The impact of perceived risks and perceived benefits on the intention to use momo e wallet of gen z 2022

MINISTRY OF EDUCATION AND TRAINING

THE STATE BANK OF VIET NAM

BANKING UNIVERSITY OF HO CHI MINH CITY

NGUYEN TRAN MY DUYEN

THE IMPACT OF PERCEIVED RISKS AND
PERCEIVED BENEFITS ON THE INTENTION
TO REUSE MOMO E-WALLET OF GEN Z
GRADUATE THESIS
MAJOR: BUSINESS ADMINISTRATION
CODE: 7340101

HO CHI MINH CITY, 2022


MINISTRY OF EDUCATION AND TRAINING

THE STATE BANK OF VIET NAM

BANKING UNIVERSITY OF HO CHI MINH CITY

NGUYEN TRAN MY DUYEN

THE IMPACT OF PERCEIVED RISKS AND
PERCEIVED BENEFITS ON THE INTENTION
TO REUSE MOMO E-WALLET OF GEN Z
GRADUATE THESIS
MAJOR: BUSINESS ADMINISTRATION

CODE: 7340101

SUPERVISOR
Dr. PHAM HUONG DIEN

HO CHI MINH CITY, 2022


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DECLARATION OF AUTHORSHIP
I thus declare that this thesis was written by me under the direction and supervision
of a Ph.D. Pham Huong Dien; and that the work and findings included therein are
accurate and do not breach research ethics. The data and figures in this thesis were
gathered for analysis, comments, and assessments from a variety of sources and
have been properly recognized in the reference section.
I will accept full responsibility for any academic misconduct discovered in my
thesis.

Ho Chi Minh City, 27th Apr 2022
Author

Nguyen Tran My Duyen


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ACKNOWLEDGEMENT
I'd want to express my gratitude to my supervisor, Dr. Pham Huong Dien, for her
unwavering support and direction. Dr. Dien was a constant source of

encouragement and was always eager to help in any manner possible during the
study effort. Finally, many thanks to everyone who participated in the survey and
made this study possible.

Ho Chi Minh City, 27th Apr 2022
Author

Nguyen Tran My Duyen


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ABSTRACT
This study aims to examine the impact of perceived risks and perceived benefits on
the intention to reuse the Momo e-wallet of Gen Z in Ho Chi Minh City. This study
uses quantitative research methods. In the quantitative study, data was collected
from an online questionnaire from 358 Gen Z people who are using Momo e-wallet.
The analysis results show that the perceived risk of Gen Z when using the Momo ewallet is created by financial risk, security risk, time-loss risk, and operational risk,
while the perceived benefit of Gen Z when using the Momo e-wallet is created by
the economic benefit, seamless transaction, convenience. Besides, the analysis
results also show that Gen Z's intention to reuse Momo e-wallet is negatively
impacted by perceived risk this will reduce Gen Z's intention to reuse Momo ewallet and is positively impacted by perceived benefit, which increased Gen Z's
intention to reuse Momo wallet. In which, the perceived benefit has a stronger
impact than the perceived risk. From the research results, a number of implications
have been proposed to help promote the users’ perceived benefit when using the
service, and at the same time, try hard to minimize perceived risk, thereby
promoting intend to reuse e-wallets of Gen Z more and more.
Keywords: Perceived risk, Perceived benefit, E-wallet

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Table of Contents
CHAPTER 1: INTRODUCTION ..............................................................................1
1.1. Research Statement ........................................................................................1
1.2. Research Objectives and Questions ..............................................................3
1.2.1. Research Objectives ...................................................................................3
1.2.2. Research Questions ....................................................................................4
1.3. Research Subjects and Scope .........................................................................4
1.4. Research Methodology ...................................................................................4
1.5. Research Significance .....................................................................................5
1.6. Thesis structure ...............................................................................................5
Summary of Chapter 1 ...............................................................................................6
CHAPTER 2: LITERATURE REVIEW ...................................................................7
2.1. Theoretical Foundations ................................................................................7
2.1.1. E-wallet ......................................................................................................7
2.1.2. Generation Z ...............................................................................................9
2.1.3. Reuse Intention ...........................................................................................9
2.2. Theoretical Framework................................................................................10
2.2.1. Technology Acceptance Model (TAM) ...................................................10
2.2.2. The Risk-Benefit Framework ...................................................................12
2.3. Previous research ..........................................................................................16
2.4. Research Hypotheses and Model .................................................................22
2.4.1. Research hypotheses.................................................................................22
2.4.2. Research model ........................................................................................27
Summary of Chapter 2 .............................................................................................29
CHAPTER 3: METHODOLOGY ............................................................................30


