The Struggle between Cash and Electronic Payments

Zsófia Pintér, Mónika Zita Nagy (), Katalin Tóth and József Varga
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Zsófia Pintér: Insstitute of Agriculture and Food Economics, Hungarian University of Agriculture and Life Sciences, H-7400 Kaposvar, Hungary
Mónika Zita Nagy: Insstitute of Agriculture and Food Economics, Hungarian University of Agriculture and Life Sciences, H-7400 Kaposvar, Hungary
Katalin Tóth: “Böhönyei Szabadság” Agricultural Co., Böhönye, H-8719 Marcali, Hungary
József Varga: Institute for Rural Development and Sustainable Economy, Hungarian University of Agriculture and Life Sciences, H-7400 Kaposvar, Hungary

Economies, 2022, vol. 10, issue 12, 1-15

Abstract: The assessment of consumer behavior regarding the choice of financial instruments may be extremely important in the near future, since the fight between cash and electronic money has reached a turning point, and electronic payments are slowly defeating cash. On one hand, in the long term, this possible separation threatens sustainable development goals, and on the other hand, financial awareness can affect the number of purchases and savings. In a survey of 499 people, we examined the reasons behind their decisions, with a particular focus on financial awareness. The result shows that the vast majority of Hungarian consumers are not yet ready to fully accept electronic payments. It can be stated that financial awareness is not present at all in one-fifth of respondents, and one-third are influenced by habituation in everyday shopping situations, which indicates a lack of financial awareness. Based on our results, we have concluded that our consumers still find it difficult to abandon cash payments. Financial awareness needs to be improved in parallel with the Hungarian government’s strategy to reduce the use of cash.

Keywords: cashless society; waste; sustainability; means of payment; consumer survey; digitalization; financial awareness (search for similar items in EconPapers)
JEL-codes: E F I J O Q (search for similar items in EconPapers)
Date: 2022
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