The COVID-19 pandemic represented an unexpected shock to the global economy, with a significant impact on business and consumer behaviour, particularly on spending and payments. This article aims to identify the drivers affecting consumers’ payment behaviour in Italy during the COVID-19 lockdown. We develop an empirical study, using structural equation modelling on data collected from 2,872 consumers in the period May 2020–June 2020 through the computer-assisted web interviewing methodology. A robustness check is run with an ordinary least squares (OLS) regression analysis. The findings highlight the positive and significant effect of COVID-19 worries on consumers’ payment behaviour. The uniqueness of this work derives from the creative approach with which it investigates the financial and social consequences of the COVID-19 crisis and focuses on possible solutions to encourage the adoption of innovative tools.
AgarwalS., GhoshP., LiJ., & RuanT. (2020). Digital payments and consumption: Evidence from the 2016 demonetization in India. http://dx.doi.org/10.2139/ssrn.3641508
4.
AndersonR. M., HeesterbeekH., KlinkenbergD., & HollingsworthT. D. (2020). How will country-based mitigation measures influence the course of the COVID-19 epidemic?Lancet, 395(10228), 931–934.https://doi.org/10.1016/S0140-6736(20)30567-5
5.
AngelakisE., AzharI. E., BibiF., YasirM., Al-GhamdiA. K., AshshiA. M., Elshemi A.G., & RaoultD. (2014). Paper money and coins as potential vectors of transmissible disease. Future Microbiology, 9(2), 249–261.http://dx.doi.org/10.2217/fmb.13.161
6.
ArangoC. A., HoggD., & LeeA. (2015). Why is cash (still) so entrenched? Insights from Canadian shopping diaries. Contemporary Economic Policy, 33(1), 141–158.https://onlinelibrary.wiley.com/doi/full/10.1111/coep.12066
7.
ArdizziG., NobiliA., & RoccoG. (2020). A game changer in payment habits: Evidence from daily data during a pandemic, Bank of Italy - Occasional Paper 591. https://www.bancaditalia.it/pubblicazioni/qef/2020-0591/QEF_591_20.pdf?language_id=1
8.
ArdizziG., GambiniA., NobiliA., PimpiniE., & RoccoG. (2021). L’impatto della pandemia sull’uso degli strumenti di pagamento in Italia (The impact of the pandemic on the use of payment instruments in Italy). Bank of Italy Markets, Infrastructures, Payment Systems Working Paper (8). http://dx.doi.org/10.2139/ssrn.4398744
9.
ArvidssonN. (2014). Consumer attitudes on mobile payment services – Results from a proof-of-concept test. International Journal of Bank Marketing, 32(2), 150–170.https://doi.org/10.1108/IJBM-05-2013-0048
10.
AuerR., CorneliG., & FrostJ. (2020). COVID-19, cash, and the future of payments. BIS Bulletin no. 3, April 2020. https://www.bis.org/publ/bisbull03.pdf
11.
Bank of Italy. (2020). Annual report for 2019. https://www.bancaditalia.it/pubblicazioni/relazione-annuale/2019/index.html
12.
BannierC. E., & GärtnerF. (2019). Does credit card repayment behavior depend on the presentation of interest payments? The Cuckoo Fallacy, 1–48.
13.
BarbozaG. (2018). I will pay tomorrow, or maybe the day after. Credit card repayment, present biased and procrastination. Economic Notes, 47(2–3), 455–494.
14.
BhatiaS., SinghN., & Liébana-CabanillasF. (2023). Intermittent continued adoption of digital payment services during the COVID-19 induced pandemic. International Journal of Human-Computer Interaction, 39(14), 2905–2919.https://doi.org/10.1080/10447318.2022.2087671
15.
BijlsmaM., BoltW., van der CruijsenC., & JonkerN. (2020). Pandemic payment patterns. De Nederlandsche Bank (De Nederlandsche Bank Working Paper No. 701).
16.
BrownM., HentschelN., MettlerH., & StixH. (2020). Financial innovation, payment choice and cash demand: Causal evidence from the staggered introduction of contactless debit cards. University of St. Gallen, School of Finance Research Paper No. 2020/02, http://dx.doi.org/10.2139/ssrn.3582388
17.
CannerG. B., & ElliehausenG. (2013). Consumer experiences with credit cards. Federal Reserve Bulletin, 99(5), 1–36.