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3.1. Research process ...........................................................................................30
3.2. Research design .............................................................................................31
3.3. Data collection ...............................................................................................32
3.3.1. Sampling ...................................................................................................32
3.3.2. Scale formulation .....................................................................................33
3.3.3. Survey questionnaire ................................................................................34
3.4. Data analysis ..................................................................................................34
3.4.1. Cronbach’s Alpha Analysis ......................................................................34
3.4.2. Exploratory Factor Analysis (EFA) .........................................................35
3.4.3. Confirmatory Factor Analysis (CFA) ......................................................36
3.4.4. Structural Equation Modeling (SEM) Analysis .......................................39
Summary of Chapter 3 .............................................................................................40
CHAPTER 4: RESULT ...........................................................................................41
4.1. Descriptive Statistics .....................................................................................41
4.2. Cronbach’s Alpha .........................................................................................44
4.3. Exploratory Factor Analysis ........................................................................46
4.3.1. Exploratory factor analysis of factors creating perceived risk .................46
4.3.2. Exploratory factor analysis of factors creating perceived benefit ............47
4.3.3. Exploratory factor analysis for the scale of the intention to reuse ...........48
4.4. Confirmatory factor analysis .......................................................................49
4.4.1. Confirmatory factor analysis for the scale of factors creating perceived
risk, perceived benefit ........................................................................................49
4.4.2. Confirmatory factor analysis for the scales of perceived risk, perceived
benefit, and intention to reuse ............................................................................50
4.5. Structural equation modeling ......................................................................53
Summary of Chapter 4 .............................................................................................55


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CHAPTER 5: CONCLUSION .................................................................................56
5.1. Conclusion .....................................................................................................56
5.2. Implications ...................................................................................................58
5.3. Limitations of the study and future research directions ...........................60
REFERENCES ........................................................................................................62
APPENDIX 1............................................................................................................72
APPENDIX 2............................................................................................................79
APPENDIX 3............................................................................................................85
APPENDIX 4............................................................................................................88
APPENDIX 5............................................................................................................95
APPENDIX 6..........................................................................................................103
APPENDIX 7..........................................................................................................113


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LIST OF FIGURES
Figure 2.1. Technology Acceptance Model ..............................................................12
Figure 2.2. Proposed research model ........................................................................28
Figure 3.1. Research Process ....................................................................................31
Figure 4.1. The results of the analysis of the structural equation modeling .............53

LIST OF FIGURES TABLES
Table 2.1. Previous studies summary........................................................................19
Table 2.2. Factors of perceived risk and perceived benefit impact the intention to
reuse an E-wallet .......................................................................................................21
Table 2.3. Synthesize the hypothesis of the current study ........................................27
Table 3.1. Synthesis of indicators to evaluate the goodness of fit of the model .......38
Table 4.1. Descriptive Statistics ................................................................................43

Table 4.2. Cronbach's Alpha coefficient analysis .....................................................44
Table 4.3. Exploratory factor analysis of factors creating perceived risk ................46
Table 4.4. Exploratory factor analysis of factors creating perceived benefit ...........48
Table 4.5. Exploratory factor analysis for the scale of the intention to reuse...........49
Table 4.6. Correlations of First-Order Perceived Risks ............................................50
Table 4.7. Correlations of First-Order Perceived Benefits .......................................50
Table 4.8. Reliability Convergent Validity Results ..................................................51
Table 4.9. Correlations of Latent Variables ..............................................................52
Table 4.10. Model Fit Measures ...............................................................................52


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LIST OF ABBREVIATIONS
AMOS

Analysis of Moment Structures

CFA

Confirmatory Factor Analysis

CFI

Comparative Fit Index

EFA

Exploratory Factor Analysis

GFI

Goodness of Fit Index

H (1-2)

