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

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Anchoring (assuming the mechanics of cognitive embodiment) provides a rationale for accepting that the physical nature of the payment mode influences our perceptions and thus our behaviour towards the payment mode and how we use it. One aspect that the literature posits and to an extent demonstrates is that the payment mode used, affects our mental accounting faculties. The literature also assumes that the physical attributes affect how we think and feel about parting with money. However other factors remain unknown. So one task of this study is to explore our mental and emotional associations with payment modes- specifically cash and card. In addition however the assumptions of Anchoring would suggest that these associations would direct how people think about the tokens and direct how such tokens are used. So it is proposed that: P.3. There is link between the cognitive and emotional associations that people have with specific payment modes and their payment mode choice? 3.6: Summary This chapter identifies and explains the theories and concepts that direct the propositions. Central to the thesis is the notion that the physical characteristics of the tokens used to represent money in modern societies, influences the cognitions and emotions associated with the token. The underlying premise is that in modern societies, the historic use of cash has evolved associations – associations that derive from a society’s cultural values and norms and the physical nature of the cash that are different to those associated with card or indeed other electronic modes of payment transfers. The Chapter presents the rationale for electing to position the study within the Framing Paradigm arguing that the tokens, as a stimulus evokes responses that are guided by how the individual perceives the token and assumes that the responses are directed by the frames (points of reference used, i.e., the anchors) used in the context of such stimuli. It is further posited that the anchors are formed and reinforced by the process of cognitive embodiment. It is also proposed that these frames affect how we mentally account for our money and how we behave when paying for transactions. 39
The Chapter contends that the payment modes as stimuli elicit specific responses that are guided by pre-set conditions (anchor points) and that the resultant schemas direct our perceptions and thus responses. 40
Page 1 and 2: Cash or Card: Consumer Perceptions
Page 3 and 4: Chapter Four: Research Design and M
Page 5 and 6: List of Figures Figure 6.1 Sree Plo
Page 7 and 8: List of Tables Table 6.1. Explorato
Page 9 and 10: Acknowledgement The research idea i
Page 11 and 12: Abstract This study examines the co
Page 13 and 14: the payment mode selected impacts o
Page 15 and 16: Identifying the exact origin of anc
Page 17 and 18: 1.5: Study Locus and Context The av
Page 19 and 20: compare participants normal or pref
Page 21 and 22: Chapter 2 provides a critical revie
Page 23 and 24: 2.2: The Emergence of the Money Con
Page 25 and 26: commodity (bullion) and issued the
Page 27 and 28: 2.5: Payment Mode and Purchase Beha
Page 29 and 30: and Belmont (1996) found that resta
Page 31 and 32: Households’ Spending’ run by th
Page 33 and 34: students (n=37) were also asked to
Page 35 and 36: enefit of consumption and the assoc
Page 37 and 38: associated with the purchase of ple
Page 39 and 40: A number of explanations for how pa
Page 41 and 42: 2.6.5: Summary As this review of th
Page 43 and 44: Questions one and two are based on
Page 45 and 46: and label" events and occurrences,
Page 47 and 48: Thaler (1998) asserts that mental a
Page 49: If this is so then it is the transp
Page 53 and 54: In this chapter, the methodology fo
Page 55 and 56: solid data, the issue of generalisa
Page 57 and 58: the experience. To do this requires
Page 59 and 60: as participants managed to link the
Page 61 and 62: 4.4.2: Participant Selection There
Page 63 and 64: were initially examined via a test-
Page 65 and 66: set, in addition to the payment mod
Page 67 and 68: There are two major validity threat
Page 69 and 70: The Chapter commences by describing
Page 71 and 72: of all three projective tests. A fu
Page 73 and 74: However the negative thoughts diffe
Page 75 and 76: cold. It seems that money in the de
Page 77 and 78: thought the shoe (that was linked t
Page 79 and 80: Exhibit 5.6: Summary of findings $2
Page 81 and 82: denominations ($5, $10). On the oth
Page 83 and 84: Emotions (see Exhibit 5.7g) The mos
Page 85 and 86: � It is just when I can hear coin
Page 87 and 88: � I don’t feel that when I see
Page 89 and 90: Exhibit 5.7 (c) LIQUIDITY � if I
Page 91 and 92: Exhibit 5.8. Quotes for PMP Scale.
Page 93 and 94: 82 Using cash to pay for purchases
Page 95 and 96: 84 Using a debit card to pay for tr
Page 97 and 98: ` 86 If I had a $20 note in my wall
Page 99 and 100: 88 Chapter Six Development and Vali
Page 101 and 102:
latent variable determines the obse
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oot (sqrt) was applied to normalize
Page 105 and 106:
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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7.4.1.2: Control Group-Test Groups
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7.4.2: Proposition Two Evaluation T
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126 Table 7.8: Indulgence Food Prod
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128 Exhibit 7.2: Proposition Two: E
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130 Table 7.12: Comparisons of Fact
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Proposition Two that- where consume
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Table 7.13: Mean Item Score: Field
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Research Question One: Do the cogni
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token is used, perceptions and beha
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would spend it on something special
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8.4: Methodological Contribution Th
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144 � The priming regarding the s
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it may be prudent for governments,
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Bechara, A., & Damasio, A. (2005).
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Carruthers, B., & Babb, S. (1996).
Page 163 and 164:
Dohrenwend, B. P., Itzhak Levav, P.
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Garcia-Swartz, D., Hahn, W. R., & L
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Hair, J. F., Black, W. C., Babin, B
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Kassarjian, H. H. (1977). Content a
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Loix, E. Pepermans, R. Van Hove, L.
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Nielsen Research (2011, August) Nie
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Reimann & Bechara (2009) The somati
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Singh (2004) Impersonalisation of e
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Trent, J. & Smalley, G. (1992) The
Page 181 and 182:
Zelizer, V. (1994). The social mean
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its usage. This in turn points out
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Adam Smith proposed that money is s
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During the 1950s, researchers began
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use of borrowed money. The introduc
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Appendix 2: Projective Tasks- Workb
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TASK THREE For this activity you wi
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TASK SIX Shopping experience using
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Activity Two Tick five traits/chara
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Appendix 3: Moderator Guide When pa
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important. Individual opinions and
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192 Write few sentences describing
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Appendix 5: Projective Tests- Theme
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Appendix 7: Projective Tool (Debit
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