potential fraud in real time, ensuring secure and reliable mobile payment experiences (Matthewson, 2024)

A previous study discussed security as an important determinant of user attitudes toward mobile payments The study found that perceived security is important to the adoption of mobile payments, as it affects users’ trust in these platforms The researchers emphasized that effective security measures, such as encryption technology and clear privacy policies, are essential to protect user data and build trust in mobile payment services Furthermore, the study highlighted that the impact of security on trust varies across cultures Specifically, Chinese users place more importance on security measures when adopting mobile payments than American users This difference is due to differences in payment cultures and the prevalence of mobile payment services in each country By understanding these cultural nuances, mobile payment providers can better tailor their security strategies to enhance user trust and drive global adoption of their services (Fan et al., 2018)

In another study, Oliveira et al (2016) found that perceived security not only affects user satisfaction but also plays a significant role in customer retention The more secure a user feels, the more likely they are to continue using the service This finding is particularly relevant to Generation Z, who expect high-security standards when processing financial transactions through digital platforms

4: Perceived security of the MoMo e-wallet has a positive impact on Generation Z's overall satisfaction

2.3.5 User Interface

According to GeeksforGeeks (2024), User Interface (UI) describes the way humans interact with information systems Put simply, UI consists of various pages, screens, buttons, forms, and other visual elements that facilitate user interaction with devices Every application and website includes a user interface UI Design focuses on crafting visual components such as graphics, illustrations, typography, and photographic art to enhance the display and organization of a digital product across different device formats

UI elements include input controls (like buttons, drop-down lists, and data fields), navigation components (such as search bars, sliders, icons, and tags), and informational elements (like progress indicators, notifications, and message boxes) (GeeksforGeeks, 2024)

A previous study discussed the evolving aesthetics of user interfaces (UIs), highlighting the shift from early technological design focused on visual expression to a more standardized, usability-oriented approach that minimized aesthetics However, contemporary design is rediscovering the emotional and aesthetic value of UIs Modern designers are combining older visual elements with innovative applications of technology

to create unique, expressive interfaces This trend reflects a desire to move beyond the norm and explore new creative freedoms in UI design (Bollini, 2017)

A recent study details the consequences of designing software interfaces based solely on the developer’s perspective without considering the user’s mental model When this happens, the application may fail to meet the user’s expectations or needs, leading to frustration and confusion Users may have difficulty understanding how to achieve their goals because the interface does not match their natural thought process This disconnect can cause users to abandon the software altogether A user-centered approach 1s essential

to ensuring that the interface matches the user’s thinking patterns, making the experience intuitive and effective (Dharmayanti et al., 2018)

Hồ: The user interface design of the MoMo e-wallet positively influences Generation Z's overall satisfaction

CHAPTER 3: METHODOLOGY 3.1 Study Design

This research will employ a quantitative method to explore the factors affecting Generation Z's satisfaction with Ho Chi Minh City using the MoMo e-wallet According

to Holton, E F., & Burnett, M F (2005), Quantitative methods form the backbone of modern scientific research and inquiry This approach typically begins with a well- defined theory, which can be either newly proposed or based on existing frameworks The strength of this method lies in its ability to process and analyze data from large groups of people, making it highly effective for generalizing findings from a sample population to broader demographics The research process began by identifying the research problem, which highlighted a gap in the existing literature No prior studies have thoroughly examined Generation Z’s satisfaction with the MoMo e-wallet, nor have they identified the specific factors most crucial to this demographic This created the foundation for the study, signaling the need for further exploration Following this, an in- depth review of existing literature was conducted to gain a comprehensive understanding

of the various factors that influence Generation Z’s satisfaction with MoMo This literature review provided insights into key elements such as convenience, security, reliability, integration of services, and user interface, which are often discussed in relation to user satisfaction in digital payment systems

Next, the development of hypotheses took place, focusing on the relationships between these factors and their impact on Gen Z’s satisfaction For mstance, hypotheses were formulated to test whether convenience or reliability has a stronger influence on satisfaction levels After that the methodology was established, focusing on the quantitative research approach This involved designing a structured survey aimed at Generation Z users of MoMo in Ho Chi Minh City, with statistical analysis used to assess the relationships between variables and draw data-driven conclusions on the factors affecting their satisfaction

