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.
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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.
- What is the Cashless Effect?
- How Panera uses psychology to drive its unlimited coffee subscription
- MIT Research Study: Always Leave Home Without It: A Further Investigation of the Credit-Card Effect on Willingness to Pay
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