Cash or Card: Consumer Perceptions of Payment Modes - Scholarly ...
Cash or Card: Consumer Perceptions of Payment Modes - Scholarly ...
Cash or Card: Consumer Perceptions of Payment Modes - Scholarly ...
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� I don’t feel that when I see the statement oh yes that’s what I spent that on and<br />
that was a good deal any maybe that wasn’t maybe I shouldn’t have spent money<br />
on that.<br />
� debit card <strong>or</strong> smart card you run the risk <strong>of</strong> going into debit because you see<br />
something you like and you can get it but there are repercussions later on so with<br />
cash its really straight f<strong>or</strong>ward and simplistic and uncomplicated<br />
5.8: Conclusion<br />
In essence, the payment mode is a tool that facilitates the transfer <strong>of</strong> something <strong>of</strong> value with<br />
both parties in agreement. The task f<strong>or</strong> this study is to determine if the tool used to affect the<br />
transfer, independent <strong>of</strong> the value attached influences perceptions and thus how the transfer is<br />
experienced. In doing so, it is assumed that the tools act as anch<strong>or</strong>s. As outlined in Chapter<br />
Three, anch<strong>or</strong>ing is a cognitive bias in which decisions are made based on an initial 'anch<strong>or</strong>.'<br />
Essentially, it is a process by which mem<strong>or</strong>y recall, state change <strong>or</strong> other responses become<br />
associated with (anch<strong>or</strong>ed to) some stimulus, in such a way that perception <strong>of</strong> the stimulus<br />
(the anch<strong>or</strong>) leads by reflex to the anch<strong>or</strong>ed response occurring. The value is embodied in the<br />
tool and the physical nature <strong>of</strong> that tool and our continued interaction allow cognitions and<br />
emotions to develop. So the physical nature <strong>of</strong> cash, a token where the value is demarked,<br />
clearly allows us to have an immediate experience <strong>of</strong> the ‘value’. Electronic cards do not<br />
have this property. Whilst they represent a link to a st<strong>or</strong>ed resource, there is no immediacy <strong>of</strong><br />
value. Hence the notion <strong>of</strong> transparency and the related notion <strong>of</strong> decoupling have credence<br />
and as evidenced by the participants, do impact on mental accounting (see Soman 2003). The<br />
physical fact<strong>or</strong> <strong>of</strong> payment mode explains why transparency and decoupling <strong>of</strong> payment<br />
experience influence our emotional state, not necessarily an experience <strong>of</strong> pain but an<br />
experience <strong>of</strong> a number <strong>of</strong> emotions also dependent on the context and purchase situations.<br />
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