18.
CevikS. (2020). Dirty money: Does the risk of infectious disease lower demand for cash? International Monetary Fund. (WP/20/255). ISBN/ISSN: 9781513560892/1018-5941. https://www.imf.org/en/Publications/WP/Issues/2020/11/20/Dirty-Money-Does-the-Risk-of-Infectious-Disease-Lower-Demand-for-Cash-49877
19.
ChinA. W. H., ChuJ. T. S., PereraM. R. A., HuiK. P. Y., YenH.-L., ChanM. C. W., & PoonL. L. M. (2020). Stability of SARS-CoV-2 in different environmental conditions. The Lancet Microbe, 1(1), E10. https://doi.org/10.1016/S2666-5247(20)30003-3
20.
ChingA. T., & HayashiF. (2010). Payment card rewards programs and consumer payment choice. Journal of Banking & Finance, 34(8), 1773–1787.https://doi.org/10.1016/j.jbankfin.2010.03.015
21.
DahabD., & SoudiN. (2022). Determinants of acceptance of m-payment in Morocco. In: Proceedings of International Conference on Emerging Technologies and Intelligent Systems: ICETIS 2021 (Vol. 1, pp. 484–497). Springer International Publishing.
22.
DahlbergT., GuoJ., & OndrusJ. (2015). A critical review of mobile payment research. Electronic Commerce Research and Applications, 14(5), 265–284.https://doi.org/10.1016/j.elerap.2015.07.006
23.
DahlbergT., MallatN., OndrusJ., & ZmijewskaA. (2008). Past, present and future of mobile payments research: A literature review. Electronic Commerce Research and Applications, 7(2), 165–181.https://doi.org/10.1016/j.elerap.2007.02.001
24.
DattaloP. (2008). Determining sample size: Balancing power, precision, and practicality. Oxford University Press. http://dx.doi.org/10.1093/acprof:oso/9780195315493.001.0001.
25.
de LunaI. R., Lièbana-CabanillasF., Sànchez-FernàndezJ., & Muñoz-LeivaF. (2018). Mobile payment is not all the same: The adoption of mobile payment systems depending on the technology applied. Technological Forecasting and Social Change, 146, 931–944.
26.
DiamantopoulosA., & SiguawJ. A. (2000). Introducing LISREL: A guide for the uninitiated. Sage Publications.
27.
DimitriadisS., KyrezisN., & ChalarisM. (2018). A comparison of two multivariate analysis methods for segmenting users of alternative payment means. International Journal of Bank Marketing, 36(2), 322–335.https://doi.org/10.1108/IJBM-10-2016-0157
28.
DodiniS., Lopez-FernandiniA., MerryE., & ThomasL. (2016). Consumers and mobile financial services. https://www.federalreserve.gov/publications.htm
29.
FariasP. (2019). Determinants of knowledge of personal loans’ total costs: How price consciousness, financial literacy, purchase recency and frequency work together. Journal of Business Research, 102(C), 212–219. https://doi.org/10.1016/j.jbusres.2018.01.047
30.
FaraciP., & MussoP. (2013). La valutazione dei modelli di equazioni strutturali. In I modelli di equazioni strutturali: Temi e prospettive (pp. 111-150). LED Edizioni Universitarie di Lettere Economia Diritto.
31.
FernandezS., JenkinsP., & VieiraB. (2020). Europe’s digital migration during COVID-19: Getting past the broad trends and averages. McKinsey Digital, July. https://www.mckinsey.com/business-functions/mckinsey-digital/our-insights/europes-digital-migration-during-covid-19-getting-past-the-broad-trends-and-averages
32.
FlavianC., GuinaliuM., & LuY. (2020). Mobile payments adoption – Introducing mindfulness to better understand consumer behavior. International Journal of Bank Marketing, 38(7), 1575–1599.https://doi.org/10.1108/IJBM-01-2020-0039
33.
FornellC., & LarckerD. F. (1981). Evaluating structural equation models with unobservable variables and measurement error. Journal of Marketing Research, 18(1), 39–50, https://doi.org/10.2307/3151312.
34.
GathergoodJ., MahoneyN., StewartN., & WeberJ. (2019). How do Americans repay their debt? The balance-matching heuristic. American Economic Review, 109(3), 844–875.
