Paysend to work on behaviour change model for money in the digital world

In a world that is changing as fast as never before and is facing great challenges we use technology to create the best possible outcome for the society. The recent epidemic crisis is showing how much we need to rethink our economic and societal model in order to maximise the positive impact for our world.

Money can be often seen as the ‘blood’ of the economic system as it connects people with the economy of work, allowing each of us to care for the needs of our families and communities.

Still, most of the money used for daily needs is cash, which represents a potential slowdown to the development of the economic and societal system in the digital world. Cash has some limitations in terms of its functional, emotional and societal impact. From security (it can be easily lost or stolen) to safety (it carries bacteria and viruses) to equality (it is still often used as a way to control the household income from the main provider) to other limitations (not usable for large amounts, not often accepted by retailers), all this makes cash not ideal for the development of the world.

Paysend, a UK based Fintech has started the creation of an educational program to help customers improve their knowledge about how they manage money in the digital world through a series of articles, blogs and videos based on a behaviour change model that has been created out of consumer marketing theories.

Alberto Macciani, CMO at Paysend, comes from a long experience in consumer goods Branding and says: “we have been studying behaviour change in sectors like hand washing which are based on different phases that have to attract, reward and ultimately persuade the customer to adopt a new behaviour and stick with it. Too often the message used to get people to use money in the digital way is not working because it creates a stigma on the existing behaviour which naturally consumers reject. Nobody likes to hear they are doing something wrong.

“We are at the forefront of digital innovation and want to make it easy for people to manage their money – particularly in times of strife,” Mr Macciani added. “Working with our strong expertise in Fintech, Marketing, PR and Behavioural Psychology we want to make our model effective in attracting new customers into the money for the digital world.”