Social systems play a pivotal role in shaping customers' views, the adoption process and subsequent product diffusion for novel products. Perceptions of Austrian consumers regarding payment systems were assessed in a cross‐sectional analysis applying social representations theory. Social representations help to unravel the sources of individuals' attitudinal or perceptual similarities and differences, which often stem from inter‐group differences. In short, they are useful for the investigation of ‘deeper structure’ aspects of consumer behaviour, as has been shown in previous studies. This may be seen as a further step forward for marketing research, which operates largely on social phenomena. This study addresses the shortage of non‐cognitive‐based research in marketing by offering a methodological approach that uses triangulation on the basis of associative answers from social groups. A four‐step analytic design revealed that consumer groups transpose the abstract concept of payment systems into tangible objects and processes in a similar way; however, their social background impacted which value was attached to established as well as new means of payment. Cash is still seen as the prototypical form of payment; newer forms, such as credit cards or ATM cards, appear already in the periphery of representations, urgently needing well‐concerted marketing efforts to become recognized as substitutes for cash. From a managerial view, the research employs social phenomena as a basis for segmenting natural rather than nominal groups in order to better serve consumers' needs in an increasingly connected social reality. Copyright © 2013 John Wiley & Sons, Ltd.