Aman Trivedi
As per the researchers from the University of Adelaide and Melbourne, digital payments are driving people to spend more as there is no physical exchange involved.
As per the study conducted by the researchers by observing the spending behaviour of people across 17 nations.
The convenience in spending has made people more prone to spend on luxury items that are mostly unnecessary.
People need to carry cash as it will help in controlling spending as a self-control mechanism.
Digital Payments did not affect tips or donations, as people spend money on donations as much as they used to do with cash.
People with Digital modes of payment were more likely to spend money on luxury clothing and jewellery.