Subsequently, a questionnaire was developed based on five factors influencing Gen Z's satisfaction when using e-wallets, including convenience, integration, reliability,

security, and user interface All these variables wIll be surveyed using a 7-pomt Likert scale Following that, the G-Power method is applied to determine the minimum required sample size needed for this study This calculation ensures that the survey results will have sufficient statistical power, allowing for reliable and valid data collection By establishing the appropriate sample size in advance, the research process becomes more efficient, ensuring that enough responses are gathered to draw meaningful conclusions about the factors influencing Gen Z’s satisfaction with e-wallets

Once the necessary data has been collected, the dataset will undergo evaluation and refinement using the SMART PLS method This approach will help identify and exclude any Irrelevant or weak mdicators, ensuring the validity of the results The analysis will also focus on determining the extent to which each variable—whether convenience, integration, reliability, security, or user interface—has a positive or negative influence on Gen Z's satisfaction with e-wallets By applying the SMART PLS method, the research aims to gain deeper insights into which factors significantly impact user satisfaction, allowing for more precise conclusions and recommendations

3.2 Data collection

3.2.1 Sampling

In this study, we will conduct sampling using a stratified random sampling method to ensure representativeness for the Gen Z group in Ho Chi Minh City Specifically, the sampling steps will be as follows:

¢ Sampling subjects: The study will focus on people of the Gen Z generation, who were born between 1997 and 2012 This is a group of young people, who tend to approach high technology and are frequent users of MoMo e-wallet

¢ Time: The survey is expected to take place from September to October

¢ Location: Survey participants will be approached through online platforms, including social networks, community groups, and university email systems to reach Gen Z students in Ho Chi Minh City

The online survey for this study was administered using Google Forms (www.docs.google.com), a free tool made by Google specifically for gathering and

arranging both large and small amounts of data Google has put in place a number of safeguards to guarantee the accuracy of the online forms First, survey takers must confirm their email address Secondly, the respondent's IP address is also verified to avoid duplicate responses Thirdly, individuals get alerts through social media sites like Facebook and Instagram as well as via email Additionally, respondents who answer the same questions too quickly or repeatedly will be flagged and rejected by the survey

system

3.2.2 Sample size

To determine the appropriate sample size for the study on Gen Z satisfaction in Ho Chi Minh City when using the MoMo e-wallet, we referred to the rule of Hair et al (2017) and the G*Power 3 tool The 10-fold rule, commonly applied in PLS-SEM studies, indicates that the minimum sample size should be ten times the number of largest structural paths directed to any construct in the model Since the proposed research model consists of five hypotheses with five paths targeting constructs related to customer satisfaction and one path related to repurchase intention, this rule suggests that the minimum sample size should be 50 However, to ensure a more powerful sample, we used the GPower 3 analysis According to Erdfelder et al (1996), this analysis was based

on a desired statistical power of 0.8 and an alpha level of 0.05, with a medium effect size (? = 0.15) for multiple linear regression with 6 predictors GPower calculations suggested that a sample size of 92 was needed to achieve these statistical parameters Given the complexity of the model and the potential for bias in the responses, we aimed

to collect a larger sample size to increase the reliability of the results

3.2.3 Questionnaire

The questionnaire for this study is designed to investigate the factors affecting Generation Z's satisfaction with Ho Chi Minh City when using the MoMo e-wallet The first part focuses on collecting demographic information, which helps in understanding the background of the respondents The second part is aimed at gathering data related to

key constructs that influence satisfaction, including integration, reliability, security, and user interface By using a structured questionnaire, we can ensure that the data collected

is consistent and can be effectively analyzed to draw meaningful conclusions about the factors driving or hindering satisfaction with the MoMo e-wallet among Generation Z users in Ho Chi Minh City

Part 1: Personal Information

The first part of the questionnaire focuses on collecting demographic data from the respondents This section includes questions about the respondent’s age, gender, occupation, income level, and educational background These personal details are crucial

to categorizing and analyzing the responses from different segments of Generation Z in

Ho Chi Minh City By understanding the demographics of the respondents, we can better interpret how different groups perceive and interact with the MoMo e-wallet For example, income levels might reveal different spending patterns, while the occupation could indicate how often and for what purposes users depend on MoMo This data provides a foundation for exploring how personal characteristics may influence satisfaction with the service The demographic analysis is essential for identifying trends that could inform targeted marketing strategies or improvements in MoMo’s features (Ariffin et al., 2021)

