‘Why Digital Wallets Encourage Spending’ – HubSpot
Greg Wise says, “There is a universal truth we must acknowledge. It’s easier to spend money if we never hold it in our hands. This is why people end up in serious trouble with credit cards even when they have wads of cash in their wallets. The “cashless effect” is a very real thing, and it benefits ecommerce sales in ways retail sales don’t experience. The question, of course, is why? Why do digital wallets, debit cards, and credit cards encourage spending?
Frictionless Spending
Digital wallets make spending easier than ever. No digging through your wallet for exact change. No handing over the last bit of cash you have for those groceries you need. No punching in PIN codes or signing receipts. No confirming your purchase for the cashier. The fewer steps between want and own, the more likely consumers are to make a purchase”.
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