Cash or Card: Consumer Perceptions of Payment Modes - Scholarly ...

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From early times, communities have used objects (commodities) of value as proto-money - the value of which is set by the society. How the ‘value’ of a currency of a society is agreed, is a central issue. The value accorded to the token and/or what it represents is a social construction. According to Weber (1920s) the means of storing and transporting this abstract value consists in the social organisation of the monetary system. It is only by social agreement that a ‘token’ is able to embody the value agreed and by doing so removes the need to anchor the value of the token to the time and space of any actual transaction. The form of the token also varies across time and space. Examples include gold, silver, copper, salt, peppercorns, large stones, decorated belts, shells, alcohol, cigarettes, cannabis, candy, barley etc. The use of a transferable ‘token’ originates in the agrarian economies of the Mesopotamian and Egyptian empires (c.3000 to 500 BC). Clay tokens were used to represent items of agricultural surpluses and units of work in terms of time or production. The first true coins date from c. 640 BC in the near Eastern Kingdom of Lydia (Davies, 1996: 63). It was at this stage of development that the link between token measures of material value and precious metals such as gold and silver was made. For most western societies the tokens used were made of metal, with the highest value attached to gold and silver with gold being the most prized. One of the principle reasons that gold coins proved so popular was that for the rich they were able to provide a convenient store of value more so than any other metal. While coins are still widely used for monetary purposes to this very day, most of the world stopped making gold coins for use as currency by 1933, and today gold coins are no longer in general circulation and used as currency. The original concept of coinage was that each coin had a face value and that this value was represented by the actual content of the material used to manufacture that particular value coin. This concept introduced to coinage the unit of account - that a coin of a given denomination had a guaranteed quantity or weight of a given metal equal to it's face value. When used, coins wear so the metal content is reduced. For this reason British sovereigns for example were only legal tender until they started to show wear, they were then withdrawn and replaced with new full weight coin at the cost of the British government. Economic and Social View of Money: The Economics Perspective During the 18 th century, mainstream economists agreed that their discipline specialised in the study of wealth. Wealth can be held in the form of money or in other forms e.g., gold or property). Money is simply one possible form of measurement of wealth and most readily exchangeable form of commodity for other goods. 173
Adam Smith proposed that money is simply a measure of ‘wealth of a nation’ and wealth is associated with value. The concern with value has since dominated classical economic thought. Classical economists proposed that money is just a measurement of value, medium of exchange, a measure of account, and a means of storing value (Keynes, 1930; Grierson, 1977; Furnham and Lewis, 1986; Hicks, 1989; and Hoover, 1996). In classical economics, money is viewed as an essentially tangible entity that could be stored and circulated reflecting the dominance of the commodity theory of money (Ingham, 2004). (Mills 1871, 1848) recognised the need to understand money at the individual level and proposed that economics was the science that dealt with only one of many human motives, the desire to maximise wealth. He proposed that several interrelated notions characterised classical economic thought: 174 � that money is a tangible entity; that the value is determined by the value of precious metals it contained, � that the value was determined by the supply and demand of the material constituting the entity and cost of production, � that the variation in the quantity of money causes price movement, and not vice versa, � that the existence of bank liabilities in the form of notes and bills of exchange were acknowledged as part of money supply only if they were convertible into gold and/or silver . Karl Marx was critical of Mill’s economic assumptions and argued that Mills (and the rest of classical economists) emphasised the interest of the capitalist class that it served. During the 19 th and 20 th Centuries new ideas in economic thought emerged. The two dominant theories are the marginal utility and general equilibrium. Marginal utility theory suggests that consumption to maximise the total utility they receive from various goods and services (Jevons, 1871; Finn, 1992). Although prominent economist have criticised aspects of this theory and proposed extensions and modifications utility maximisation remains the fundamental pillar of economic thought (Friedman, 1953). General equilibrium theory incorporated the activities of both producers and consumers and assumes that the price of goods and services is determined by the interactions of millions of individuals’ maximising utility. In this view money remains the central as medium of exchange, store of value that can be exchanged for other commodities.
