Factors Affecting the Intention to Use Blockchain in International Payment Activities: An Empirical Study at Vietnamese Commercial Banks

Abstract

  The application of Blockchain technology (BLC) in the banking and finance sector has been implemented in many countries worldwide, but in Vietnam, only a few banks have used it. This study evaluates the factors affecting the intention to use BLC in international payment activities (ITP) at Vietnamese commercial banks, thereby proposing solutions to deploy Blockchain technology applications in Vietnamese commercial banks. The authors conducted a survey and analyzed data collected from 215 survey samples of managers and employees working at commercial banks who regularly use international payment services for customers. The study uses the TAM and UTAUT models to test the factors determining the intention to use international payment services of commercial banks applying BLC such as Customer service quality, Performance Expectancy, Government regulations, Facilitating conditions, and Behavioral intention. The research results show that (i) All of the above factors positively affect the intention to use international payment services at Vietnamese banks implementing BLC. (2) Help managers at commercial banks fully understand the factors affecting the intention to use new digital technology BLC (BTC) to improve the efficiency of international payment, so that, banks can find an alternative method to implement international payment by smart contracts using BLC instead of using many types of proof documents as before.