Podcast Episode 106: Cashless Effect

I’m so excited to introduce the Choice Hacking podcast, a weekly show dedicated to exploring the ways behavioral science and psychology intersect with experience design, marketing, startups, and more.

If you enjoy the podcast, please consider subscribing and leaving a rating or review. Thanks!

Click here for a direct link to the episode

Listen and subscribe to the podcast: Apple, Spotify, Stitcher, Google Podcasts, and Simplecast.


EPISODE SUMMARY

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.

EPISODE NOTES

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 

â–ºGet the Free Choice Hacking newsletter: https://choicehacking.com/Subscribe 

â–ºMembership 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.

â–ºINSTAGRAM/TWITTER/YOUTUBE/LINKEDIN: @choicehacking

//Support

â–ºIf 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

â–ºChoice Hacking Book and Audiobook: https://choicehacking.com/PodBook/

â–ºBehavioral Science in Action: IKEA ebook: https://choicehacking.com/IKEAPodBook

â–ºAudible 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 🙂

Thrive Leads Shortcode could not be rendered, please check it in Thrive Leads Section!

More Posts

The science of behavior change, in your inbox.

Join 4,000+ marketers, products managers, and UX professionals who get the Choice Hacking newsletter. 

I'll even send you a FREE eBook when you sign up: "5 Psychological Principles That Will Transform Your Experience."

__CONFIG_colors_palette__{"active_palette":0,"config":{"colors":{"30800":{"name":"Main Accent","parent":-1},"f2bba":{"name":"Main Light 10","parent":"30800"},"trewq":{"name":"Main Light 30","parent":"30800"},"frty6":{"name":"Main Light 45","parent":"30800"},"flktr":{"name":"Main Light 80","parent":"30800"}},"gradients":[]},"palettes":[{"name":"Default","value":{"colors":{"30800":{"val":"rgb(59, 136, 253)","hsl":{"h":216,"s":0.98,"l":0.61}},"f2bba":{"val":"rgba(59, 136, 253, 0.1)","hsl_parent_dependency":{"h":216,"s":0.98,"l":0.61,"a":0.1}},"trewq":{"val":"rgba(59, 136, 253, 0.3)","hsl_parent_dependency":{"h":216,"s":0.98,"l":0.61,"a":0.3}},"frty6":{"val":"rgba(59, 136, 253, 0.45)","hsl_parent_dependency":{"h":216,"s":0.98,"l":0.61,"a":0.45}},"flktr":{"val":"rgba(59, 136, 253, 0.8)","hsl_parent_dependency":{"h":216,"s":0.98,"l":0.61,"a":0.8}}},"gradients":[]},"original":{"colors":{"30800":{"val":"rgb(59, 136, 253)","hsl":{"h":216,"s":0.98,"l":0.61}},"f2bba":{"val":"rgba(59, 136, 253, 0.1)","hsl_parent_dependency":{"h":216,"s":0.98,"l":0.61,"a":0.1}},"trewq":{"val":"rgba(59, 136, 253, 0.3)","hsl_parent_dependency":{"h":216,"s":0.98,"l":0.61,"a":0.3}},"frty6":{"val":"rgba(59, 136, 253, 0.45)","hsl_parent_dependency":{"h":216,"s":0.98,"l":0.61,"a":0.45}},"flktr":{"val":"rgba(59, 136, 253, 0.8)","hsl_parent_dependency":{"h":216,"s":0.98,"l":0.61,"a":0.8}}},"gradients":[]}}]}__CONFIG_colors_palette__