Have you ever found yourself giving a waiter a bigger tip when you pay with a credit card? How about splurging on that new computer you've had your eye on - are you more likely to put it on a card or use cash? Whenever people make a purchase, they experience something called the "pain of payment" - the more tangible a payment, such as cash, the worse the pain. The less tangible the purchase, like using a credit card, the smaller the pain. Why? It's an example of a behavioral science principle known as the Cashless Effect. In this episode, we'll explore the behavioral science of the Cashless Effect, and talk about how we can use it to our advantage in business, marketing, and experience design.
Thank you so much for listening to the Choice Hacking podcast. If you want to learn more, check out the links below for resources. If you decide to support the podcast by buying our book, becoming a member on ChoiceHacking.com, or leaving a tip, you can do that below as well - and thank you in advance, you absolute legend!
//Join + Follow
►Get a free chapter of my book Choice Hacking: https://choicehacking.com/freechapter
►Get the Free Choice Hacking newsletter: https://choicehacking.com/Subscribe
►Membership for exclusive videos, eBooks and courses https://choicehacking.com/PodSub - save 20% off the cost of an Annual All-Access Membership with the code PODCAST20 at checkout.
►If you'd like to leave a tip for a podcast well enjoyed, then you can use the "Buy Me a Coffee" platform: https://www.choicehacking.com/TipthePodcast
►Choice Hacking Book and Audiobook: https://choicehacking.com/PodBook/
►Behavioral Science in Action: IKEA ebook: https://choicehacking.com/IKEAPodBook
►Audible Referral Link: Support the podcast by visiting Audible for your free 30 day trial of Audible Plus: https://choicehacking.com/Audible
Disclaimer: Some resources include affiliate links, which means if you use click them and buy something I get a small monetary kickback :)