Cashless Effect: How eliminating the “pain of payment” can improve your experience

from Choice Hacking: The Marketing Psychology Podcast · host Jennifer L. Clinehens

Thank you so much for listening to the Choice Hacking podcast. Today's episode was brought to you by Audible. Click here to get your free 30 day trial of Audible Plus or visit https://choicehacking.com/Audible✅Buy my book, "Choice Hacking"✅Get a free eBook "5 Psychology Principles to Perfect Your Experience" + join the newsletter✅Take my course, "How to Create Persuasive Experiences"✅Learn how you can work with Jennifer Clinehens and Choice Hacking INSTAGRAM/TWITTER/LINKEDIN: @choicehacking//SOURCES: What is the Cashless Effect?How Panera uses psychology to drive its unlimited coffee subscriptionMIT Research Study: Always Leave Home Without It: A Further Investigation of the Credit-Card Effect on Willingness to PayDisclaimer: Some resources include affiliate links, which means if you click them and buy something I get a small monetary kickback at no additional cost to you. :) ★ Support this podcast ★

What this episode covers

Have you ever found yourself giving a waiter a bigger tip when you pay with a credit card? How about splurging on that new computer you've had your eye on - are you more likely to put it on a card or use cash? Whenever people make a purchase, they experience something called the "pain of payment" - the more tangible a payment, such as cash, the worse the pain. The less tangible the purchase, like using a credit card, the smaller the pain. Why? It's an example of a behavioral science principle known as the Cashless Effect. In this episode, we'll explore the behavioral science of the Cashless Effect, and talk about how we can use it to our advantage in business, marketing, and experience design.

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Cashless Effect: How eliminating the “pain of payment” can improve your experience

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This episode was published on February 1, 2021.

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