“Factors affecting Gen Z’s intention to use QR Pay in Vietnam after Covid-19”

The objective of this study was to examine the determinants that impact the inclination of Generation Z individuals to use QR Pay in the context of Vietnam following the COVID-19 pandemic. In order to gather the necessary data, this study conducted a survey among a sample of 415 individuals who were customers of the relevant service or product. The survey was conducted using the Google Forms platform from September 2022 to January 2023, employing a convenience sampling approach. This paper constructed a research model utilizing the technology acceptance model (TAM) and unified theory of acceptance and use of technology (UTAUT) frameworks. Then, it analyzed the data using partial least squares structural equation modeling (PLS-SEM). Principal findings indicate that attitude, COVID-19 impact, personal innovativeness, perceived compatibility, perceived ease of use, perceived usefulness, and social influence are significant determinants of Vietnamese Gen Z’s intention to adopt QR Pay. This study provides valuable insights into the factors affecting Gen Z customers’ behavior toward technology adoption in Vietnam under the shadow of the COVID-19 pandemic. The findings can benefit business managers and policymakers, as they can better understand the factors that influence customers’ technology adoption and develop effective strategies to enhance customers’ acceptance of technology.


INTRODUCTION
Science and technology have changed people's worldviews, especially in service businesses. Science and technology drive money and banking. Modern science and technology based on enhanced information technology have long intrigued and applied financial organizations and banks worldwide. Technology is vital to national economies (Hanif & Lallie, 2021). National governments have created an e-payment master plan to enable standardized, technology-compatible electronic payment systems to boost the economy (Yan et al., 2021). New transaction technologies have enhanced service quality, reduced costs, and met consumers' quality and timing needs. E-payments are replacing cash (Ajibade & Mutula, 2020). Many users rely on their mobile phones for communication and payments (Chaveesuk et al., 2021;Yuan et al., 2023). In the fourth industrial revolution, characterized by the rapid advancement of technology platforms and business models reliant on technology and the internet, noncash payment methods have emerged as an inexorable trajectory, catalyzing the digital transformation revolution (Lorenzi et al., 2014;Chaveesuk et al., 2021). Mobile and face recognition payments have increased due to the COVID-19 pandemic's restrictions on personal contact. This accelerated digital transaction services (Ahmed & Damodharan, 2022). The global health crisis has raised consumer demand for digital payment methods, developing several new mobile payment solutions (Gorshkov, 2022). Cashless transactions improve speed, efficiency, and security. QR code-based contactless payment systems are new and useful. After the COVID-19 pandemic, consumers are favoring this payment method. This service targets tech-savvy people, especially younger ones. Retailers can use payment system technology to incentivize customers when detected. Advanced payment systems have grown in popularity, especially among younger Vietnamese people. This pattern indicates financial transaction technology convergence. Vietnam's banks are introducing and promoting various payment methods, including contactless chip card payments, QR code-enabled online and offline point-of-sale payments, digital service payments, NFC-enabled e-commerce transactions, mobile banking apps, and others. Tien et al. (2022) recommend using security biometric authentication, card information encryption (tokenization), and electronic identity eKYC with accompanying solutions and services for a secure and convenient approach. QR Pay has gained international interest recently. However, the field of QR Pay is still in its infancy, with little research on consumer acceptance and QR payment technology adoption sectors' unique characteristics (Ahmed & Damodharan, 2022). QR Pay has gone from a trend to a necessity, especially among the young. Many financial institutions have developed digital banking applications to proactively meet the needs of their consumers, particularly Gen Z, which is adept at digital technology (Çera et al., 2020).
In the Vietnamese context, there has been a significant rise in the adoption of advanced payment technologies, which aligns with the global digitization trend. Banks have implemented a variety of payment methods to appeal to technologically proficient customers. QR Pay has quickly become prominent among these options due to its advantages over traditional electronic banking methods. In a relatively brief 2-3 years, it has emerged as the favored option for regular transactions among the younger generations. Conducting a comprehensive investigation into the factors contributing to the acceptance and usage of QR Pay in Vietnam is a pertinent and timely research endeavor.

