Factors affecting individual customers’ decision to use fintech services in payment activities in Vietnam

Abstract

The Industrial Revolution 4.0 has changed all aspects of every economy, including Vietnam. In the development of financial-banking industry, it is nessary to mention Fintechs, especially in payment. However, the implementation of Fintech services in payment in Vietnam has faced difficulties as the number of customers accepting this service is pretty low. This article explores the factors that determine the decision of individual customers to use Fintech in payment in Vietnam. The results of the study from 264 questionnaires with individuals in Hanoi showed that 6 factors affecting the decision to use fintech services in payment in descending order are: (1) Safety and security, (2) Useful; (3) Attitude; (4) Autonomy; (5) Ease of Use and (6) Convenience. Based on the obtained results, the authors propose some solutions to improve the ability to accept fintech services in payment of individual customers.