Part 2: Construct-based Questions

The second part of the questionnaire is dedicated to collecting data on five key constructs that influence the satisfaction of Generation Z users with the MoMo e-wallet: Convenience, Integration, Reliability, Security, User Interface, and Satisfaction Each of these constructs is measured using Likert scale questions, allowing respondents to express their level of agreement or satisfaction with different aspects of the app

¢ Convenience: This section measures the users' perception of how the MoMo e-wallet enhances the ease of performing transactions The questions focus on whether users find payments more convenient with MoMo compared to traditional methods Respondents are asked to evaluate if MoMo improves their work efficiency and whether they can

complete transactions faster using MoMo compared to cash These aspects are crucial for Generation Z, who prioritize convenience and speed in their daily payment activities

e Integration: This section measures how easily MoMo integrates with other platforms, such as banks, e-commerce websites, or utility payment services Questions focus on the ease of linking accounts and making payments using MoMo across various services, as integration is critical to a seamless user experience

¢ Reliability: Reliability assesses MoMo's performance, particularly how consistently

it processes transactions without errors or delays Users are asked to rate their confidence

in the app’s ability to function smoothly and accurately Reliability is a key factor in ensuring users trust the platform for frequent use

e Security: Security is essential in any financial service This section examines users’ perceptions of MoMo’s ability to safeguard their personal and financial information Questions cover the app’s security features, such as password protection and two-factor authentication, and users' trust in the app's ability to prevent unauthorized access

® User Interface: The user interface (UI) is crucial in ensuring the app is easy to navigate This construct examines how intuitive and user-friendly MoMo’s design is Respondents are asked to evaluate how easily they can access and use the app’s various features, such as making payments or viewing transaction history

e Satisfaction: Finally, the satisfaction construct measures the overall contentment of users with MoMo's services and features Questions assess users’ feelings about the app's performance, functionality, and the benefits they receive, such as discounts, and time- saving Understanding satisfaction is critical to determining the likelihood of contmued use and user loyalty By analyzing data collected on these five constructs, we can gain a comprehensive understanding of the factors that contribute to or detract from the satisfaction of Generation Z users with the MoMo e-wallet This part of the questionnaire provides essential insights into the aspects of MoMo that drive user satisfaction and areas that may need improvement

3.2.4 Measurement scales

The measurement scales in this study are adapted from various scholarly research exploring factors that influence user satisfaction with e-wallet services These constructs have been chosen to align with the experience of Generation Z users in Ho Chi Minh City when using the MoMo e-wallet

Construct 1: Convenience

The Convenience construct evaluates how MoMo simplifies transactions, allowing users

to perform tasks like making payments, shopping online, and paying bills This construct

is adapted from two studies The first is "Factors Determining the Acceptance of E- Wallets" from the International Journal of Applied Marketing and Management (Trivedi

& Mudra Institute of Communications, Ahmedabad (MICA), 2016) The second 1s the

study titled "Nhing Yéu Té Anh Huéng Đến Y Định Sử Dụng Ví Điện Tử MoMo Khi

Mua Sắm Trực Tuyến Của Sinh Viên Đại Học Công Nghiệp TPHCM”, conducted by a group of students at Trường Đại học Công nghiệp TP Hồ Chí Minh

Construct 2: Integration

The Integration construct measures how well MoMo integrates with other services, such

as linking to bank accounts, utility payments, and e-commerce platforms This construct

is adapted from the study titled "Factors Affecting Vietnamese People's Intention to Use E-Wallet", authored by Thuy Nguyen in 2022 The research focuses on how integration with various services impacts the user's intention to use e-wallets

Construct 3: ReliabilitY

The Reliability construct assesses MoMo's consistency in processing transactions without errors or delays This construct is adapted from the research titled "Factors Affecting Continuance Intention Towards Non-Bank E-Wallet Usage", conducted by A Charinsarn, P Metharom, & R Banomyong at Thammasat University and authored by Limsukhawat in 2021 The study highlights how reliability is a key factor in maintaining user trust and satisfaction with e-wallet services

Construct 5; User Interface

The User Interface construct measures how user-friendly and intuitive MoMo's interface

is This scale is adapted from the study titled "Cac Yéu Té6 Ảnh Hưởng Dén Y Dinh Sử

Dụng Ví Điện Tử Của Người Dân Tại Thành Phố Cần Thơ: Ứng Dụng Mô Hình Cầu

Truc Tuyén Tinh PLS-SEM", authored by Bui Nhat Vuong in 2021 This research highlights how a well-designed and easy-to-navigate interface contributes to user satisfaction