LITERATURE REVIEW AND HYPOTHESES DEVELOPMENT
A QR code is a two-dimensional barcode capable of storing diverse types of information, including but not limited to URLs, event schedules, contact details, email addresses, SMS messages, textual content, and geolocation data. The concept of perceived usefulness pertains to an individual's belief in the extent to which utilizing a particular application system will augment their overall job performance. In the context of QR Pay, perceived usefulness pertains to the extent to which customers believe that utilizing QR Pay yields advantages that augment their professional productivity. The decision of customers to utilize QR Pay is positively influenced by their perception of its usefulness, particularly when they perceive the availability of diverse offerings that cater to their needs, as well as the convenience and efficiency of transactions (Hairani et  Perceived ease of use refers to an individual's perception of the simplicity of using a particular system. Perceived ease of use refers to the degree to which an individual believes that utilizing a specific system or innovation will entail minimal physical or cognitive exertion. The likelihood of customer adoption of an innovation or system positively correlates with its ease of learning and usability. The service ought to possess a high degree of clarity and comprehensibility, with transactional operations such as login, exit, payment, and transfer being executed swiftly and with minimal complexity. Prior research has established a positive association between the perception of ease of use and the intention to utilize the service ( . As a result, this paper expects that perceived compatibility (PC) will favor Gen Z consumers' propensity to use QR Pay.
Social influence is related to customers' intention to use QR Pay. The stronger the attitudes of the stakeholders and the closer the relationship with those stakeholders, the more consumers' buying propensity is affected. Customers use QR Pay because they either listen to the recommendations of relatives, friends, and colleagues or because they see people around them using it to match the general trend of the times ( In this study, a model that takes into account factors like attitude, COVID-19, personal innovativeness, perceived compatibility, perceived ease of use, perceived usefulness, and social influence is H8: Attitude positively affects the intention to use QR Pay of Gen Z customers.

METHODS
In this study, the data collection process was carried out by distributing a survey questionnaire among the participants. The sample was selected based on the convenience sampling method, which involves selecting participants who are easily accessible or available. The survey questionnaire was designed based on two well-known models: the TAM developed by Davis (1989)  . This was done to assess whether the current situation has had any significant impact on the participants' attitudes and behavior toward technology.
The survey was conducted among Generation Z customers in Vietnam from September 2022 to January 2023, utilizing online surveys created with Google Forms. The survey comprised two sections: the initial section collected information on customer characteristics and demographic data, such as gender, age, education level, occupation, and average monthly income. The second section consisted of inquiries in nine groups of factors, as proposed in Figure 1, and was designed utilizing a 5-point Likert scale.
Before analysis, the data were checked for validity, and the variables were encoded. Out of the 444 customers who participated in the survey, 29 responses were deemed invalid due to missing or misleading information. Therefore, the final dataset consisted of 415 valid responses, which were used for subsequent stages of the study.
The study utilized the partial least squares linear structural model (PLS-SEM), widely used in current studies and presents some advantages over other methods (Hair et al., 2013). SmartPLS 3.2.7 software was used for both measurement models and linear structural equations.
The method of data analysis and processing of the study was carried out through the following steps: (i) Evaluation of reliability by Cronbach's Alpha; (ii) Evaluation of the stability of the scale through convergent value (convergent validity) according to Cronbach's Alpha index, composite reliability coefficient (CR), and average variance extracted (AVE); (iii) Analyzing the discriminant of the variables in the model through the index of average variance extracted (AVE); (iv) Measuring the fit of the model through the Chi-square index, p-value, and standardized root mean square residual (SRMR); (v) Checking the model reliability through the bootstrapping technique. Furthermore, the survey also gathered pertinent data pertaining to the utilization of the QR Pay service among the participants. Among the cohort of 415 respondents belonging to the Gen Z who participated in the survey, a notable pro-portion of 275 individuals, accounting for approximately 65.5% of the sample, reported engaging with the QR Pay service on at least one occasion. In contrast, 143 customers, constituting 34.5% of the overall customer base, had not utilized the service. The aforementioned research findings provide valuable insights into the utilization of QR Pay service among the Generation Z population, thus presenting potential advantages for businesses aiming to connect with this particular demographic group. suggested. By implementing this approach, the study effectively ensured that the variables exhibited a satisfactory level of differentiation. In general, these methodologies establish a robust framework for evaluating research models and guaranteeing the precision of the findings.    (Hair et al., 2013;Chin, 1998). Ensuring the reliability of the data is crucial as it affects the validity of the research findings. Therefore, this outcome should be viewed as a positive accomplishment and a solid foundation for any future studies related to this topic.  Table 3, the Cronbach's Alpha coefficients of all nine factor groups are higher than 0.7, indicating satisfactory internal consistency. In addition, the AVE and CR indices of all factor groups are also greater than 0.7, confirming the stability and differentiation of all factors. It is worth noting that high AVE and CR values can be attributed to the factors being highly correlated. Based on these findings, the proposed research model is reliable and can be used for the next step of the PLS-SEM analysis (Hair et al., 2013;Chin, 1998).

