NPR on Nostr: Using your phone to pay is convenient, but it can also mean you spend more ========== ...
Using your phone to pay is convenient, but it can also mean you spend more
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Consumers tend to spend about 10% more when they adopt mobile contactless payment methods, according to research from Assistant Professor Yuqian Xu at UNC-Chapel Hill. The paper's lead author, Yuqian Xu, estimates that approximately 4.5% of total credit card usage in the US is due to the influence of frictionless payments, contributing to about $50 billion of the $1.13 trillion in current consumer credit card debt. The convenience of mobile payments, including the swift transaction process and the absence of the need to carry physical cards or a wallet, contributes to increased usage. However, Xu advises people to be aware of these dynamics and manage their financial resources to potentially reduce impulsive expenditures.
#MobilePayments #FrictionlessPayments #CreditCardUsage #ConsumerCreditCardDebt #FinancialTransactions
https://www.npr.org/2024/04/07/1241841908/apple-pay-phone-credit-spending-frictionless-payments
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Consumers tend to spend about 10% more when they adopt mobile contactless payment methods, according to research from Assistant Professor Yuqian Xu at UNC-Chapel Hill. The paper's lead author, Yuqian Xu, estimates that approximately 4.5% of total credit card usage in the US is due to the influence of frictionless payments, contributing to about $50 billion of the $1.13 trillion in current consumer credit card debt. The convenience of mobile payments, including the swift transaction process and the absence of the need to carry physical cards or a wallet, contributes to increased usage. However, Xu advises people to be aware of these dynamics and manage their financial resources to potentially reduce impulsive expenditures.
#MobilePayments #FrictionlessPayments #CreditCardUsage #ConsumerCreditCardDebt #FinancialTransactions
https://www.npr.org/2024/04/07/1241841908/apple-pay-phone-credit-spending-frictionless-payments