04/07/2024

Using Your Phone to Pay is Convenient

However, it can also mean you spend more

These days, you don't even have to take your credit card out of your wallet in order to buy something. If you are shopping online, you can store your credit card numbers on your computer and just hit "click to pay." In a store, call up Apple Pay or Google Pay on your smartphone and tap it against the payment terminal.

There's a term now for this type of purchase: frictionless payments. And it might make spending money a little too easy for some people.

In a recent paper based on data from a Chinese bank, researchers found that customers charged 9.4 percent more on average to their credit cards, through both online and in-person transactions, after they adopted a mobile payment method than they had before.

Please select this link to read the complete article from NPR.