35.
GrafS., HeimN., StadelmannM., & TrütschT. (2021). Swiss Payment Monitor 2021: How does Switzerland pay? Short Report Issue 1/2021. University of St. Gallen/Zurich University of Applied Sciences. https://www.swisspaymentmonitor.ch/
36.
GrohmannA., & MenkhoffL. (2017). Financial literacy promotes financial inclusion in both poor and rich countries. Deutsches Institut für Wirtschaftsforschung (DIW)Economic Bulletin, 7(41), 399–407.http://hdl.handle.net/10419/170500
37.
GuhaA., BhargaveR., & KapitanS. (2013). Spending sadly: How time versus money impacts enhanced valuations under sadness. In BottiS. & LabrooA. (Eds.), Advances in consumer research (Vol. 41). Association for Consumer Research.
38.
GunawanA. (2023). Financial literacy and use of financial technology payment for consumptive behavior. International Journal of Business Economics (IJBE), 4(2), 92–100.
39.
HairJ. F., HultG. M., RingleC. M., & SarstedtM. (2017). A primer on partial least squares structural equation modeling (PLS-SEM) (2nd ed.) Sage Publications.
40.
HairJ., BlackW., BabinB., & AndersonR. (2010). Multivariate data analysis (7th Ed.) Prentice-Hall, Inc.
41.
HaliassosM., & ReiterM. (2005). Credit card debt puzzles(CFS Working Paper No. 2005/26).
42.
HamidF. S., & LokeY. J. (2020). Financial literacy, money management skill and credit card repayments. International Journal of Consumer Studies, 45(2), 235–247.
43.
HarbourtD. E., HaddowA. D., PiperA. E., BloomfieldH., KearneyB. J., FettererD., GibsonK., & MinogueT. (2020). Modeling the stability of severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2) on skin, currency, and clothing. PLOS Neglected Tropical Diseases, 14(11). https://doi.org/10.1371/journal.pntd.0008831
44.
HartC. W. (2020). Spiritual lessons from the coronavirus pandemic. Journal of Religion and Health, 59, 623–624. https://doi.org/10.1007/s10943-020-01011-w
45.
HasanI., De RenzisT., & SchmiedelH. (2013). Retail payments and the real economy. European Central Bank (Working Paper Series No. 1572), August. https://www.ecb.europa.eu/pub/pdf/scpwps/ecbwp1572.pdf?0568b27871896eb01f54b0c4c40a8f63
46.
HasanI., SchmiedelH., & SongL. (2009). Return to retail banking and payments, European Central Bank(Working Paper Series No. 1135), December. https://www.ecb.europa.eu/pub/pdf/scpwps/ecbwp1135.pdf
47.
HilgertM. A., BeverlyS., & HogartJ. M. (2003). Household financial management: The connection between knowledge and behavior. Federal Reserve Bulletin, 309–322. https://econpapers.repec.org/scripts/redir.pf?u=http%3A%2F%2Fwww.federalreserve.gov%2Fpubs%2Fbulletin%2F2003%2F0703lead.pdf;h=repec:fip:fedgrb:y:2003:i:jul:p:309-322:n:v.89no.7
48.
HuL. T., & BentlerP. M. (1999). Cutoff criteria for fit indexes in covariance structure analysis: Conventional criteria versus new alternatives. Structural Equation Modeling, 6(1), 1–55.
49.
HusainA., JainR., & SatsangiA. K. (2020). COVID-19 effect on consumer payment systems: Establishing cause & effect relationship. Proceedings of International Conference on the ‘New normal’ in Management, Social Sciences & Economic Development, Amity Business School, Amity University, Madhya Pradesh, Gwalior, INDIA, November 5th-6th. https://ssrn.com/abstract=3738932
50.
Innovative Payments Observatory (2021). Innovative payments: da alternative a necessità. Politecnico di Milano School of Management. https://osswestorageecom.blob.core.windows.net/productassets/Ita/Infografica/4001691/Infografica_InnovativePayments_110321_sku_4001691.png?sv=2018-0328&sr=b&sig=2g8V4wx25RlNFgbDDbGgoKE7I1lQ%2BZYxfiUtq5pnnD4%3D&se=2021-04-26T11%3A04%3A07Z&sp=r
51.
