Payment Behaviour: The Role of Socio-Psychological Factors

41 Pages Posted: 10 Nov 2016

Date Written: October 21, 2016

Abstract

This research examines the effects of socio-psychological factors on consumers’ payment behaviour. Based on insights from the socio-psychological and payment literature we build a theoretical model of payment behaviour. We test this model empirically by focusing on the choice between cash and electronic payments, and by using the outcomes of two specially constructed surveys of a representative panel of Dutch consumers. We are significantly better able to explain payment behaviour than traditional payment models. Moreover, we provide useful insights for those who want to understand and steer payment behaviour. Consumers’ payment attitudes depend on perceptions of attributes, such as safety and acceptance. Together with social norms, roles, emotions, and perceived control, these attitudes drive payment intentions. Although payment intentions are the key determinant of payment behaviour, payment habits also play an important role in explaining how consumers pay.

Keywords: payment behaviour, attitude, intention, socio-psychological model, consumer survey, habit, social norms, personal norm, role, control, emotions

JEL Classification: D14, D11, D03, Z13

Suggested Citation

van der Cruijsen, Carin and van der Horst, Frank, Payment Behaviour: The Role of Socio-Psychological Factors (October 21, 2016). De Nederlandsche Bank Working Paper No. 532. Available at SSRN: https://ssrn.com/abstract=2867462 or http://dx.doi.org/10.2139/ssrn.2867462

Carin van der Cruijsen (Contact Author)

De Nederlandsche Bank ( email )

PO Box 98
1000 AB Amsterdam
Amsterdam, 1000 AB
Netherlands

HOME PAGE: http://www.dnb.nl/en/onderzoek-2/onderzoekers/overzicht-persoonlijke-paginas/index.jsp

Frank Van der Horst

De Nederlandsche Bank ( email )

PO Box 98
1000 AB Amsterdam
Amsterdam, 1000 AB
Netherlands

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