They believe mobile payments are like credit cards, allowing people to avoid the pain of paying due to their intangibility. Researchers don’t really have an exact reason for this phenomenon, however, they do have a few theories. Overall, mobile payment users also consistently had higher scores for overspending behaviours - these individuals experienced struggles with money management, more tendency to overspend and poor credit card behaviours. These individuals were also more likely to experience difficulties in paying bills and other regular expenses. Those who used mobile payments had 34 percent higher odds of spending more than their yearly income than those who used other payment methods. Researchers saw that the preferred method of payment appeared to have an effect on overspending.
Remaining 63 percent reported that they had never used mobile payments.
They saw that 37 percent of participants were using mobile payments either in-person or online. The study observed a sample of 21,457 American adults and looked at their spending behaviours. This is according to researchers from the University of Puget Sound in Washington. However, a new study says that people using mobile payments platforms are more likely to overspend. It’s a safe and hassle-free experience for both the seller as well as the customer.Īlso Read: Mobile Payments Grew 163% In India, With $287 Billion Transacted In 2019 Today, GooglePay, PhonePe and other mobile wallets have truly become the way of life for many.
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