Cash or M-Payment? The dilemma of payment behavior during the Covid-19

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.