Researchers from the University of Puget Sound in Washington have revealed that people who use these payment methods are more likely to overspend. A sample of 21,457 American adults were included in the study, in which their spending behaviours were analyzed: 37 per cent of participants used mobile payments systems. Participants who used mobile payments had 34 per cent higher odds of spending more than their yearly income than those who used other payment methods. They were also 31 per cent more likely to have difficulties in paying bills and expenses. Overall, mobile payment users also consistently had higher scores for overspending behaviours, including a stronger tendency to overspend, struggles with money management, and poor credit card behaviours.

Source: Forbes May 28, 2022 17:06 UTC