Several psychologists and experts based in India recently explained that digital paymentA transfer of funds which discharges an obligation on the part of a payer vis-à-vis a payee. More instruments are more likely to cause addiction among consumers than cashMoney in physical form such as banknotes and coins. More. Indeed, consumers paying with paperSee Banknote paper. More moneyFrom the Latin word moneta, nickname that was given by Romans to the goddess Juno because there was a minting workshop next to her temple. Money is any item that is generally accepted as payment for goods and services and repayment of debts, such as taxes, in a particular region, country or socio-economic context. Its onset dates back to the origins of humanity and its physical representation has taken on very varied forms until the appearance of metal coins. The banknote, a typical representati... More are generally more responsible as they can quickly monitor the thickness of their wallets. Moreover, it has been demonstrated that cash users develop a certain attachment to the money they feel in their hands – an unlikely reaction to numbers on a screen.
It was found that people aged between 25 and 50 years old are the most likely to become compulsive online shoppers. Indeed, experiences demonstrate that those who discovered the digital world late in life are more likely to develop an addiction because of the novelty effect and the ease of use that these platforms offer. Consumers living in small towns are also more likely to succumb to the convenience of e-payments.
Psychologists estimate that the current push toward cashless instruments might affect the behavioural trends and customers’ spending habits – at their own peril. The recent demonetisationSee Demonetised banknote. More of Rs 1,000 and 500 banknotes has already pushed many Indians to turn to e-wallets and digital instruments, but this trend might just be temporary. In fact, cash withdrawals still represent 90% of debit card transactions.
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