Abstract
This study explores consumer perceptions of cash and debit cards as representations of monetary value. Extant research links differences in perceptions and purchase behaviour to the pain of paying by cash. This study did not find strong evidence for the pain concept but did find that the ‘token’ form did alter the awareness of transaction cost and the value accorded the amount of money represented by the token. Where consumers use both cash and cards, the cash withdrawn and used, is money that they consider to be mentally ‘spent’. A factor that may influence the degree the pain of payment experienced.