Changes in Payment Behavior Due to the Introduction of Cashless Payment

― Effects of Self-Control and the Cashless Payment Experience on the Willingness to Pay Using Cashless Payment

Abstract

  It has been highlighted that consumers tend to overspend when using cashless payments because the pain of paying associated with cashless payments is less pronounced than that of cash payments. However, excessive spending can also lead to unstable financial management for consumers. Therefore, it is important for consumers to understand their own behavioral characteristics associated with cashless payment and to deepen their knowledge of the characteristics of individual payment tendencies due to cashless payment usage in order to maintain healthy financial management while enjoying the convenience of cashless payment. Accordingly, this study examines the effects of self-control and the cashless payment experience on the willingness to pay using cashless payment. Although the results do not conclusively confirm the influence of self-control, the experience of using a credit card or debit card is found to increase the willingness to pay using such cashless means, even when there are no benefits such as reward points.