RESULTS
The study conducted structural model testing using the bootstrapping test to validate the research model. The results of the PLS-SEM model, presented in Figure 2, indicate that the Chi-square statistical value of the model is 1617.504. According to   Hulland (1999), an SRMR value less than 0.1 indicates a well-fitted model. The SRMR value obtained in this study is 0.049, less than 0.1, indicating that the research model is consistent with the reality of Gen Z customers' intention to use QR Pay in Vietnam.
In order to enhance the comprehensiveness of the research findings, the present study employed the bootstrapping technique to assess the reliability of the model. The statistical technique at hand entails the process of resampling the available data in order to derive the characteristics of a statistical estimator. In this particular instance, the model underwent 500 resampling iterations (n = 500) with an initial sample size of 415 observations. The findings from the analysis of 500 observations indicate that the initial weights exhibited statistical significance, as evidenced by the mean weights obtained through the bootstrapping technique falling within the 95% confidence interval. This suggests that the estimates within the model can be reliable with a significant level of confidence.
It is worth noting that the bootstrapping technique has become increasingly popular in recent years as a means of testing the reliability of a model. By resampling the data, this technique provides a more robust estimate of the model's properties, allowing for a more accurate analysis of the results. In this study, the bootstrapping technique allowed for a more thorough evaluation of the model's reliability, which is an essential aspect of any research endeavor. The study used the bootstrap resampling technique (5000 resamples) to test the path coefficient's significance and investigate the hypotheses' significance. Figure 2 and Table 5 describe the path coefficient (β), t-statistics, and p-value of each hypothesis.
The results presented in Table 6 show that H1, H2, H4, H5, H6, H7, and H8 are supported. H3 is re-jected, indicating that the perceived security factor has no significance and does not affect Gen Z customers' intention to use QR Pay in Vietnam in the post-COVID-19 period. The supported hypotheses show that attitude, COVID-19, personal innovativeness, perceived compatibility, perceived ease of use, and perceived usefulness are all meaningful and positively impact customers' intention to use QR Pay. Only the social influence factor has a negative impact on Gen Z customers' intention to use QR Pay in Vietnam. In conclusion, the study provides insights into the factors influencing Gen Z customers' intention to use QR Pay in Vietnam. The research model and results obtained are reliable and consistent with reality.