Hypothesis (1-2)

TAM

Technology Acceptance Model

TLI

Tucker and Lewis Index

TPR

Theory of Perceived Risk

RMSEA

Root Mean Square Error of Approximation

SEM

Structural Equation Modeling

SPSS

Statistical Package for Social Sciences


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CHAPTER 1: INTRODUCTION
Chapter 1 discusses why this issue was chosen and provides an outline of the
study objective, research questions, methodologies, and scope of the research.
Additionally, it discusses the research's importance in terms of academics and
practice. Finally, sketch out the study topic's presenting structure.
1.1. Research Statement
E-wallet is one of the most popular forms of online payment today. In 2021,
Vietnam is in the top three countries with the percentage of users paying via mobile
in Asia with 29.1%. As of the end of the first quarter of 2020, Vietnam has more
than 13 million e-wallet accounts activated and used, the total wallet balance is
about 1.36 trillion VND and there are more than 225 million transactions made (The
State Bank of Vietnam, 2020).
Using cash used to be the most popular payment method with Vietnamese
users, but since the pandemic started, it has been on a declining trend. According to
survey results from Visa, the context of the Covid-19 pandemic has made e-wallets
grow stronger. 57% of users have up to 3 e-wallet applications on mobile platforms,
55% of consumers prefer apps that can make all transactions.
According to a statistical report from the State Bank of Vietnam, the
Vietnamese market has about 48 e-wallets and non-bank payment intermediaries
officially licensed to operate. This number has increased 7 times compared to 2015.
Momo is one of the most attractive e-wallets in Vietnam with more than 31
million existing customers. According to Appota's Mobile Applications 2021 report,
compared to other e- wallets, MoMo is the e-wallet with the highest percentage of
regular users (61%). MoMo's success is due to bringing a series of offline services

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online. With only one application, almost all needs are met, making life simpler and
easier, especially in the current complicated epidemic situation.
It can be seen that transactions with e-wallets are very quick and convenient,
but there are also many potential risks from technology criminals. Over the past few
years, a lot of security burglaries stole property from the mobile payment
applications that appeared, especially when the client lost his phone or a hacker
stole the access code to MoMo. From the existence of society has affected
psychology, reducing customers' trust in the intention to reuse the service. Building
trust from consumers is extremely important and necessary. Therefore, this is a
reason to study the risk perception of customers when using MoMo e-wallet.
Although there are still a few negative points that inhibit the intention to
reuse the Momo application. But there is no denying the convenience brought by
Momo, which motivates customers to act and carry out their behavior. The record
growth of registered accounts after many years proves the importance of the MoMo
e-wallet to consumers. People's lives are increasingly busy, along with the
development of society. From here, customers will prioritize using convenient
products or services, both reducing costs and saving time. If the perceived benefit
outweighs the perceived risk, then the intention to reuse and perform the behavior
will reach a higher level. It is for this reason that perceived benefit research cannot
be ignored. In order for customers to know and use the MoMo e-wallet application
more and more widely, M_Service company needs to have a database of consumers'
perceptions of risks and benefits when using it, from which overcome their
concerns, retain and develop the app further.
Around the world, some previous studies have shown that perceived risk and
perceived benefit have an influence on the acceptance of mobile payments by
Putritama (2019); Sentanu et al. (2020); Shafi & Misman (2021). At the same time,
the study of risks and benefits in mobile payments is a research direction that

attracts many scholars, but in Vietnam, there are currently very few studies talking


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about the impact of perceived risk and perceived benefit to the intention to reuse ewallets.
In view of the development trend of e-wallets in the world and the current
situation of Momo e-wallet payment in Vietnam, the author has chosen the topic of
graduation thesis with the title: "The impact of perceived risks and perceived
benefits on the intention to reuse Momo e-wallet of Gen Z” to explore what makes
users still intend to reuse Momo e-wallet despite being aware of the potential risks
surrounding this application.
1.2. Research Objectives and Questions
1.2.1. Research Objectives

The overall objective of the study is to determine the impact of perceived
risk and perceived benefit on the intention to reuse Momo e-wallet of Gen Z in Ho
Chi Minh City.
In addition, the study also has the following sub-research objectives:
The first is to identify the impact of perceived benefits and perceived risks on
the intention to reuse MoMo e-wallet of Gen Z in Ho Chi Minh City.
The second is to measure the level of impact of perceived benefits and
perceived risks on the intention to reuse MoMo e-wallet of Gen Z in Ho Chi Minh
City.
The third is to propose implications to increase benefits, reduce risks, and
increase Gen Z's intention to reuse Momo e-wallet.


