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App payments can result in higher spending than physical cards or cash

App payments can result in higher spending than physical cards or cash

Using mobile payment services such as Apple Pay, Google Pay and Alipay may prompt consumers to spend more than traditional use of physical cards or cash. (Archives)

Mobile payment services, e.g Apple Pay, Google Pay Headquartered in China, Alipayare changing the way consumers make their purchases, however, a new study reveals that this method can lead users to Spend more compared to using physical credit cards or cash.

the Mobile payments These are financial transactions that take place through the use of mobile devices, such as smartphones and tablets. These transactions may include payment for goods and services at physical points of sale through contactless technologies such as NFC (Near Field Communication), as well as online payment through applications and websites.

Mobile payments are also made through digital wallets and mobile payment platforms, where users can link debit, credit or credit cards. Bank accounts To make payments safely and conveniently.

Digital wallets facilitate these payments by allowing you to link bank accounts and credit or debit cards. (Archives)

Led investigation Yuqian Zhouassistant professor at Kenan-Flagler College of Business From the University of North Carolina at The hill is a churchpoints out that the ease of swiping your phone over the card machine and clicking a button to pay can do this Increase in consumer spending.

According to CBS NewsThis study analyzed payment activities using data provided by one of the leading banks in Asia, focusing on consumer habits before and after the introduction Alipaythe Mobile payment platform Larger.

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The results were overwhelming: consumers not only spent more money, but also increased the number of purchases they made. In terms of numbers, customers increased their average credit card spending by 9.4%, both on online and in-person purchases, after starting to use credit cards. Mobile payments.

Mobile transactions have become faster, reducing transaction time from 40 to 29 seconds compared to traditional payment methods. (Manzana)

The research highlights two main features Mobile payments Which contributes to your comfort. First, transactions The fastest at an average of 29 secondsversus 40 seconds when paying with a physical credit or debit card.

Zu commented on CBS MoneyWatch Which “This transaction speed contributes greatly to the overall convenience that users enjoy.”. Additionally, these systems eliminate the need to carry wallets, as only a cell phone is required.

“I personally think this could be it Contributing factor because people are spending moreThe researcher confirmed. “It is very important for the general population to know these results, and that with relief, they may be able to spend more.” Zou confirmed.. This awareness includes impulsive spending at cash registers and on the Internet. Zhou points out that because of the convenience of these systems, “You can't even say you bought stuff.”.