What Drives Consumer Payment Behaviour?

In 2019 National Westminster Bank (NatWest) commissioned independent academic research to look into the drivers of consumer payment behaviour, including consumer attitudes and intentions towards cash. The research was carried out by Professor Darren Duxbury, Dr Thanos Verousis and by David Marsh . This is a short summary of their work with the full research being published in due course.

The background to the research is changing consumer payment trends, the use of cash as a payment method is declining in many countries. In the 10 years to 2016, UK cash transactions fell by 35% and are predicted to fall by a further 40% to 2026. The research aimed to do two things. First, provide better understanding of the behavioural factors that influence individuals’ attitudes towards and intentions to use cash relative to other forms of payment. Second, examine the extent to which exogenous shocks influence intentions to use cash.