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

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  • Carin Cruijsen

    (De Nederlandsche Bank (DNB))

  • Joris Knoben

    (Institute for Management Research)

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.

Suggested Citation

  • Carin Cruijsen & Joris Knoben, 2021. "Ctrl+C Ctrl+Pay: Do People Mirror Electronic Payment Behavior of their Peers?," Journal of Financial Services Research, Springer;Western Finance Association, vol. 59(1), pages 69-96, April.
    • Handle: RePEc:kap:jfsres:v:59:y:2021:i:1:d:10.1007_s10693-020-00345-6
    DOI: 10.1007/s10693-020-00345-6
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    3. Justus Meyer & Federica Teppa, 2023. "Euro area consumers' payment behaviour and banking digitalisation," Working Papers 772, DNB.
    4. Broekhoff, Marie-Claire & van der Cruijsen, Carin & de Haan, Jakob, 2024. "Towards financial inclusion: Trust in banks’ payment services among groups at risk," Economic Analysis and Policy, Elsevier, vol. 82(C), pages 104-123.
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    9. Michiel Bijlsma & Carin Cruijsen & Nicole Jonker, 2023. "Consumer Willingness to Share Payments Data: Trust for Sale?," Journal of Financial Services Research, Springer;Western Finance Association, vol. 64(1), pages 41-80, August.

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