JainP., VyasV., & ChalasaniD. P. S. (2016). Corporate social responsibility and financial performance in SMEs: A structural equation modelling approach. Global Business Review, 17(3), 630–653.
52.
JenkinsA. J. (2001). Drug contamination of US paper currency. Forensic Science International, 121(3), 189–193.https://doi.org/10.1016/s0379-0738(01)00401-7
53.
JonkerN., van der CruijsenC., BijlsmaM., & BoltW. (2020). Pandemic payment patterns (De Nederlandsche Bank Working Paper No. 701). https://ssrn.com/abstract=3760322 or http://dx.doi.org/10.2139/ssrn.3760322
54.
JolliffeI. T., & CadimaJ. (2016). Principal component analysis: A review and recent developments. Philosophical transactions of the royal society A: Mathematical, Physical and Engineering Sciences, 374(2065), 20150202.
55.
KakushadzeZ., & LiewJ. K.–S. (2020). Coronavirus: Case for digital money?World Economics, 21(1), 177–190.https://ssrn.com/abstract=3554496 or http://dx.doi.org/10.2139/ssrn.3554496
56.
KapoorK., DwivediY. K., & WilliamsM. D. (2013). Role of innovation attributes in explaining the adoption intention for the interbank mobile payment service in an Indian context. International working conference on transfer and diffusion of IT. Springer.
57.
KasabA. K., AlmallouhiE., & HolmstedtC. A. (2020). Optimizing the use of teleneurology during the COVID-19 pandemic. Telemedicine and e-Health, 26(10), 1197–1198.https://doi.org/10.1089/tmj.2020.0109
58.
KhanG. F., SarstedtM., ShiauW. L., HairJ. F., RingleC. M., & FritzeM. P. (2019). Methodological research on partial least squares structural equation modeling (PLS-SEM) An analysis based on social network approaches. Internet Research, 29(3), 407-429.
59.
KiranaM. Y., & HavidzS. A. H. (2020). Financial literacy and mobile payment usage as financial inclusion determinants. 2020 International Conference on Information Management and Technology (ICIMTech). doi:10.1109/icimtech50083.2020
60.
KhanA. G., LimaR. P., & MahmudM. S. (2021). Understanding the service quality and customer satisfaction of mobile banking in Bangladesh: Using a structural equation model. Global Business Review, 22(1), 85–100.
61.
KlapperL., & LusardiA. (2019). Financial literacy and financial resilience: Evidence from around the world. Financial Management, 49(3), 589–614.https://doi.org/10.1111/fima.12283
62.
KumarV., LaiK.-K., ChangY.-H., BhattP. C., & SuF.-P. (2021). A structural analysis approach to identify technology innovation and evolution path: A case of m-payment technology ecosystem. Journal of Knowledge Management, 25(2), 477–499.https://doi.org/10.1108/JKM-01-2020-0080
63.
LahiriS., & BiswasS. (2022). Does financial literacy improve financial behavior in emerging economies? Evidence from India. Managerial Finance, 48(9/10), 1430–1452.
64.
LiaoC.-F., & ChenC.-D. (2020). Financial literacy and mobile payment behaviors. Journal of Accounting & Finance, 20(7), 126–138.
65.
Liébana-CabanillasF., JaputraA., MolinilloS., SinghN., & SinhaN. (2020). Assessment of mobile technology use in the emerging market: Analyzing intention to use m-payment services in India. Telecommunications Policy, 44(9). doi: 10.1016/j.telpol.2020.102009
66.
Lièbana-CabanillasF., MolinilloS., & Ruiz-Montan~ezM. (2019). To use or not to use, that is the question: Analysis of the determining factors for using NFC mobile payment systems in public transportation. Technological Forecasting and Social Change, 139, 266–276.
67.
LohX.-M., LeeV.-H., TanG. W.-H., OoiK.-B., & DwivediY. K. (2021). Switching from cash to mobile payment: What’s the hold-up?Internet Research, 31(1), 376–399.https://doi.org/10.1108/INTR-04-2020-0175
68.
LusardiA. (2019). Financial literacy and the need for financial education: Evidence and implications. Swiss Journal of Economics and Statistics, 155(1), 1–8.https://doi.org/10.1186/s41937-019-0027-5
69.
