TACOMA, Wash.—Consumers who use mobile payments are more likely to overspend, according to a new study.
“Overspending via mobile payment may be linked to the intangible nature of the transaction, coupled with its convenience, which allows the user to detach from the transaction,” researchers from the University of Puget Sound stated in their report, the Daily Mail reported.
The researchers said they found that despite the advantages of mobile payment use, there has been little research on the implications of how mobile payment use influences consumers' financial behaviors.
The report, “Computers in Human Behavior,” polled 21,457 American adults.
The results revealed that 37% of participants had used mobile payments either in person or online. The other 63% reported that they had not used mobile payments.
The preferred method of payment appeared to have an effect on overspending, the Daily Mail said of the research findings.
Participants who used mobile payments had 34% higher odds of spending more than their yearly income than those who used other payment methods. They were also 31% more likely to have difficulties in paying bills and expenses, the Daily Mail reported.
Has Everyone But You Heard the News?
Don’t forget to check your Spam/Junk email folder if you haven’t been receiving your free, popular and daily CUToday.info news headlines.
And if you haven’t yet signed up for the new email solution on which CUToday.info has partnered with ResponseGenius, you can do so here. Signing up requires less than one minute of your time.
CUToday.info has received very positive response from readers following the move to an improved provider of the daily headlines, but many also noted they did need to go to their Spam/Junk folder and mark it as safe.
The new email solution has not only improved every reader’s delivery experience, but it also features a fresh, new format that is easy to read, especially on mobile devices.
Please note and/or make your IT department or email administrator aware the emails will be coming from the domains CUTodayinfo.com and CUTodayinfoReply.com.