Effects of Diversified Payment Methods on Consumer Behavior

Abstract

In recent years cashless payments have spread rapidly, and this has diversified the payment methods that consumers can use. In previous studies of payment methods, there has been much discussion on how diversified payment methods influence consumer behavior. This paper classifies these previous studies into three categories: (1) determinants of the intention of consumers to use a particular payment method, (2) effects of different payment methods on consumer purchase behavior, and (3) mediators of the effects of payment methods. Based on a review of these studies, this paper argues that future research should (1) examine factors that suppress excessive spending by consumers, (2) apply findings in the field of sensory marketing, and (3) identify other moderators.

Keywords

• payment method
• intention to use
• willingness to pay
• pain of paying
• convenience of paying