Review demonstrates that card payment forms reshape spending behaviors through altered psychological mechanisms in consumers, highlighting strategies to promote responsible financial habits.
Technological advancements drive the development of payment methods. This review provides a comprehensive examination of the pervasive influence of payment methods on consumer behavior, referred to as payment method effect. We first examine the multifaceted implications of card payments on consumer spending behaviors, post-consumption behaviors, and broader general behaviors, while also analyzing potential moderators including product type and consumer characteristics. Our review unveils the intricate psychological mechanisms underlying the payment method effect, including reduced pain of paying, primed hedonic mindset, biased perceptions of available resources. Looking forward, we underscore several avenues for future research, particularly in exploring the emerging mobile payment effects, designing practical interventions to mitigate dark sides of payment method effects, and investigating cross-cultural heterogeneity in payment method effect. Our review contributes not only to the theoretical advancement of consumer psychology but also to the development of effective strategies for promoting responsible consumer behavior in an increasingly digitized era.
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Ma et al. (2024) studied this question.
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