Exploring mobile money adoption in Vietnam: Insights from payment technology and demographic dynamics

Recent advances in e-payment technology have safeguarded many financial service businesses and consumer transactions during the outbreak of the Covid-19 pandemic in Vietnamese markets. However, these e-payment technologies have had few systematic analyses as one of Fintech adoption concerning the possible effects of financial institution accounts and customer demographic factors, which might help to increase managerial efficiency. The demographic of customers and its interactive effects are lacking from the previous literature for mobile money. The Global Findex Database is high reliability and validity. So, this study aims to use the Global Findex Database for emerging financial service firms to explore these proposed relationships. Using a logit regression model, this study found that financial institutions positively impact the adoption of mobile money. In addition, the study conducts an empirical test and substantiates the interplaying role of customers' education and income in mobile money adoption while neglecting the part of age (e.g., older age cohort). Explaining the effect of demographic variables significantly contributes to the manager's knowledge of the Fintech adoption decision. The tertiary education and middle income level have strong effects on the adoption of mobile money in Vietnam, where is ranked second in Southeast Asia in term of Fintech industry.