Posted 4/7/2024, 12:00:25 PM

Study: Mobile Payments Lead to Billions in Extra Spending Due to Convenience and Impulse Purchases

Using mobile payments like Apple Pay is more convenient but makes people spend 9.4% more on average
Researchers estimate $50 billion of current U.S. credit card debt is due to mobile payments
Mobile payments are faster (30 secs vs 40 secs) and don't require carrying physical cards
The author admits she forgets physical cards but always has her phone, so buys more with mobile payments
People should be aware that mobile payments can enable impulsive spending and manage finances accordingly

npr.org