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1.2.2. Research Questions

Do perceived risks and perceived benefits affect the intention to reuse MoMo
e-wallet?
How are the impacts of each perceived risk and perceived benefit factor on
the intention to reuse Momo e-wallet?
What managerial implications can be proposed to help businesses increase
the intention to reuse Momo e-wallet?
1.3. Research Subjects and Scope
The research focuses on the impact of perceived risk and perceived benefit
on the intention to reuse Momo e-wallet investigated among the generation Z under
the age of 27 living in Ho Chi Minh City has been intending to reuse Momo ewallet.
The study will be conducted from March 2022 to June 2022.
1.4. Research Methodology
Quantitative research method: Conduct a survey to collect information on the
impact of perceived risk and perceived benefit on Gen Z's intention to reuse Momo
e-wallet in Ho Chi Minh City. After collecting information, the data will be
analyzed through SPSS 22 and AMOS software with specific steps including:
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Descriptive statistics of the research sample

-

Cronbach's alpha test

-

EFA analysis

-

CFA analysis


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-

SEM analysis

1.5. Research Significance
Understanding of impacts of perceived risks and behaviors remains limited.
Measuring the impact of perceived risk and perceived benefit factors on the
intention to reuse Momo e-wallet helps Momo have a better insight into Gen Z's
intention to reuse an e-wallet. Producing solutions to promote the intention to reuse
Momo e-wallet in Gen Z. Thereby, helping Momo effectively improve the intention
to reuse the existing services to attract the attention and satisfaction of users to
convince them to use their e-wallet app more.
1.6. Thesis structure
Including the cover, the declaration, the acknowledgement, the table of
contents, the list of acronyms, the list of figures, the list of tables, the list of
references, and the appendices, the content. This thesis is divided into five chapters,
particularly as follows:
Chapter 1: Introduction
Chapter 2: Literature review
Chapter 3: Research design
Chapter 4: Data analysis
Chapter 5: Conclusion and recommendations

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Summary of Chapter 1
Chapter 1 discussed the importance of the research subject, the research
goals and tasks, the research difficulties and questions, the research objects and
scope of the research, the research methods and data, and the study's contributions.
As can be seen from the preceding material, the subject "THE IMPACT OF
PERCEIVED RISKS AND PERCEIVED BENEFITS ON THE INTENTION TO
REUSE MOMO E-WALLET" is both scientific and practical. This establishes the
foundation for further research activities. It is an in-depth examination of the
theoretical foundations, research methodologies, and data collecting in order to
generate research findings and provide solutions.


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CHAPTER 2: LITERATURE REVIEW
Chapter 2 discusses the theoretical underpinnings of intention to reuse an ewallet. This chapter analyses existing research materials on the subject and then
proposes a research paradigm for the subject.
2.1. Theoretical Foundations
2.1.1. E-wallet

An e-wallet is described as a person's usage of a mobile phone to perform
financial transactions. It is placed between two devices referred to as the sender and
recipient and is used to buy things or pay bills (Halevi, Ma, Saxena, & Xiang,
2012). In other terms, an E-wallet is a smartphone application that enables users to
do a variety of financial activities through mobile (Quasim, Siddiqui, & Rehman,
2012).
Transactions that people engage in on a daily basis, such as purchasing train

tickets, as well as the ability to operate as a credit card, have been strengthened and
improved as a result of the development of electronic wallets in recent years (Shin,
2009).
Then, according to Normayanti Putri et al. (2021) said that an e-wallet is a
form of prepaid account in which users may keep money and also use it as a method
of payment; this e-wallet is safeguarded by specific security measures such as
passwords.
According to some of the definitions above, an e-wallet is a product or
service that enables digital money saving through electronic media intermediaries
linked to the internet. This electronic wallet may be used to make payments.
The e-wallet is not restricted to online transactions. The versatility of
employing an e-wallet may be observed in its use to mobile phone-based point-of-


