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FACTORS INFLUENCING CONSUMERS’ INTENTION TO USE DIGITAL
PAYMENTS IN HANOI CITY

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Nguyen Tien Loi* , Nguyen Thu Ha , Nguyen Danh Tuan , Le Quang Thuong 4
1
1, 2, 3, 4 Hanoi Open University, Hanoi, Vietnam.
(*E-mail: ntloi2@hou.edu.vn)

ABSTRACT
In the context of rapid digital transformation and the continuous expansion of the
digital economy, digital payments have become a crucial component in promoting
financial inclusion and sustainable economic growth. Although technological
infrastructure and policies supporting cashless payments in Vietnam have significantly
improved, the level of adoption and usage of digital payments remains uneven across
different consumer groups. This study aims to analyze the factors influencing consumers’
intention to use digital payment services in Hanoi. By integrating the UTAUT2 model with
context-specific factors of the digital transaction environment, such as trust and
perceived risk, the research employs a quantitative approach through a survey of
consumers living and working in Hanoi. The findings indicate that perceived usefulness,
perceived ease of use, social influence, and trust positively influence usage intention,
whereas perceived risk exerts a negative effect. The study contributes to validating and
extending technology acceptance models within the context of an emerging economy
undergoing rapid digital transformation like Vietnam. Furthermore, the results provide
practical implications for fintech firms, commercial banks, and policymakers in
formulating strategies to promote cashless payments in the current digital era.
Keywords: Digital payment; usage intention; UTAUT2; trust; perceived risk; Hanoi.

1. Introduction
In the context of the rapid development of the global digital economy, digital
payment methods are increasingly playing a fundamental role in promoting economic
growth, enhancing financial inclusion, and improving individuals’ access to financial
services. According to the Global Findex 2025 report by the World Bank, by 2024,
approximately 61% of adults in low- and middle-income economies had made or received
digital payments, reflecting the rapid growth of cashless transactions worldwide (Bank.,
2025). However, such global statistics need to be contextualized within specific national
settings to accurately assess the level of development and user behavior in digital
payment adoption.
In Vietnam, the digital transformation of the financial and banking sector has been
progressing rapidly, particularly under the National Digital Transformation Program and
the Scheme for the Development of Cashless Payments for the period 2021–2025. Recent
reports indicate a significant increase in the number of payment accounts, e-wallets, and
digital transactions, highlighting a clear shift from cash-based to electronic payment
methods (State Bank of Vietnam, 2024; Ministry of Information and Communications,
2023). Notably, in major urban areas such as Hanoi, high smartphone penetration rates,
well-developed internet infrastructure, and an increasingly mature fintech ecosystem
have created favorable conditions for the widespread adoption of digital payment

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