Pain of Paying and Different Payment Paradigms

The experience of purchasing goods and services is a regular part of people's lives. The purchase process involves consumption and payment. The pleasure of acquiring a product or service is often overshadowed by the pain of parting with money. The concept of "pain of paying" states that when a customer pays for a product or service, he or she feels emotions related to the purchase. The study aims to present a comprehensive literature review on pain of paying and develops a conceptual model from existing literature to build a clear understanding of the construct. The model identifies varying levels of pain of paying in different circumstances. The purpose of the research review is to encourage more study on the notion of pain of paying to increase knowledge of the concept and the impact of experiencing this emotion on various consumer behaviours and decisions.