LuY., YangS., ChauP. Y., & CaoY. (2011). Dynamics between the trust transfer process and intention to use mobile payment services: A cross-environment perspective. Information and Management, 48(8), 393–403.
70.
LusardiA., & de Bassa ScheresbergC. (2013). Financial literacy and high-cost borrowing in the United States. National Bureau of Economic Research (Working Paper, No. 18969). https://doi.org/10.3386/w18969
71.
LusardiA., & MitchellO. S. (2011). Financial literacy around the world: An overview. Journal of Pension Economics and Finance, 10(4), 497–508.http://dx.doi.org/10.1017/S1474747211000448
72.
LusardiA., HaslerA., & ScheresbergC. D. B. (2018). Millennial mobile payment users: A look into their personal finances and financial behaviors(ADBI Working Paper Series No. 1074). https://www.adb.org/publications/millennial-mobile-payment-users-personal-finances-financial-behavior
73.
LusardiA., SchneiderD., & TufanoP. (2015). The economic crisis and medical care use: Comparative evidence from five high‐income countries. Social Science Quarterly, 96, 202–213. https://doi.org/10.1111/ssqu.12076
Marcotty-DehmN., & TrütschT. (2021). Financial literacy and payment behaviour: Evidence from payment diary survey data. https://ssrn.com/abstract=3918910
76.
MaronD. F. (2017). Dirty money: The public health case for a cashless society. Scientific American, January 3. https://www.scientificamerican.com/article/dirtymoney/
77.
McHughS., & RanyardR. (2016). Consumers’ credit card repayment decisions: The role of higher anchors and future repayment concern. Journal of Economic Psychology, 52, 102–114. https://doi.org/10.1016/j.joep.2015.12.003
78.
MeyllT., & WalterA. (2019). Tapping and waving to debt: Mobile payments and credit card behavior. Finance Research Letters, 28(C), 381–387. https://doi.org/10.1016/j.frl.2018.06.009
79.
MottolaG. R. (2013). In our best interest: Women, financial literacy, and credit card behavior. Numeracy Advancing Education in Quantitative Literacy, 6(2). http://dx.doi.org/10.5038/1936-4660.6.2.4
NicoliniG., & HauptM. (2019). The assessment of financial literacy: New evidence from Europe. International Journal of Financial Studies, 7(3). https://doi.org/10.3390/ijfs7030054
82.
NorvilitisJ. M., MerwinM. M., OsbergT. M., RoehlingP. V., YoungP., & KamasM. M. (2006). Personality factors, Money attitudes, financial knowledge, and credit-card debt in college students. Journal of Applied Social Psychology, 36, 1395–1413. https://doi.org/10.1111/j.0021-9029.2006.00065.x
83.
PalR., & BhadadaS. K. (2020). Cash, currency and COVID-19. Postgraduate Medical Journal, 96(1137), 427–428.http://dx.doi.org/10.1136/postgradmedj-2020-138006
84.
PanettaF. (2020). The blog post by Fabio Panetta, member of the Executive Board of the ECB, Money in the digital era. https://www.ecb.europa.eu/press/blog/date/2020/html/ecb.blog201202~e493105c2e.en.html
85.
PatilP. P., DwivediY. K., & RanaN. P. (2017). Digital payments adoption: An analysis of literature. Conference on e-Business, e-Services and e-Society (pp. 61–70). Springer.
86.
PerrazzelliA. (2021). L’accelerazione digitale del sistema finanziario: nuove sfide per il mercato e per le autorità. Intervento Webinar - Open finance: il futuro del banking a portata di mano Associazione CIVITA – CBI 25 febbraio 2021. https://www.ebancaditalia.it/pubblicazioni/interventi-direttorio/int-dir-2021/Perrazzelli_accelerazione_digeitale_sistema_finanziario_25022021.pdf
87.
Politecnico of Milan (2021). Mobile B2c Strategy Observatory. https://www.osservatori.net/it/ricerche/osservatori-attivi/mobile-b2c-strategy
88.
PopeT., EnderP. T., WoelkW. K., KoroscilM. A., & KoroscilT. M. (2002). Bacterial contamination of paper currency. Southern Medical Journal, 95(12), 1408–1410.https://pubmed.ncbi.nlm.nih.gov/12597308/
89.
PrelecD., & SemesterD. (2001). Always leave home without it. A further investigation of the credit card effect on willingness to pay. Marketing Letters, 12(1), 5–12.
