Consumer involvement in the three major payment methods

This study reports on an empirical test of consumer involvement in the three major methods used by consumers to make personal spontaneous payments (payments that are not for regular bills): cash, debit card and credit cards. These three financial products account for over 92%1 of the payments that we all make in shops, restaurants and leisure facilities. Payments form part of the shopping and leisure experience and an examination of how consumer attitude towards paying is interesting to retailers as well as to providers of payment methods. In the event that the UK public switch away from cash to the use of smart phone technology for payments, there will be major impacts to retail banking, cash handling, retail management and technology providers.The purpose of this research is to measure, using the scale developed by Zaichkowsky known as the Revised Personal Involvement Inventory (RPII), the consumer involvement in payments using a non-probability convenience sample and subsequently analysing the data with a series of one sided t-tests.