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Adoption of mobile payment shifts consumer spending patterns, habits
Paying for a cup of coffee with a smartphone instead of a credit card is gaining prominence among consumers – and is disrupting their spending patterns and consumption habits, according to new research co-written by a University of Illinois expert who studies operations management.
[...] Using a unique data set from one of the largest banks in China – which contained the transaction data from personal computer, offline and mobile payment channels – Xu and co-authors found that, on average, the total transaction amount increased by 2.4 percent after the adoption of the mobile payment channel, and that the total transaction frequency increased by more than 23 percent.
[...] “Switching to the mobile channel leads to more shopping overall, and it particularly affects more hedonistic shopping such as food, entertainment and travel,” Xu said. “But it doesn’t affect purchases like education or health care. So it’s changing consumer behavior.”
The greatest impact came on less costly items that are purchased frequently, such as beverages and movie tickets.
(Score: 1, Interesting) by Anonymous Coward on Sunday December 02 2018, @09:30PM (1 child)
Face recognition will still tie cash purchases to your permanent record - just two years away from being consistently true - that said, I still like cash to avoid the ~3% seller's charge paid to the credit card companies that I would indirectly pay
(Score: 0) by Anonymous Coward on Monday December 03 2018, @12:45AM
Facial recognition is a threat, but that is still no reason to hand over everything on a silver platter. Defeatism is self-defeating, and so it's good that you still use cash.
This is why mass surveillance in all its forms (whether done by the government or corporations) needs to be banned. It is simply too dangerous to allow. If corporations conduct mass surveillance, the government will be able to get the data, so the people who argue that corporations are private and thus should be able to do as they please have no leg to stand on.