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sale transactions. This transaction paradigm enables merchants and customers to
easily minimize their cash on hand, which is notoriously difficult to handle.
According to statistics from the the State Bank of Viet Nam, as of May 9,
2022, Vietnam has 48 non-banking organizations and enterprises licensed by the
State Bank of Viet Nam to provide e-wallet services. Thanks to this, in the context
of increasing e-commerce coverage, the basic needs of consumers have been met.
Some of the benefits of an e-wallet can be mentioned as:
Various forms of money transfer, top-up and payment, saving time with easy
operation. Users can make payments for purchases, pay for services anytime,
anywhere with just a few simple steps with a step of confirming the transaction
password;
Help save users' travel time, make payment transactions easy and fast. At the
same time, users can query account information anytime, anywhere, especially
without carrying cash, to avoid losing or stealing money;

In addition, payment by e-wallet helps secure transactions, allows payment
of small fees, is easy to use, popular, and has a wide range of uses.
However, besides the benefits that e-wallets bring, there are still some
backlogs that need to be overcome when transacting such as: The security system
has not really made users trust; Users may be charged a fee during use, even this
cost is higher than the fee for using digital banking services such as Internet
banking, mobile banking, etc. In addition, users can be stolen personal information,
account information, and loss of money when personal computers and phones often
access unreliable websites containing malicious code.
According to Poliushkevych (2019), the most important issue in using
modern forms of payment in general and e-wallets in particular is the issue of a
perfect legal framework. In most countries, there is no effective method of


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regulating the circulation of cryptocurrencies. Therefore, in the process of using, the
rights of users will not be protected when risks and frauds occur. This is one of the
reasons hindering the development of e-wallets in Vietnam as well as in some
countries around the world. This partly explains why e-wallets in Vietnam are still
not widely used despite the significant development of the e-commerce market.
2.1.2. Generation Z

According to Skinner, Sarpong, & White (2018), generation Z is a group of
people born between 1995 and 2010. This generation is believed to be the most
connected to social media, sophisticated technology, and has a greater
understanding of how to use the internet. According to Berkup (2014), generation Z
is distinguished from earlier generations by their obsession with technology,
individualism, and a preference for convenience. Generation Z views technology as
a 'thing' that has been a part of their everyday lives since they were born. Numerous

studies have demonstrated that this generation engages in more online transactions
than previous generations (Dalimunte et al., 2019; Dewanti & Indrajit, 2018).
2.1.3. Reuse Intention

According to Sibona et al. (2017), the concept of a user's behavior after
utilizing service in order to determine whether or not they want to utilize the service
again is known as reuse intention.
In other words, according to Yeboah-Asimah et al. (2018), the user's resolve
to continue using a service and to utilize all of the services that are given by the
service provider is an example of reuse intention. In the context of mobile
payments, "reuse intention" refers to the degree to which a person already makes
use of mobile payments to make purchases of goods or services that have been
created and intends to do so knowingly in the foreseeable future as well (Humbani
& Wiese, 2019).


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Based on the above definition, reuse intention may be described as a
consumer's choice to repurchase or reuse a product or service from a business or
brand repeatedly and promote it to their friends and family.
2.2. Theoretical Framework
2.2.1. Technology Acceptance Model (TAM)