These constructs provide a comprehensive framework for understanding the factors that contribute to user satisfaction with the MoMo e-wallet, offering valuable insights for improving service quality and user experience

Convenience |COV1: I believe making payments is more

convenient when using the MoMo e-wallet NGUYEN et al.,

24

(COV) COV2: My work efficiency improves when I

use the MoMo e-wallet

COV3: I feel that I can complete transactions

faster with MoMo compared to using cash

2021), (Junadi, 2015), (Trivedi, 2016),

Integration

(INT)

INT1: I can easily use MoMo to make

purchases at any convenience store

INT2: MoMo simplifies the process of paying

my utility bills

INT3: I can shop and complete payments on

e-commerce platforms using MoMo

(Nguyen, 2022)

Reliability (REL) REL1: MoMo processes transactions quickly

and reliably without delays

REL2: My transaction history in MoMo is

always up-to-date and accurate

REL3: I rarely face any technical issues or

errors when using MoMo for payments

(Limsukhawat, 2021)

Security

(SEC)

SEC1: The password protection and OTP

feature of the MoMo e-wallet ensure that

customer information remains secure

SEC2: Using OTP helps me recover my

password quickly and safely

SEC3: MoMo has a strong reputation for

protecting users against unauthorized (TaiLieu VN,

n.d.)

UIF1: My interactions with the MoMo e-

wallet system are intuitive and easy to

understand

(Bui, 2021)

UIF2: The website has an appealing design

and a well-organized layout, which makes my

experience enjoyable and efficient

UIF3: I can find all the features I need within

MoMo without difficulty

Satisfaction

(SAT)

SAT1: I am pleased with the MOMO e-

wallet's various functions, such as transferring

money, making payments, and topping up

balances Limsukhawat,

SAT2: I am satisfied with the advantages I

receive from using the MOMO e-wallet, like

discounts, cashback, better payment

management, and saving time

2021)

SATS: I feel confident that using the MOMO

e-wallet was the nght decision

Table 2: Questionnaire (Source by Author)

3.4 Data analysis

The data analysis process for evaluating Generation Z's satisfaction with the MoMo e- wallet was conducted in several key stages The analysis was executed using a systematic approach, detailed as follows:

Step 1: Data Collection

Data was collected through a Google Form survey distributed to a sample of Generation

Z users of the MoMo e-wallet in Ho Chi Minh City The survey included questions regarding user satisfaction, demographic information (age, gender, income level), and factors influencing their usage of the e-wallet

Step 2: Data preparation

After the data collection was completed, the following steps were undertaken:

Coding: The collected survey responses were coded for easier analysis Each response was assigned a numerical code corresponding to specific variables in the study Data Cleaning: Missing data points were identified and addressed This involved:

e Removing incomplete responses that lacked critical information

¢ Imputing missing values where feasible, using mean substitution for continuous variables and mode substitution for categorical variables to maintain sample size and reduce bias

e Data Transfer: The cleaned dataset was then exported and uploaded to SMART-PLS (Partial Least Squares Structural Equation Modeling) software for further analysis Step 3: Descriptive Analysis

A descriptive analysis was conducted to summarize the demographic data of the participants:

e Age: Participants were categorized into specific age ranges (e.g., 18-22, 23-26)

¢ Gender: The gender distribution of respondents was analyzed

e¢ Income Level: Respondents were grouped based on their monthly income to assess its relationship with e-wallet usage

This analysis provided a foundational understanding of the sample population, offering insights into the demographic profile of Generation Z users in Ho Chi Minh City

Step 4; Measurement Model Assessment

The Measurement Model Assessment is a crucial step in structural equation modeling (SEM) that ensures the validity and reliability of the constructs used in the study This assessment confirms that the measurement items effectively capture the intended theoretical constructs related to Generation Z’s satisfaction with the MoMo e-wallet The following components were examined in detail:

Composite Reliability (CR)

Composite Reliability (CR) measures the mternal consistency of the constructs It indicates how well a set of items measures a single latent variable A CR value of 0.7 or higher is generally accepted as an indicator of adequate reliability Each construct related

to factors influencing user satisfaction (e.g., ease of use, percerved usefulness, trust) demonstrated CR values above the 0.7 threshold, indicating good reliability

Average Variance Extracted (AVE)

The Average Variance Extracted (AVE) assesses convergent validity, which evaluates whether the items in a construct are adequately capturing the construct they intend to measure An AVE value of 0.5 or higher indicates that the construct explains at least 50% of the variance of its indicators All constructs related to user satisfaction yielded