DISCUSSION
The investigation yielded fascinating results concerning the study's goals. There is empirical evidence that, in the wake of the COVID-19 pandemic, Generation Z consumers in economically underdeveloped developing nations like Vietnam are more likely to use QR Pay.
According to H8 (β = 0.778, p-value = 0.000), it can be inferred that the attitude factor exerts the most significant and direct influence on the intention of Gen Z customers in Vietnam to use QR Pay during the post-COVID-19 era. This factor is directly and significantly influenced by several factors, namely COVID-19, personal innovativeness, perceived compatibility, perceived ease of use, perceived usefulness, and social influence. These findings support Suebtimrat  Furthermore, H7 (β = 0.227, p-value = 0.000) indicates that the COVID-19 factor exerts the sec- ond most significant influence on the intention of Generation Z customers to use QR Pay in the period following the COVID-19 pandemic. Following the COVID-19 pandemic, there has been a notable rise in health consciousness among Gen Z consumers in Vietnam. These individuals are inclined to utilize contactless payment methods, specifically QR Pay, as a precautionary measure against the spread of epidemics. This shift in behavior is driven by their H2 (β = 0.102, p-value = 0.010) demonstrates that the perceived ease of use factor exerts a significant, indirect, and positive influence on the intention of Gen Z customers in Vietnam to use QR Pay during the post-COVID-19 era, mediated by the attitude factor. This discovery provides empirical evidence reinforcing the significance of the technology acceptance model (TAM) and its assertion regarding the positive association between the perceived ease of use construct and the intention of Generation Z consumers to adopt technology products and services, such as QR Pay. Moreover, the erosion of trust among Generation Z customers in Vietnam could potentially have broader ramifications for the QR Pay sector within the nation. There is a potential for the adverse effects of social influence on the intention to use QR Pay to dissuade Generation Z customers from adopting the service entirely. The potential consequences of this could have a substantial influence on the expansion and long-term viability of QR Pay in Vietnam. This region has been recognized as a pivotal sector for advancement within the nation's financial sector. The discovery that social influence exerts a substantial and adverse influence on the inclination to use QR Pay among Generation Z consumers in Vietnam constitutes a noteworthy addition to the existing body of knowledge, particularly within the framework of the nation's swiftly expanding financial sector. This discovery emphasizes the necessity for additional investigation into the determinants that impact the inclination of Generation Z consumers to use QR Pay. Furthermore, it underscores the requirement for tactics to mitigate apprehensions regarding fraudulent practices and the erosion of trust.

CONCLUSION
The study has identified seven primary factors that influence the intention of Generation Z customers in Vietnam to use QR Pay. These factors are presented in a specific order. Attitude refers to an individual's evaluative judgment or predisposition toward a particular object, concept, or behavior. COVID-19, the novel coronavirus disease, is a highly contagious respiratory illness caused by the severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2). Personal innovativeness refers to an individual's inclination or propensity to adopt and utilize new technologies or innovations. Perceived compatibility refers to an individual's perception of how well a new technology or innovation aligns with their values, beliefs, and needs. Perceived ease of use refers to an individual's subjective assessment of the effort required to understand and operate a new technology or innovation. Perceived usefulness refers to an individual's perception of how much a new technology or innovation can enhance productivity, efficiency, or overall performance. Social influence or peer pressure affects people's behavior and attitudes. Among these factors, only the attitude factor has a direct impact, while the remaining six factors indirectly impact the intention of Gen Z customers to use QR Pay in Vietnam.
Although the study offers valuable insights, it is essential to acknowledge its inherent limitations. Initially, the study was predominantly carried out within the urban region, potentially limiting its ability to comprehensively depict Vietnam as a whole. In order to effectively address this matter, it is recommended that future research endeavors encompass rural areas and diverse regions within the country, thereby ensuring a more comprehensive and representative sample. Furthermore, the study employed the convenience sampling technique, resulting in a sample primarily composed of individuals with higher educational attainment, typically at the university level or beyond. The present study's findings may not be generalizable to all cohorts of Gen Z consumers in Vietnam. To enhance the external validity of future research, employing a more diverse and representative sample is recommended. Finally, it should be noted that although the sample size of 415 customers in the study is noteworthy, it may still be insufficient to accurately represent the entire study population in Vietnam. Future research endeavors may benefit from including a larger sample size to encompass a more diverse array of customers, thereby enhancing the robustness and reliability of findings.