Using your phone to pay is convenient, but it can also mean you spend more
==========
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
NPR /
npub1ul…6wmv3
2024-04-07 12:45:49
Author Public Key
npub1ulz3svknlcugdne49enhvn78h9xra297m7mx244hs85pfs9r7k4sq6wmv3Published at
2024-04-07 12:45:49Event JSON
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"content": "Using your phone to pay is convenient, but it can also mean you spend more\n==========\n\nConsumers 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.\n\n#MobilePayments #FrictionlessPayments #CreditCardUsage #ConsumerCreditCardDebt #FinancialTransactions\n\nhttps://www.npr.org/2024/04/07/1241841908/apple-pay-phone-credit-spending-frictionless-payments",
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