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H4: Pain of paying has a negative impact on consumers' online shopping
behavioral intention.
Due to its convenience and flexibility, BNPL as an electronic payment method may
enhance the payment experience and thereby increase customer satisfaction in online
shopping. (Hossain & Zhou, 2018; Roozbahani et al., 2015). In the context of examining
the impact of Buy Now, Pay Later (BNPL) on online purchase behavioral intention based
on Oliver (1997)‘s original definition, satisfaction can be understood as user’ overall
assessment and emotional reaction to their experience of using BNPL throughout the
shopping process (Hegawan et al., 2023). Prior empirical evidence has consistently
confirmed the pivotal role of satisfaction in shaping consumer behavior (Zeithaml et al.,
1996; Yen & Gwinner, 2003; Yao et al., 2018; Hegawan et al., 2023).
H5: The use of Buy Now, Pay Later (BNPL) services has a positive impact on
consumers' satisfaction.
H6: Consumers' satisfaction has a positive impact on consumers' online shopping
behavioral intention.
According to the OECD (2016), financial literacy extends beyond theoretical
knowledge to include the ability to apply such knowledge in selecting, using, and
managing financial products effectively. Individuals with higher levels of financial literacy
tend to demonstrate stronger expense management, more careful consideration of risks
and consequences, and are therefore less prone to impulsive or excessive spending
(Atkinson & Messy, 2012; Hayhoe et al., 2000; Perry & Morris, 2005). Prior studies have
suggested that higher financial literacy helps consumers better control impulsive
purchasing tendencies (Aulia et al., 2023) and overspending (Andayani, 2024) in digital
environments. Beyond its direct effects, empirical evidence further underscores that
financial literacy acts as a moderator in the relationship between BNPL usage and online
shopping behavioral intention (Ahn and Nam, 2022; Ramadani and Artadita, 2022; Shah
et al., 2024)
H7: Financial literacy has a negative impact on consumers' online shopping
behavioral intentions.
H8: Financial literacy moderates the relationship between the use of Buy Now, Pay
Later (BNPL) services and consumers' online shopping behavioral intentions.
3. Research methodology
The research method used for this study is a quantitative method. The quantitative
method, the authors chose the simple random sampling method to collect the primary
data by distributing questionnaires. The questionnaire was completed in a self-
administered form, which could be completed by the respondents without the aid of the
researcher team’s control (Gravetter & Forzano, 2016).
The questionnaire of this study was created using Google Forms and was distributed
to a group of Generation Y and Z who are living in Hanoi and are the users of the BNPL
payment method. Each response to the questions in this survey is evaluated by using a
five-point Likert scale, and the data analysis of this study is conducted via the Structural
Equation Modeling (SEM) by using the SmartPLS software.
4. Findings and discussion
4.1. Demographic
The authors first received 374 respondents, and after cleaning the data, 325
respondents were qualified. The demographic details of the qualified respondents are
illustrated in the table below:

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