Does mobile payment change consumers' perception during payment process? -An ERP study

Abstract

Innovative payment methods have been getting worldwide attention. Exploring the mechanisms behind consumers' purchase behaviors modulated by different payment methods was critical but challenging. In this paper, we proposed a 2 (payment methods: cash payment vs mobile payment) × 2 (price levels of products: high vs low) Event-Related Potentials (ERPs) experiment to study the difference of cash payment and mobile payment on consumers' purchase intention of products in different price level from a neuroscience perspective. Greater P200 amplitude was found in mobile payment condition, which meant that mobile payment captured more early attention resources than cash. Larger N270 amplitude was found in cash payment condition as the participants had to spend more cognitive resources and struggled more when using cash. Moreover, lower N270 amplitude was found in high-price product condition, which indicated that when there were limited cognitive resources, the affective process played a dominating role. Specifically, buying the high-price products with mobile payment, the consumers would experience the pleasure of consumption more rather than the pain of paying. The study offers insights on the cognitive process of consumers when they pay with different methods.

Keywords: Event-related potentials; N270; P200; Payment methods.