An empirical study of payment technologies, the psychology of consumption, and spending behavior in a retailing context

Wai Ting Ngai, Eric W.K. See-To

Research output: Journal article publicationJournal articleAcademic researchpeer-review


Our study investigates differences in spending behavior among consumers using three alternative payment technologies: cash, credit cards, and stored value contactless smart cards. We provide a deeper understanding of how different payment mechanisms directly impact consumer spending behavior in a retailing context, their influences on customers’ psychology of consumption, and perceptions of payment technologies. We show that the payment process can do so by significantly affecting the subjective awareness of spending only. In contrast, the source of money can affect perceived payment security only. Both perceived security and convenience have little effect on spending behavior.

Original languageEnglish
Article number3
Pages (from-to)329
Number of pages342
JournalInformation and Management
Issue number3
Publication statusPublished - Apr 2019


  • Payment mechanism
  • Payment technology
  • Psychology of consumption
  • Pain of paying
  • Spending behavior

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