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The factors impact on the cashless payment behavior: the IPA model approach

Doan Van Dinh (Institute of Finance and Accounting, Industrial University of Ho Chi Minh City, Ho Chi Minh City, Vietnam)

Journal of Science and Technology Policy Management

ISSN: 2053-4620

Article publication date: 6 May 2024




In the context of the Covid-19 pandemic and the trend in industrial development 4.0, the problem is how to conduct transactions of goods and services in the market using cashless payment in Vietnam, as in developed countries. This study aims to investigate, analyze and evaluate the factors affecting cashless payment behavior in Ho Chi Minh City, Vietnam.


The QR codes are used for payments because many factors affect the behavior of cashless payments made using electronic payment tools, including QR code tools. To achieve this goal, this study applied behavioral theory and the importance-performance analysis (IPA) model to measure service quality based on the difference between customer opinions on the importance and performance level of service providers’ targets. Survey results were obtained from 111 people living in HCMC, Vietnam, including 47 men and 64 women, which was a survey for 15 criteria.


According to the IPA results of the first quadrant, managers should focus on allocating their resources toward improving their performance across five key criteria. These criteria are crucial for meeting customers’ expectations and include factors such as product quality, responsiveness to customer queries or complaints, delivery times, pricing and customer service. In addition, the second quadrant of the IPA highlights another set of five criteria that perform well and are essential to the success of the business. These criteria could consist of customer loyalty, employee satisfaction, profitability, market share and innovation


These results provide a basis for solutions and recommendations for managers to refer to and apply consistent practices. Therefore, this study examines the cashless payment in Vietnam. Empirical results offer solutions to financial technology policy, marketing policy, cashless payment services and technology, which can help managers provide online payments using QR codes and contribute to monetary policy solutions.



The author would like to thank the Board of Rectors at the Industrial University of HCM City for the best condition. Similarly, the author would like to thank my colleagues for their exceptionally insightful comments which helped to improve this article, which relates to the topic “The Factors Impact On The Cashless Payment Behaviour: The IPA Model Approach”.


Dinh, D.V. (2024), "The factors impact on the cashless payment behavior: the IPA model approach", Journal of Science and Technology Policy Management, Vol. ahead-of-print No. ahead-of-print.



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