The rapid growth of smartphone usage and the spread of digital technologies have accelerated the expansion of the digital payment industry. Fintech has enabled consumers to access financial services more quickly and efficiently than traditional banking, a shift that became especially vital during the Covid-19 pandemic, when restrictions on physical contact limited in-person transactions.
This study investigates the role of financial literacy, Fintech adoption, and the Covid-19 crisis in shaping the financial health of consumers in Vietnam. The motivation stems from Vietnam’s relatively high unbanked population and low adult financial literacy rates compared to the broader ASEAN region.
Using judgment sampling and a mall intercept technique, 30 participants familiar with Fintech were interviewed and asked to complete an online survey via their mobile phones. Data analysis was conducted using IBM SPSS version 23.
The findings show that perceived ease of use, perceived usefulness, trust, brand image, government support, user innovativeness, and attitude are all significantly correlated with Fintech adoption. However, financial literacy was not significantly correlated. Further regression analysis revealed that user innovativeness and attitude positively influence adoption, while financial literacy showed a significant negative relationship.
This surprising result suggests that in Vietnam, Fintech is helping to bridge financial inclusion by enabling those with lower financial literacy to access services previously unavailable to them. Conversely, individuals with higher financial literacy may rely less on Fintech, as they already enjoy strong access to traditional financial services.
The research highlights important policy implications: to boost financial inclusivity, Vietnamese policymakers should strengthen Fintech business infrastructure and establish regulatory sandboxes to support Fintech startups.
👉 Read the full article here to explore the detailed findings and their implications for policymakers, practitioners, and Fintech innovators.