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

However the negative thoughts differ, in that those associated with the debit card are to do
with wasting money and the loss of the card - but not so much the $100 note- concern here
was losing the actual note- but spending it was not deemed wasteful unless being used to buy
a small value item. The thoughts about losing the $100 note are to do with actual loss of a
specific value. The type of products associated with both does not differ, however the
attributes/ characteristics do. Debit cards are associated with freedom, opportunity and status;
cash is old fashioned and friendly. Debit cards are also associated with overspending and
poor money management. Cash however is associated with control and saving money.
Quotes relating to $100 Note
� $100 cash means fun and excitement of possessing the money. I withdraw cash to
control my spending behavior. Small amount of cash in wallet also makes feel secured
and happy. I think $100 cash makes me feel better off, happy, puts me in a better
mood; I feel successful
� Cash is more controllable
� I don't get to hold $100 note very often
� Breaking $100 hurts when it is for small purchases
� $100 note is old fashioned, shopping small value items and is dirty as it passes
through many hand in circulation
� I will associate cash $100 note as wealth, cocaine, extravagance, and not secure or
safe
Quotes relating to $100 stored and available in a debit card
� The first thought is where to spend this money. When I use debit card I tend to spend
more and I simply get trackless of how much I have spent and how much is left. I hate
to check balance, it simply hurts me
� I do feel money in debit card is unreal and kind of intangible. It is hard to keep track
of my spending if I am not fully aware of my spending habit
� I check my account balance regularly to know the balance and budget my spending
accordingly
� I will be excited about having $100 money. It is my money, I have earned it. I see
value rather than cash or debit card
� When I think about $100 in debit card, reminds me of opportunity and possibility to
either spend or save. It reminds me of gift and associated excitement. When I have
$100 in debit card, I feel secured so it provides security
� $100 in debit card is not real; it can’t be touched or felt. I can’t keep track of how
much I am spending and what is left in my account. I think people get addicted to
swipe card and indulge in materialistic life. I'd be inclined to waste the money on
luxury items rather than worrying about my budget
62