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Article 04 — October 2026
Why Does Money Feel Different When It’s on a Card?: The Economics of Cashless Spending
This article examines why consumers often experience less psychological discomfort when spending money through cards, contactless payments, and Buy Now, Pay Later (BNPL) services compared with cash. Drawing on behavioral economics and the concept of the “pain of paying,” it explains how modern payment systems reduce the psychological friction associated with spending. The article explores how this benefits payment networks, BNPL providers, and retailers by potentially encouraging higher spending and transaction frequency. It concludes by arguing that cashless payments are not inherently harmful, but that consumers should recognise how payment design can influence their spending behaviour.
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