One of the trends for the development of financial involvement is to increase the depth of use of financial services. The most common financial services among consumers are cashless payments, which increase the benefits of individual users and the economy as a whole. In the past two years, this has become even more prominent due to the pandemic (Jonker et al., 2021). The mere fact of having an instrument (eg, a payment card) is not a sufficient indicator of the involvement of market participants. An increase in the frequency of use and the share of non-cash payments in total spending may depend on various factors, including improved quality of financial services and customer experience, individual characteristics of users, as well as external factors (for example, sanctions, pandemic). This study aims to show what influences the depth of use of cashless payments. The analysis is based on a two-stage data collection: qualitative and quantitative. Qualitative research helped to identify a list of benefits and pains that exist for the client in connection with the use of different payment methods, which formed the basis of the questionnaire questions at the quantitative stage. Modeling based on personal surveys of Russians in 2021 (N=1600) showed that the probability of cashless payments in total spending of more than 50% is positively correlated with high income, as well as the perception of benefits from cashless payments and participation in loyalty programs. Moreover, the impact of the pandemic disappears when the benefits are controlled.

Program:

14:30 – 14:40 – opening speech

14:40 – 15:25 – presentation by Ekaterina N. Semerikova, topic: “Financial Services Beyond Access: What Influences Deeper Use of Cashless Payments?”

17:55 – 18:25 – discussion

18:25 – 18:30 Closing remarks: announcements of the next workshops

Ekaterina N. Semerikova, Doctoral applicant, Department of Marketing, Head of Research, Research Fellow at the Skolkovo Center for Financial Technology and Digital Economy Research - NES