Card or Cash? An Econometrical and Behavioral Analysis in Greece during Covid-19

Melpomeni Anysiadou


Purpose: This study aims to investigate Greek bank card holders’ behavior and verify the use of this means of payment against cash in their various transactions.

Methodology: A variety of econometric and behavioral models were used to capture those factors that can affect satisfaction and attitude towards bank cards and behavioral intention to continue using them, in conjunction with the choice of using this payment method over cash, during the Covid-19 period in Greece.

By performing Factor Analysis, Multiple Logistic Regression, Structural Equation, and Multiple Linear Regressions Models, it was proved that factors such as transaction security, acceptance of the payment, ease of use, and the characteristics of bank cards could be influencing the use of such banking products. Exceptional were the findings regarding the influence of the type of good, the sector, and transaction size, on the choice of payment method. In addition, individuals’ perceptions about the prestige and benefits offered by bank cards against cash, in combination with elements of an individual’s personality, such as materialism and compulsive buyers, were equally important factors that could enhance the use of these banking products in Greece.

Originality: The novelty of this study lies in the fact that a variety of different econometric and behavioral models were used to investigate in-depth personal factors and factors related to the conduction of transactions that both affect the use of bank cards and cash at a time that Greek transactions require to be contactless.

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