Payment Characteristics: Development of a Survey (Payment Characteristics)

Abstract:

Over the last decades, we have seen payment innovations that fundamentally have changed the ways we pay and how we spend money. For instance, plastic cards, on-line banking, e-money, and SMS payments are some of the innovations that have emerged. Payments or payment instruments are “a tool enabling the transfer of funds (from the payer to the payee. There are a variety of different payment instruments, each with its own characteristics depending on the type of relationship and transaction between the payer and the payee” (Kokkola, 2010, p. 28). The payment characteristics, such as context dependency, security level, speed of transactions etc., influence how people choose between payment instruments when paying.