Multinomial Logit Regression adoption: Identifying user characteristics of e-wallets in Can Tho City, Vietnam

This research adopted Multinomial Logit Regression to investigate factors that influence users’ choice of e-wallets and how these elements affect the probability of current e-wallet usage, suggesting that each service is preferred by different user groups based on demographic and behavioural traits. This paper employed a quantitative approach using a face-to-face survey of 140 respondents using e-wallets in Can Tho City, Vietnam. This study has identified the user characteristics of the top three e-wallet services in Can Tho City, Vietnam, suggesting that each service has unique features that attract different user groups. People with lower incomes, who frequently use e-wallets and engage in smaller transactions, prefer the MoMo e-wallet, which has emerged as the market leader. On the other hand, ZaloPay attracted men with higher incomes, while older individuals with higher spending patterns who used Agribank or MBBank preferred Other e-wallets. E-wallet service providers could identify their target audience through the research findings and then work on developing both existing and new features that align with the needs of those potential users, all aimed at boosting loyalty and expanding user density. However, a more extensive and diverse sample is required to provide a more reliable and comprehensive understanding.