Davis (1989) developed the technology acceptance model on the basis of the
TRA, positing that an individual's technology use may be anticipated by
behavioural intention, which is predicted jointly by perceived usefulness and
perceived ease of use (Figure 2.1). The author defined perceived usefulness as an
individual's belief in the technology's ability to improve performance. Davis (1989)
defined perceived ease of use as an individual's belief that a specific technology

would be simple to use. Additionally, the model postulated that perceived ease of
use is a predictor of perceived usefulness.
The choice to adopt a new technology is perceived by its perceived
usefulness and ease of use, which is regarded to be the foundation for calculating
the TAM (Davis et al., 1989). Mobile-based payment systems are commonly
utilized for transactions, and customers prefer this way of payment (Gokilavani et
al., 2018). As a result, perceived usefulness is related to behavioral intentions.
According to Shaw (2014) believes that perceived usefulness has a substantial
impact on the desire to use an e-wallet. The data demonstrate how the system's
promise to produce the intended outcomes motivates users to utilize it. In terms of
mobile payments, respondents indicated that they can complete transactions swiftly
since their smartphones are readily accessible. Numerous research have been
conducted using perceived usefulness as a variable, and the majority of data show
that perceived usefulness has a beneficial effect on technological adoption. This
implies that perceived usefulness is critical in influencing technological
acceptability, which will result in improved results for future investigations. As


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such, it is critical for this research to analyze the e-wallet context's perceived
usefulness.
One of the aspects evaluated when deciding whether to use an e-wallet is the
ease with which consumers interact with the e-wallet. This is referred to as
perceived ease of use in the theory of acceptance model. Those done using e-wallet
have demonstrated to be more convenient and quicker than payments made via
traditional banking systems, since they save both time and money (Blockchains,
2018). The phrase perceived ease of use refers to "the degree to which a given
system is easy to use" (Davis et al., 1989). Perceived ease of use has a favorable and
substantial effect on behavioral intention to utilize technology (Lee et al., 2017;

Agrebi & Jallais, 2015). According to Indarsin and Ali (2017) discovered a
favorable and substantial relationship between perceived ease of use and behavioral
intention to continue using. Similarly, perceived ease of use predicts behavioral
intentions to utilize information systems (Perkasa & Rustam, 2016). According to
Raza's et al. (2017) research, perceived ease of use has a positive and significant
influence on perceived usefulness and perceived ease of use has a positive and
substantial effect on behavioral intentions to use a certain system. According to AlMaroof and Al-Emran (2018) performed study with students who believed that
using web service technology was simple and user-friendly, resulting in a favorable
influence on perceived usefulness and behavioral intentions. In general, numerous
scholars throughout the globe use TAM Model extensively (Davis et al., 1989; Ali
et al., 2021; Krisnawati et al., 2021). Because TAM is easily applicable to many
technologies. Therefore, E-Wallet as a sort of cutting-edge technology is also
amenable to TAM for examining aspects impacting the desire to use E-Wallet
(Kumar S, Sivashanmugam, & Venkataraman, 2017). In this study, TAM serves as
a beginning point for the research, which is then extended with other variables that
are crucial to the behavioral intention to utilize E-Wallet payment services.


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Figure 2.1. Technology Acceptance Model

Source: Davis et al., 1989
2.2.2. The Risk-Benefit Framework
2.2.2.1. Perceived risk

Perceived risk is defined as a consumer's behavior in relation to risk in such a
manner that any behavior may result in unpredictable sequences, some of which
may be unpleasant. Consumers often lack the perception that they can consider the
implications of their conduct, and they seldom foresee such effects with great

accuracy (Bauer, 1960). Perceived risk is a highly complex concept that
encompasses several dimensions such as financial, social, psychological, physical,
and performance (Kaplan, Szybillo & Jacoby, 1974).
The term "perceived risk" refers to the act of contemplating probable
negative outcomes or repercussions of using a certain service (Featherman &
Pavlou, 2003). In other words, according to Gupta & Kim (2010), perceived risk is
defined as the user's assessment of the degree of uncertainty and bad repercussions
associated with a merchant's transaction.


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When it comes to utilizing e-wallets, perceived risk is a significant element
affecting one's decision to adopt this new technology. The majority of consumers
place a higher premium on wallets than on mobile phones. However, if the user
loses the phone, there would be a significant effect. Additionally, risk may be
characterized as the loss of stored data, credit card fraud, or suspicion of the usage
of new technology (Gefen et al., 2003; Teo and Yeong, 2003).
Perceived risk is described as anxiety about the security of mobile payment
transactions (Zhao et al., 2019). According to Bailey et al. (2017), perceived risk is
connected to customers' perceptions of the negative consequences of new
technology usage. The term "perceived risk" refers to the perceived disadvantage
that consumers would experience if their personal data is leaked and financial loss
happens (Shao et al., 2019). Ryu (2018) remarked that although using fintech is
always linked with a high degree of risk and uncertainty, it also offers the advantage
of simplifying consumer interactions in comparison to conventional financial
services.
According to Wu and Wang (2005), a research done in Taiwan discovered
that perceived risk has a major intention on behavioural intentions for mobile
commerce adoption. The results indicated that when customers perceive a risk, they