90.
PurohitS., AroraR., & PaulJ. (2022). The bright side of online consumer behavior: Continuance intention for mobile payments. Journal of Consumer Behaviour, 21(3), 523–542.https://doi.org/10.1002/cb.2017
91.
RahayuR., AliS., AuliaA., & HidayahR. (2022). The current digital financial literacy and financial behavior in Indonesian millennial generation. Journal of Accounting and Investment, 23(1), 78–94.
92.
Ramos de LunaI., Montoro-RíosF., MolinilloS., & Liébana-CabanillasF. (2023). Consumer behaviour and mobile payments in the point of sale: Exploring the determinants of intention to adopt it. International Journal of Human-Computer Interaction, 1–23. https://doi.org/10.1080/10447318.2023.2233135
93.
RaubenheimerJ. (2004). An item selection procedure to maximise scale reliability and validity. SA Journal of Industrial Psychology, 30(4), a168. https://doi.org/10.4102/sajip.v30i4.168
94.
RaykovT., & Du ToitS. H. (2005). Estimation of reliability for multiple-component measuring instruments in hierarchical designs. Structural Equation Modeling, 12(4), 536–550.
95.
RiddellS., GoldieS., HillA., EaglesD., & DrewT. W. (2020). The effect of temperature on persistence of SARS-CoV-2 on common surfaces. Virology Journal, 17(145). https://doi.org/10.1186/s12985-020-01418-7
96.
RisqianiR. (2015). Antecedents and consequences of impulse buying behavior. Business and Entrepreneurial Review, 15(1), 1–20.
97.
RunnemarkE., HedmanJ., & XiaoX. (2015). Do consumers pay more using debit cards than cash?Electronic Commerce Research and Applications, 14(5), 285–291.
98.
RussellD. W. (2002). In search of underlying dimensions: The use (and abuse) of factor analysis in Personality and Social Psychology Bulletin. Personality and Social Psychology Bulletin, 28(12), 1629–1646.
99.
SchlomerG. L., BaumanS., & Card. N.A. (2010). Best practices for missing data management in counseling psychology. Journal of Counseling Psychology, 57(1), 1–10. https://doi.org/10.1037/a0018082
100.
ScholnickB., MassoudN., SaundersA., ValverdeS., & FernándezF. (2008). The economics of credit cards, debit cards and Atms: A survey and some new evidence. Journal of Banking & Finance, 32(8), 1468–1483.https://doi.org/10.1016/j.jbankfin.2007.05.001
101.
SchuhS., & StavinsJ. (2011). How consumers pay: Adoption and use of payments. FRB of Boston. (FRB of Boston Working Paper No. 12-2). https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2564179
102.
ShahA. M., EisenkraftN., BettmanJ. R., & ChartrandT. L. (2016). Paper or plastic? How we pay influences post-transaction connection. Journal of Consumer Research, 42(5), 688–708.https://doi.org/10.1093/jcr/ucv056
103.
ShankarA., & DattaB. (2018). Factors affecting mobile payment adoption intention: An Indian perspective. Global Business Review, 19(3_suppl), S72–S89.
104.
ShefrinH., & NicolsC. M. (2014). Credit card behavior, financial styles, and heuristics. Journal of Business Research, 67, 1679–1687. https://doi.org/10.1016/j.jbusres.2014.02.014
105.
SinghN., & SinhaN. (2020). How perceived trust mediates merchant’s intention to use a mobile wallet T technology. Journal of Retailing and Consumer Services, 52, 101894. https://doi.org/10.1016/j.jretconser.2019.101894
106.
SinghN., SrivastavaS., & SinhaN. (2017). Consumer preference and satisfaction of M-wallets: A study on North Indian consumers. International Journal of Bank Marketing, 35(6), 944–965.https://doi.org/10.1108/IJBM-06-2016-0086
107.
SinhaM., MajraH., HutchinsJ., & SaxenaR. (2019). Mobile payments in India: The privacy factor. International Journal of Bank Marketing, 37(1), 192–209.https://doi.org/10.1108/IJBM-05-2017-0099
108.
StangoV., & ZinmanJ. (2009). Exponential growth bias and household finance. Journal of Finance, 64(6), 2807–2849.https://doi.org/10.1111/j.1540-6261.2009.01518.x
109.
