Page 526 - ISC PROCEEDINGS 21.4

In addition, another important stream of research focuses on the role of trust and
perceived risk in digital transaction environments. The study by Dinh Ngoc Phuong Thao
(2025) shows that trust is the most influential factor affecting the intention to use e-
wallets in Ho Chi Minh City. This finding is supported by international research, which
highlights perceived security, trust, and perceived risk as critical determinants of digital
payment adoption (Liébana-Cabanillas et al., 2019; Oliveira et al., 2016; Slade et al., 2015).
Furthermore, Al-Qudah et al. (2024), in a study conducted in Malaysia, found that
perceived convenience and perceived security have a positive impact on adoption
intention, particularly among younger users, thereby emphasizing the importance of user
experience and perceived safety in digital environments.
Beyond technological and psychological factors, recent studies have extended
existing models by incorporating behavioral and individual characteristics. Usman et al.
(2025), based on the Theory of Planned Behavior, found that financial literacy and
perceived behavioral control significantly influence the intention to use digital payments,
while subjective norms do not always have a direct effect. Similarly, Fadhilah and Aruan
(2023) highlight significant differences between generations (Generation Y and
Generation Z) in evaluating factors such as service quality, perceived risk, and social
influence. From a macro-level perspective, Birigozzi et al. (2025) demonstrate a positive
relationship between digital payment adoption and economic growth, thereby confirming
the role of digital payments in fostering financial innovation and sustainable economic
development.
Despite the substantial body of empirical evidence, several important research gaps
remain. First, in Vietnam, most studies focus on specific localities or particular groups,
such as students or e-wallet users, while studies with broader representation in major
urban centers like Hanoi are still limited. Second, most existing studies rely on single
theoretical frameworks (such as UTAUT2 or TPB) without fully integrating technology-
related perceptions with context-specific factors such as trust and perceived risk in digital
payment environments. Third, many studies remain descriptive in nature and have not
adequately addressed the moderating role of local context in shaping consumer behavior,
particularly in a rapidly digitalizing emerging economy like Vietnam.
Based on these limitations, this study aims to integrate technology acceptance
frameworks with context-specific factors of the digital payment environment, while
focusing on Hanoi as a major economic, financial, and technological center of Vietnam.
Accordingly, the study is expected not only to contribute empirical evidence in the
context of a developing country but also to provide deeper insights into the mechanisms
influencing consumers’ intention to use digital payments in the current digital
transformation era.
2.2. Theoretical background
2.2.1. Digital payment
In academic research, digital payment is understood as a form of payment in which
transactions are conducted through digital means without the use of physical cash, where
both the payer and the payee utilize electronic tools to send and receive value during the
payment process (Sahi et al., 2021). Digital payment is also defined as a type of
transaction carried out through digital methods, including cashless payment forms
supported by information and communication technologies (Franciska & Sahayaselvi,
2017).

525