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The Struggle between Cash and Electronic Payments

Author

Listed:
  • Zsófia Pintér

    (Insstitute of Agriculture and Food Economics, Hungarian University of Agriculture and Life Sciences, H-7400 Kaposvar, Hungary)

  • Mónika Zita Nagy

    (Insstitute of Agriculture and Food Economics, Hungarian University of Agriculture and Life Sciences, H-7400 Kaposvar, Hungary)

  • Katalin Tóth

    (“Böhönyei Szabadság” Agricultural Co., Böhönye, H-8719 Marcali, Hungary)

  • József Varga

    (Institute for Rural Development and Sustainable Economy, Hungarian University of Agriculture and Life Sciences, H-7400 Kaposvar, Hungary
    Department of Finance, Corvinus University of Budapest, H-1093 Budapest, Hungary
    Faculty of Economics, Socio-Human Sciences and Engineering, Sapientia Hungarian University of Transylvania, RO530104 Miercurea Ciuc, Romania)

Abstract

The assessment of consumer behavior regarding the choice of financial instruments may be extremely important in the near future, since the fight between cash and electronic money has reached a turning point, and electronic payments are slowly defeating cash. On one hand, in the long term, this possible separation threatens sustainable development goals, and on the other hand, financial awareness can affect the number of purchases and savings. In a survey of 499 people, we examined the reasons behind their decisions, with a particular focus on financial awareness. The result shows that the vast majority of Hungarian consumers are not yet ready to fully accept electronic payments. It can be stated that financial awareness is not present at all in one-fifth of respondents, and one-third are influenced by habituation in everyday shopping situations, which indicates a lack of financial awareness. Based on our results, we have concluded that our consumers still find it difficult to abandon cash payments. Financial awareness needs to be improved in parallel with the Hungarian government’s strategy to reduce the use of cash.

Suggested Citation

  • Zsófia Pintér & Mónika Zita Nagy & Katalin Tóth & József Varga, 2022. "The Struggle between Cash and Electronic Payments," Economies, MDPI, vol. 10(12), pages 1-15, November.
    • Handle: RePEc:gam:jecomi:v:10:y:2022:i:12:p:304-:d:989099
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    References listed on IDEAS

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    1. Anna-Lena Godhe, 2019. "Digital Literacies or Digital Competence: Conceptualizations in Nordic Curricula," Media and Communication, Cogitatio Press, vol. 7(2), pages 25-35.
    2. Liao, Ziqi & Shi, Xinping & Wong, Wing-Keung, 2014. "Key determinants of sustainable smartcard payment," Journal of Retailing and Consumer Services, Elsevier, vol. 21(3), pages 306-313.
    3. Bátiz-Lazo, Bernardo & Haigh, Thomas & Stearns, David L., 2014. "How the Future Shaped the Past: The Case of the Cashless Society," Enterprise & Society, Cambridge University Press, vol. 15(1), pages 103-131, March.
    4. Sabrina Helm & Brintha Subramaniam, 2019. "Exploring Socio-Cognitive Mindfulness in the Context of Sustainable Consumption," Sustainability, MDPI, vol. 11(13), pages 1-17, July.
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    Cited by:

    1. Irena Munteanu, 2022. "Comparative Study of Bank Cards in Romania, Bulgaria and Hungary," Ovidius University Annals, Economic Sciences Series, Ovidius University of Constantza, Faculty of Economic Sciences, vol. 0(2), pages 927-932, Decembrie.
    2. Daniel Mider & Przemyslaw Potocki & Robert Staniszewski, 2023. "Cryptocurrencies and Other Forms of Payment in the Awareness of Poles: Declared Trust, Perceived Risk and Actual Victimization," European Research Studies Journal, European Research Studies Journal, vol. 0(1), pages 480-491.

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