TaberK. S. (2018). The use of Cronbach’s alpha when developing and reporting research instruments in science education. Research in Science Education, 48, 1273–1296, https://doi.org/10.1007/s11165-016-9602-2.
110.
TagoeD. N. A., BaidooS. E., DadzieI., & AhatorD. (2009). A study of bacterial contamination of Ghanaian currency notes in circulation. The Internet Journal of Microbiology, 8(2). https://ispub.com/IJMB/8/2/6218
111.
TanglaoL. (2014). Dirty money: Your cash is home to thousands of bacteria. CBC News, April 24. https://www.cbsnews.com/news/dirty-money-your-cash-is-home-to-thousands-of-bacteria/
112.
The European House - Ambrosetti. (2021). Italia Cashless: cambiamenti in atto e prospettive future. Rapporto 2021 della Community Cashless Society (6th Ed.).
113.
ThomasY., VogelG., WunderliW, SuterP., WitschiM., KochD., TapparelC., & KaiserL. (2008). Survival of influenza virus on banknotes. Applied and Environmental Microbiology, 74(10), 3002–3007.http://dx.doi.org/10.1128/AEM.00076-08
114.
ToramanC., KılıçY., & BuğanM. F. (2016). Credit card literacy levels and credit card usage behaviors of college students. Journal of Business Research - Turk, 8(4), 266. https://doi.org/10.20491/isarder.2016.218
115.
van der CruijsenC., HernandezL., & JonkerN. (2017). In love with the debit card but still married to cash. Applied Economics, 49(30), 2989–3004.https://doi.org/10.1080/00036846.2016.1251568
116.
van DoremalenN., BushmakerT., MorrisD. H., HolbrookM. G., GambleA., WilliamsonB. N., TaminA., HarcourtJ. L., ThornburgN. J., GerberS. I., Lloyd-SmithJ. O., De WitE., & MunsterV. J. (2020). Aerosol and surface stability of SARS-CoV-2 as compared with SARS-CoV-1. New England Journal of Medicine, 382(16), 1564–1567.doi: 10.1056/NEJMc2004973
117.
van GriethuijsenR. A. L. F., van EijckM. W., HasteH., den BrokP. J., SkinnerN. C., MansourN., GencerA. S., & BouJaoudeS. B. (2015). Global patterns in students’ views of science and interest in science. Research in Science Education, 45(4), 581–603, https://doi.org/10.1007/s11165-014-9438-6
118.
van RooijM., LusardiA., & AlessieR. (2011). Financial literacy and stock market participation. Journal of Financial Economics, 101(2), 449–472.http://dx.doi.org/10.1016/j.jfineco.2011.03.006
119.
VriesekoopF., ChenJ., OldakerJ., BesnardF., SmithR., LevershaW., Smith-ArnoldC., WorrallJ., RufrayE., YuanQ., LiangH., ScannellA., & RussellC. (2016). Dirty money: A matter of bacterial survival, adherence, and toxicity. Microorganisms, 4(4), 42. http://dx.doi.org/10.3390/microorganisms4040042
120.
SinghN., SrivastavaS., & SinhaN.Consumer preference and satisfaction of M-wallets: A study on North Indian consumers. International Journal of Bank Marketing, 35(6), 944–965.
121.
WisniewskiT. P., PolasikM., KotkowskyR., & MoroA. (2021). Switching from cash to cashless payments during the COVID-19 pandemic and beyond. https://ssrn.com/abstract=3794790 or http://dx.doi.org/10.2139/ssrn.3794790
122.
YanL.-Y., TanG. W.-H., LohX.-M., HewJ.-J., & OoiK.-B. (2021). QR code and mobile payment: The disruptive forces in retail. Journal of Retailing and Consumer Services, 58(C), 102300. https://dx.doi.org/10.1016%2Fj.jretconser.2020.102300
123.
YiM. Y., FiedlerK. D., & ParkJ. S. (2006). Understanding the role of individual innovativeness in the acceptance of IT-based innovations: Comparative analyses of models and measures. Decision Sciences, 37(3), 393–426.
124.
ZhangJ., ZhangH., & GongX. (2022). Mobile payment and rural household consumption: Evidence from China. Telecommunications Policy, 46(3), 102776.
