To Get People to Pay, Understand How They Think

In a world of contactless payment, our perceptions of money are changing. Research suggests that, when using non-cash means such as credit cards and mobile apps, people tend to spend more freely. At the same time, increasingly complicated rewards programs and deep discounts are affecting the value that consumers assign to certain products. This article draws upon fundamental concepts from the field of behavioral economics, as well as results from the author's own research on money matters, to help companies gain a clearer focus in today's turbid pricing environment.