AVE values exceeding 0.5, supporting the conclusion that the items effectively captured their respective constructs

Discriminant Validity

Discriminant validity ensures that constructs are distinct and not measure the same underlying concept Two primary methods were employed to assess discriminant validity:

e Heterotrait-Monotrait Ratio (HTMT): This method compares the correlations of different constructs (heterotrait) to the correlations of the same construct (monotrait)

An HTMT value below 0.85 (or 0.90 in some contexts) is recommended to indicate sufficient discriminant validity Each HTMT value was computed, and all values were found to be below the threshold, confirming that the constructs in the model were distinct from one another

e¢ Fornell-Larcker Criterion: This criterion requires that the square root of the AVE for each construct should be greater than its correlations with other constructs The diagonal values (square root of AVE) were greater than the off-diagonal correlations, confirming adequate discriminant validity

Item Loadings

Item loadings indicate the strength of the relationship between each measurement item and its corresponding construct Higher loadings (above 0.7) suggest that the item is a strong indicator of the construct Each measurement item for the constructs was analyzed, and all items exhibited factor loadings above the recommended 0.7 threshold Items with loadings below this threshold were considered for removal or revision, ensuring that only strong indicators remained in the final model

Overall Model Fit

Finally, the overall fit of the measurement model was assessed through various fit indices, including:

Chi-Square Goodness of Eit (x2): A non-significant y? value (p > 0.05) indicates a good fit between the model and the data

Goodness-of-Fit Index (GFT): A GFI value above 0.90 is considered acceptable Comparative Fit Index (CFI): Values above 0.90 suggest that the model fits well compared to a baseline model

The fit indices indicated that the measurement model had an adequate fit to the data, confirming the robustness of the constructs being measured

Step 5; Structural Model Assessment

Following the measurement model evaluation, the structural model was assessed to test the hypothesized relationships among the constructs:

Path Coefficients (B): The relationships between variables were analyzed to evaluate the strength and significance of the paths

R? Values: The explained variance of the dependent variable (user satisfaction) was calculated R? values above 0.2, 0.3, and 0.5 indicated weak, moderate, and strong explanatory power, respectively

Effect Size (f?): The effect size of each predictor on the dependent variable was computed to assess the impact of the independent variables Effect sizes of 0.02, 0.15, and 0.35 indicated small, medium, and large effects, respectively

Predictive Relevance (Q?): The Q? value was calculated using the blindfolding procedure to determine the model's predictive capability

Step 6: Hypothesis Testing

Finally, hypothesis testing was conducted to validate the proposed relationships among the constructs The significance of the path coefficients was tested using t-values derived

from bootstrapping techniques (with 5,000 resamples) Hypotheses were accepted or rejected based on the significance level (p < 0.05)

CHAPTER 4: RESULT AND DISCUSSION 4.1 Descriptive Analysis

The demographic profile of Generation Z m Ho Chi Minh City shows a balanced distribution between males and females, with a slight majority of respondents being female This relatively even gender split suggests that MoMo e-wallet appeals equally to both genders However, with females representing a higher percentage, it could imply that they may have a greater interest or reliance on the convenience of digital wallets compared to males within this age group

Nearly all the respondents fall within the age range of 12 to 27 years old, which is characteristic of Generation Z This dominant representation confirms that the sample focuses primarily on this target group, known for being tech-savvy and accustomed to digital solutions, making them likely adopters of e-wallet technology like MoMo Given their exposure to technology from an early age, this demographic is likely comfortable with using digital payment methods in their everyday transactions

In terms of career status, the majority of respondents are students, reflecting the early stage of life for many Generation Z members who are still in education A smaller proportion are employees, showing that some are already in the workforce, though students remain the core of the user base The minimal presence of unemployed individuals suggests that MoMo's user base is primarily composed of people with an active need for managing finances, whether for study-related expenses or initial job- related transactions

Income levels among respondents are varied, with most fallmg into the lower-income brackets, earning between VND 3,000,000 to VND 5,000,000 A significant portion of the sample also reports earning under VND 3,000,000, further indicating that a large segment of Generation Z is either financially dependent or in the early stages of building their income Despite this, a quarter of respondents have incomes above VND 5,000,000, suggesting that MoMo is not only used by those with limited income but also by individuals with a higher earning capacity, reinforcing its broad appeal across different income groups