Type of the article: Research Article
Abstract
Vietnam’s rapid transition toward cashless payments offers a pertinent context for examining post-adoption behavior in digital finance. This study investigates the determinants of customer satisfaction and loyalty among MoMo e-wallet users, with particular attention to the mediating role of satisfaction and the moderating influence of the Urban-Rural Digital Divide. A cross-sectional survey of 1,015 active users across Vietnam’s North, Central, and South regions was conducted from September 2023 to September 2024 using both online and offline methods. Integrating TAM, UTAUT2, SERVQUAL, and Expectation-Confirmation Theory, the model includes perceived usefulness, perceived ease of use, trust, service quality, social influence, hedonic motivation, and regulatory awareness as antecedents of satisfaction and loyalty. Covariance-based structural equation modeling and multi-group analysis were employed to test the hypothesized relationships.
The findings confirm the central mediating role of satisfaction: service quality, trust, perceived usefulness, hedonic motiva-tion, and regulatory awareness significantly enhance satisfaction, which in turn strongly predicts loyalty. Loyalty is additionally shaped by service quality, trust, social influence, and perceived ease of use. Perceived ease of use and social influence do not significantly influence satisfaction, indicating that these factors diminish in importance as users gain experience. The Urban-Rural Digital Divide moderates several relationships, with rural users placing greater emphasis on trust and hedonic motivation, whereas urban users prioritize perceived usefulness and regulatory awareness. The study contributes to post-adoption FinTech research and provides context-specific implications for improving service performance, regulatory communication, and digital financial inclusion in Vietnam.
Acknowledgment
This study would not have been possible without the support and guidance of several individuals and organizations. We extend our sincere gratitude to Thuyloi University; International school- Vietnam National University, Hanoi, and Banking Academy of Vietnam for providing the academic environment and financial support that made this research possible.
Furthermore, we would like to express our gratitude to our family and friends for their unwavering support and encourage-ment throughout this research journey.
