Concept of a Love for Cash is introduced: Physical money worship & strong emotional attachment to it; next to fear of technology, is one of the most important reasons for the resistance to cashless banking

Banking, Unbanking, and New Banking. Dominika Maison. The Psychology of Financial Consumer Behavior pp 185-208, https://link.springer.com/chapter/10.1007/978-3-030-10570-9_6

Abstract: This chapter is dedicated to analysing the psychological factors that support or hinder different levels of banking (having an account, use of a payment card, and use of mobile banking). There are still many people in countries across the world who do not have a bank account or do not use payment cards, which leads to financial exclusion. Apart from the obvious reason for being unbanked resulting from infrastructure limitations (e.g., limited access to bank branches or payment terminals), there are also psychological factors that can affect the level of banking service use. A new model of the levels of banking service use and the results of quantitative and qualitative research are presented in this chapter, revealing the specific nature of functioning on each of the identified levels of banking, along with the psychological barriers relating to moving up banking levels. The barriers to having a bank account and to acceptance of cashless financial behaviours are discussed. A new concept of a Love for Cash is introduced that refers to physical money worship and strong emotional attachment to physical money. Love for Cash, next to fear of technology, was found to be one of the most important reasons for the resistance to cashless banking.

Keywords: Financial exclusion Model of levels of banking service use Love for Cash scale Money worship Cashless financial behaviour