Analysis of Wet Market Vendors' and Buyers' Behavioral Intention Toward Mobile Payment

Date

6-2022

Degree

Bachelor of Science in Agribusiness Management

College

College of Economics and Management (CEM)

Adviser/Committee Chair

Gemma U. Reyes

Committee Member

Remund Jordan D. Labios

Abstract

This study used the Unified Theory of Acceptance and Use Technology (UTAUT) model developed by Venkatesh et al. (2003) to analyze the Behavioral intention (BI) of wet market buyers and sellers in San Narciso, Zambales. Finding out their behavioral intention is essential since Bangko Sentral ng Pilipinas (BSP) has plans to upgrade the country's digital infrastructure by rolling out policies and programs that would encourage digital adoption and entrepreneurship (The World Bank, 2020); hence, knowing what affects the consumers' intention towards the use of mobile payment will be useful for the electronic money issuers (EMI) and implementing bodies such as the local government units (LGU). By knowing the factors affecting the behavioral intention of wet market buyers and sellers, implementing bodies will be able to create implementation plans that fit well with the receiving party.

In order to assess their readiness towards adopting a mobile payment system, the general objective of this research is to determine the behavioral intention of wet market sellers and buyers of San Narciso, Zambales. To achieve this general objective, the following are the sub-objectives: a) discuss the demographic profile of the respondents; b) determine if the respondents have experience in using mobile payment and what platforms (i.e., GCash, PayMaya) they had used or currently using; c) assess the relationship of the independent variables (performance expectancy, effort expectancy, social influence, and perceived risk) to behavioral intentions of buyers and sellers in the wet market of San Narciso, Zambales towards mobile payment; d) identify the level of their behavioral intention and the level of the factors that affect it and e) provide recommendations on how to improve behavioral intention of wet market buyers and sellers towards mobile payment for efficient implementation.

This research hypothesizes that a) performance expectancy has a significant and positive relationship with the behavioral intention of San Narciso wet market vendors and buyer respondents; b) effort expectancy has a significant and positive relationship with the behavioral intention of San Narciso wet market vendors and buyer respondents; c) social influence has a significant and positive relationship with the behavioral intention of San Narciso wet market vendors and buyers d) perceived risk has a significant negative relationship with the behavioral intention of San Narciso wet market vendors and buyers.

The research was conducted in San Narciso, Zambales. There were 96 wet market buyer respondents while there were 71 seller respondents. Survey questionnaires were answered by buyers online while sellers answered personally. Convenience sampling was used. To visualize their demographic profile, pie charts were used while bar charts for their awareness towards mobile payment. To analyze their behavioral intention and its factors the mode of their answers was determined. To test the hypotheses, Partial Least Square Structural Equation Modelling (PLS-SEM) was used. The data were run on SmartPLS3.

The demographic profile of the wet market buyer respondents is mostly generation z, females, and high school graduates. On the other hand, wet market seller respondents of this research are chiefly from a generation older than gen z which is gen x. They are mostly females and high school graduates. In terms of awareness on mobile payment, 100% of the respondents for wet market buyers are aware of it while there is only 63% of the wet market seller respondents. The top mobile payment platform platform that the wet market buyer respondents and sellers are using is GCash. The mode of the answers of the wet market buyer respondents is agree while disagree for the wet market seller respondents. Wet markets buyers have a high behavioral intention (BI) towards the use of mobile payment while the wet market sellers have it low. Thereby, buyers have the willingness to use mobile payment in the wet market of San Narciso while sellers are still doubtful. The factors that significantly impact the wet market buyer's behavioral intention are performance expectancy, social influence, and perceived risk. One the other hand, performance expectancy is the only factor that significantly affects the wet market sellers' behavioral intention. Hence, hypotheses 1,3,4,5 were accepted while hypotheses 2,6,7,8 were rejected. This implies that the mobile payment service providers and implementing bodies should focus on the factors that significantly affect the behavioral intention of wet market buyers and sellers if they want to attract them and encourage them to adopt mobile payment in the wet market.

Language

English

LC Subject

Mobile commerce, Vendors and purchasers

Location

UPLB College of Economics and Management (CEM)

Call Number

LG 993 2022 M17 B46

Notes

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Document Type

Thesis

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