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Journal of Financial Services Research
Erschienen in: Journal of Financial Services Research 1-2/2021

24.10.2020

Ctrl+C Ctrl+Pay: Do People Mirror Electronic Payment Behavior of their Peers?

verfasst von: Carin van der Cruijsen, Joris Knoben

Erschienen in: Journal of Financial Services Research | Ausgabe 1-2/2021

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Abstract

Little is known about how the social environment influences payment behavior. Using detailed payment diary data of Dutch consumers we show that payment behavior is likely influenced by peer effects, especially when the environment is characterized by strong social cohesion. The results imply that besides traditional policy interventions such as consumer education, lowering costs, and enhancing the convenience of using electronic payments, diffusion and transmission of norms through social channels can enhance the adoption of electronic payments.
Vorheriger Artikel How language shapes bank risk taking
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Fußnoten
1
In 2016, for only 1.6% of the cash transactions and for 1% of debit card transactions, consumers did not use their preferred payment instrument (DNB and Dutch Payments Association (DPA) 2017).
 
2
As a measure of social cohesion, we adopt the measure developed by Goudriaan et al. (2006) based on nine items of the three-yearly Netherlands’ Housing Research (WoON) designed to measure social cohesion.
 
3
Jonker and Kosse (2013) show that information on payment behavior is more reliable for respondents who were asked to fill in their payment behavior for one day than for respondents who were asked to report their payment behavior for a longer time span. Data collected using a one-week survey shows 40% fewer transactions than data collected by means of a one-day survey.
 
4
Only September and November are covered.
 
5
“For every day of the week and every week in the month, the number of respondents was sufficiently large and representative in terms of gender, age, ethnicity, education, region, country of origin and income.” (Jonker et al. 2018, p.12).
 
6
Hernandez et al. (2017) have shown that it makes no difference for the reported number and value of cash and debit card transactions whether respondents are fresh or trained. This holds true for any demographic group, sector and transaction size.
 
7
As in many countries the Netherlands has legislation regarding the maximum size of cash transactions to prevent money laundering. At the time of our study, the limit on cash transactions was EUR 15,000. Above that amount the transaction had to be reported to the Dutch Tax Authority. We would like to point out that our dataset does not contain any payments above this level. The highest cash transaction is EUR 1745.05. Therefore, this legislation is unlikely to play a role in our analyses or findings.
 
8
As mentioned in the introduction to this report, in 2016 consumers did not use their preferred payment instrument for only 1.6% of cash transactions and 1% of debit card transactions (DNB and DPA 2017). Various reasons were reported, including non-acceptance, the payment terminal being out of order, or not having enough cash or the electronic payment instrument in one’s pocket.
 
9
Wooldridge (2002) argues that it makes sense to call the model that fits this type of data well a corner solution model. However, in practice the term censored regression model is used more often. Wooldridge (2002) argues that the Tobit model is an appropriate method to use for a corner solution dependent variable (Papalia and Di Iorio 2001).
 
11
Note that multicollinearity is not a problem. The mean Variance Inflation Factor (VIF) is 1.67. The maximum VIF is 2.66, the minimum is 1.03.
 
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Metadaten
Titel
Ctrl+C Ctrl+Pay: Do People Mirror Electronic Payment Behavior of their Peers?
verfasst von
Carin van der Cruijsen
Joris Knoben
Publikationsdatum
24.10.2020
Verlag
Springer US
Erschienen in
Journal of Financial Services Research / Ausgabe 1-2/2021
Print ISSN: 0920-8550
Elektronische ISSN: 1573-0735
DOI
https://doi.org/10.1007/s10693-020-00345-6

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