become more conscious, since they have a strong grasp of and experience with
mobile commerce. Even if consumers wish to conduct an online transaction, they
can avoid the high risk associated with mobile commerce. Additionally, the
positives of mobile commerce include competitive pricing, a diverse product
offering, convenience, and time savings, which might entice customers to execute
an online transaction despite their perception of multiple risks.
In addition, Featherman et al. (2003) studied and pointed out seven aspects
of risk perception including: financial risk, privacy risk, efficiency risk, timing risk,
psychological risk, social risk, and general risks affect the intention to accept the
use of e-services. Similarly, Lim (2003) also proposed three sources of perceived


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risk, including technology, suppliers, and products in e-commerce. Insufficient or
unreliable security technologies will increase users' risk perception, lead to lower
satisfaction and reduce intention to continue using in the e-commerce context (Tan
et al. al., 2010). Similarly, the results of the study by Yang et al. (2015) also pointed
out three aspects of perceived risk affecting the intention to accept mobile
payments: financial risk, efficiency risk, and privacy risk.
In this study, risk perception refers to possible losses, negative outcomes due
to user uncertainty when using Momo e-wallet. The author uses four dimensions of
risk perception to measure the impact on Gen Z's intention to reuse: financial risk,
security risk, time-loss risk, operational risk.
2.2.2.2. Perceived benefit

According to Al-Debei et al. (2015), perceived benefit may be defined as a
relative advantage that indicates the degree to which people perceive innovation to
bring higher benefits. When customers choose to utilize a mobile payment service,
they examine a variety of factors in order to reduce their negative utility while

maximizing their positive value (De Kerviler et al., 2016). According to Park et al.
(2019), perceived benefit relates to the system's convenience and quickness, as well
as its user-friendly payment procedure. The utility of mobile payment refers to the
degree to which customers perceive that using mobile payment will provide them
with benefits (e.g., convenience, simplicity of transaction) in comparison to other
payment methods (Bailey et al., 2017).
The term "perceived benefit" relates to customers' opinion that the technical
system they are using may improve performance while also increasing efficiency, as
well as their belief that the technology they are utilizing gives advantages
(Farahdiba, 2019).
Perceived benefit is perceived as a user's notion that when he utilizes a
technological product, he would have a benefit in performance (Normayanti Putri et


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al., 2021). In other words, perceived benefit refers to consumers' assumption that
using a technological product would result in advantages and increase their job
performance. The term "perceived benefit" refers to a person's belief that a technical
device may make his job simpler (Rodiah, 2020).
According to prior research, the perceived benefit of utilizing online
applications increases user intention to reuse various IT-based applications (Benlian
and Hess, 2011; Lee, 2009; Lee et al., 2013b; Farivar and Yuan, 2014; Ryu, 2018).
According to Liu et al. (2012), perceived benefits may have a considerable impact
on mobile payment use.
As a result of the above definitions, we may deduce that perceived benefits
can affect an individual's decision to utilize a technological product. If someone
believes and believes that the technological product being used has a purpose or
benefit, the amount of usage will grow. On the other hand, if someone feels a
technological product does not provide any benefits, their level of usage will be

minimal.
According to Byun and Feinberg (2007) has researched and pointed out five
aspects of perceived benefits including: perception of time-saving; awareness of
problems and products to be able to use products and services; perception of
convenient time; perception of increased security and perceived enjoyment. Another
study by Choi, Lee, & Ok (2013) suggested that perceived benefits include:
perceived benefits of function; perceived benefits of convenience.
In this study, the author uses three aspects of perceived benefit to measure
the impact on the intention to reuse the Momo e-wallet including: perception of
convenience, perception of seamless transactions, and perception of economic
benefits.