New Payment Modes: Simplification of Consumers’ Life or Real Gear to Overconsumption?
Le Bras, Aodren (2017)
Le Bras, Aodren
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Around 70% of all modern consumers use at least one cashless payment method (Shuh and Stavins, 2014). A wide prevalence of new payment modes makes experts consider switching to a completely cashless economy (CBC News, 2012; Smith & Anderson, 2016). However, there is no consensus on the effect of cashless economy on consumer society. An attempt to assess the effect was made in this research project. Relying on data retrieved from online survey (N=23) and face-to-face interviews (N=5), it was discovered that: (1) Cashless payment methods have become very popular with the public. 69% of respondents have at least 1 electronic credit card. In 17% of the reported cases, the use of electronic credit cards is accompanied by other cashless payment methods, for instance online transactions, e-wallets and gift cards. (2) In the majority of reported cases, the availability of cashless payment options influences purchase intention. In the investigated cases, the availability of cashless payment methods influences buying decision to a great (35%) or considerable (39%) extent. (3) Interview data are consistent with survey findings, and prove that availability of cashless payment options has a considerable to great impact on purchase intention. The interviewees mentioned the availability of cashless payment options as an argument in favour of making a purchase. (4) While the availability of cashless payment methods shapes purchase intention, it also leads to overconsumption. The interviewees attributed the determined relationship to the higher speed and convenience of cashless payment methods when compared to the use of cash. In this way, the project concludes that although new modes of payment make consumers’ life easier and much pleasant, they also stimulate overconsumption.