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Cash or Card: Consumer Perceptions
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Chapter Four: Research Design and M
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List of Figures Figure 6.1 Sree Plo
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List of Tables Table 6.1. Explorato
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Acknowledgement The research idea i
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Abstract This study examines the co
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the payment mode selected impacts o
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Identifying the exact origin of anc
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1.5: Study Locus and Context The av
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compare participants normal or pref
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Chapter 2 provides a critical revie
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2.2: The Emergence of the Money Con
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commodity (bullion) and issued the
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2.5: Payment Mode and Purchase Beha
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and Belmont (1996) found that resta
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Households’ Spending’ run by th
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students (n=37) were also asked to
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enefit of consumption and the assoc
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associated with the purchase of ple
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A number of explanations for how pa
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2.6.5: Summary As this review of th
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Questions one and two are based on
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and label" events and occurrences,
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Thaler (1998) asserts that mental a
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If this is so then it is the transp
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The Chapter contends that the payme
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In this chapter, the methodology fo
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solid data, the issue of generalisa
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the experience. To do this requires
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as participants managed to link the
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4.4.2: Participant Selection There
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were initially examined via a test-
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set, in addition to the payment mod
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There are two major validity threat
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The Chapter commences by describing
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of all three projective tests. A fu
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However the negative thoughts diffe
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cold. It seems that money in the de
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thought the shoe (that was linked t
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Exhibit 5.6: Summary of findings $2
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denominations ($5, $10). On the oth
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Emotions (see Exhibit 5.7g) The mos
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� It is just when I can hear coin
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� I don’t feel that when I see
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Exhibit 5.7 (c) LIQUIDITY � if I
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Exhibit 5.8. Quotes for PMP Scale.
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82 Using cash to pay for purchases
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84 Using a debit card to pay for tr
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` 86 If I had a $20 note in my wall
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88 Chapter Six Development and Vali
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latent variable determines the obse
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oot (sqrt) was applied to normalize
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Exploratory Factor Analysis reveale
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96 Table 6.2: Inter-Item and Item-t
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98 Exhibit 6.5: 49 Item Scale in Pr
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6.4.2: Pre-Test Two - Internal Cons
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The 45 items were examined to facto
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6.4.4: Pre Test Two - Final Factor
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6.4.6: Assessing Construct Validity
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used to measure individual construc
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110 Exhibit 6.9: Pre-Test Items Rem
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Table 6.14: Summary of Final Result
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All dimensions (Table 6.16) show AV
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7.1: Chapter Overview 116 Chapter S
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Four product categories of househol
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Since the use of cash and debit car
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Page 139 and 140: 128 Exhibit 7.2: Proposition Two: E
Page 141 and 142: 130 Table 7.12: Comparisons of Fact
Page 143 and 144: Proposition Two that- where consume
Page 145 and 146: Table 7.13: Mean Item Score: Field
Page 147 and 148: Research Question One: Do the cogni
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Page 151 and 152: would spend it on something special
Page 153 and 154: 8.4: Methodological Contribution Th
Page 155 and 156: 144 � The priming regarding the s
Page 157 and 158: it may be prudent for governments,
Page 159 and 160: Bechara, A., & Damasio, A. (2005).
Page 161 and 162: Carruthers, B., & Babb, S. (1996).
Page 163 and 164: Dohrenwend, B. P., Itzhak Levav, P.
Page 165 and 166: Garcia-Swartz, D., Hahn, W. R., & L
Page 167 and 168: Hair, J. F., Black, W. C., Babin, B
Page 169 and 170: Kassarjian, H. H. (1977). Content a
Page 171 and 172: Loix, E. Pepermans, R. Van Hove, L.
Page 173 and 174: Nielsen Research (2011, August) Nie
Page 175 and 176: Reimann & Bechara (2009) The somati
Page 177 and 178: Singh (2004) Impersonalisation of e
Page 179 and 180: Trent, J. & Smalley, G. (1992) The
Page 181 and 182: Zelizer, V. (1994). The social mean
Page 183: its usage. This in turn points out
Page 187 and 188: During the 1950s, researchers began
Page 189 and 190: use of borrowed money. The introduc
Page 191 and 192: Appendix 2: Projective Tasks- Workb
Page 193 and 194: TASK THREE For this activity you wi
Page 195 and 196: TASK SIX Shopping experience using
Page 197 and 198: Activity Two Tick five traits/chara
Page 199 and 200: Appendix 3: Moderator Guide When pa
Page 201 and 202: important. Individual opinions and
Page 203 and 204: 192 Write few sentences describing
Page 205 and 206: Appendix 5: Projective Tests- Theme
Page 207: Appendix 7: Projective Tool (Debit
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