Are Vietnamese individuals ready to embrace metaverse payments?

The research "Are Vietnamese individuals ready to embrace metaverse payments?" is organized into 4 sections. Section 1 provides the background of study and research gaps. Section 2 focuses on the development of hypotheses. Section 3 outlines the discussion and limitations of the research paper. The final part of the research is the conclusion.
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Are Vietnamese individuals ready to embrace metaverse payments? ARE VIETNAMESE INDIVIDUALS READY TO EMBRACE METAVERSE PAYMENTS? Tu-Thanh Tran, Tri- Quan Dang, Lam – Hoang Phan Tran, Luan-Thanh Nguyen* Ho Chi Minh City University of Foregin Languages – Information Technology (HUFLIT) * Corresponding: luannt@huflit.edu.vn ABSTRACT The development of the Metaverse-virtual world has exhorted the expansion payment platforms to catch up withvirtual trends. Research aimed at finding factors of cognitive derivative attributes that influence customer belief aspectsin the process of adapting to the new payment method – Metaverse payment. Research investigates customer through theonline survey on Google platform. The data was collected from 253 respondents aged between 1980 to 2002 who hadexperience using mobile payments in Vietnam. Data analysis through PLS-SEM and ANN. The results showed that thePerceived Usefulness, Perceived Enjoyment and Security and Privacy concerns significantly influenced customer trust inbehavioral intention to use Metaverse payment. Ease of use has no significant impact on the sense of trust, customer focuson security and privacy concerns. The study explains the role and impact of derivative attributes in fostering confidenceusing Metaverse payment. Highlight the role of Trust in the adoption of the new payment system. Keywords: Concerns, Institution-based Trust, Characteristic-based Trust, Process-based Trust, PLS-SEM1. Introduction The concept of Metaverse is still in a conceptual phase (Huynh-The et al., 2023), but the potential of Metaverse isenormous. Metaverse has many conflicting concepts, but generally it refers to virtual world beyond the physical world(Richter & Richter, 2023). According to Matthew Ball (2022), Metaverse is distinguished by the persistence of identifyand objects, a shared environment, avatars, 3-D space, and immersive and social user experience. Metaverse is applied toresearch in many fields such as medical (Qian et al., 2023), autonomous vehicles (Goslar et al., 2023), or commercial(Sun et al., 2023). In addition, the virtual world develops needs a strong monetary infrastructure that drives paymentsystem to adapt to digital age. The payment infrastructure changed from cash, credit-debit card, mobile banking to cryptowallet. Metaverse payment uses virtual currencies such as cryptocurrency, NFTs (Non-fungible Tokens) (Nguyen et al.,2023) as a central key to payment in virtual world. It’s not surprising when one of the techs giant – Meta changedFacebook Pay to Meta Pay in September 2022, to reinforce their commitment to building the next evolution closer toMetaverse in the future (Stephane Kasriel, 2022). The metaverse payment system has significant development potential. However, it is important to note that there iscurrently limited study on this payment system, and the concept is not yet fully developed. In Metaverse paymentinfrastructure, the crypto wallet is one of type of digital wallets that stores cryptocurrencies in Metaverse. Previous studieshave pointed to an overview of this type of wallet and some type of this wallet (Barbereau & Bodó, 2023; Taylor et al.,2022). Transaction in Meta-payment system drive both token transfers between account and user-smart contractinteractions (Huang et al., 2022). Payment is an essential requirement in the current economy. However, in the virtualworld or Metaverse, there are alternative methods to carry out payment transactions (Melnychenko, 2021). SomeMetaverse platform such as Decentraland, SecondLife, Axie Infinity use NFTs or cryptocurrencies as official currenciesto buy and sell goods, service (Jordan Bishop, 2022). The virtual currencies in Metaverse are different from conventionalcurrency, the role of this type is the common currency in Meta, not subject to the influence of exchanges rates or inflation.Some studies point to the correlation between NFTs and cryptocurrencies affecting Metaverse (Bejaoui et al., 2023;Dowling, 2022). Prior research mostly emphasized the technological aspects and characteristics of Meta-currency (Ahmed et al., 2023;Bejaoui et al., 2023; Dowling, 2022), without placing significant emphasis on customer variables. Concurrently, theinfluence of trust on customer intentions to use Metaverse is not explicitly addressed. To address the existing researchgaps, three key issues need to be considered. Firstly, there is limited research on the concept of Metaverse, particularly 243in relation to Metaverse payment. Secondly, it is important to measure customer trust in using Metaverse payment, takinginto account factors such as Institution-based Trust, Characteristic-ba ...