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

5.6: Discussion
This Chapter addresses the question: Do the cognitive and emotional elements that people
associate with a cash based payment mode differ from those associated with a debit card
based payment mode? The information supplied by the participants reported here suggests
that for them it does.
For this study- the most relevant comparisons are those when the value of the token is the
same. There is however some interesting observations between the cash based tokens.
Certainly the represented value between the $20 and $100 notes is a factor; the reason for the
attributes is not wholly explained by the difference in value. The $20 is dependable, honest,
hardworking, responsible and disposable. It is to be spent and to be spent without guilt or
worry. It is easier to spend five $20 notes than one $100 note supporting the Bias for the
Whole effect noted by Mishra et al (2006). The $100 note is not to be ‘broken. The
consensus is that once this happens it is easily spent. This support Raghubir and Srivastava’s
(2009) conclusion that the $20 is fungible and the $100 note is less so. Keeping the $100
note whole is to conserve money. These viewpoints suggest a connection that is more than
the value represented in the notes, because clearly five $20 notes are the same as one $100
note. But our schema of each is different and, given the value is the same; the physicality of
the token must be a consideration.
One interesting point to emerge is that all the token forms are deemed comfortable -and this
may be linked to the fact that they represent value. However both the $20 note and the $100
in the debit card are hardworking, dependable and ‘easy-going’ but the the $100 note
represented wealth and value. The $20 note and the $100 in the debit card are deemed
‘common’. This is probably because they are omnipresent in the wallet - but the $100 is
rarer. This may be the reason it is imbued with different characteristics - again usage perhaps
forming the schema.
Where the value is held constant but the form of the token is different their sentiments vary.
The list of comments in Exhibit 5.7(f), attribute the notes to ‘being’ something and thus the
own something tangible.
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