The Impact of Digital Payments on Financial Decision-making: From the Perspective of Behavioral Economics

With the rapid development of financial technology, the popularization of digital payments has changed the financial decision-making patterns of individuals and enterprises. From the perspective of behavioral economics, this framework effectively reveals the cognitive biases and psychological mechanisms associated with digital payments. This article is based on the theoretical framework of behavioral economics and systematically reviews the impact mechanism and behavioral effects of digital payments on financial decision-making. Firstly, it alleviates payment pain by weakening the sense of loss in psychological accounts. Secondly, due to the current bias, users are more inclined toward immediate satisfaction rather than long-term benefits. Finally, payment page design and personalized services deprive users of autonomy and distort their consumption preferences. Furthermore, this article delves into the complex interplay between digital payments and finance. Currently, financial behavior can be improved through measures such as “boosting”, “cooling off period system”, and “transparency requirements”. In the future, it is necessary to combine behavioral economics to balance the convenience and rational decision-making of digital payments.