The Real Price of Convenience: Going Cashless Is Costing You More Than You Think

 We’ve all done it at some point – tapped our card, phone, or watch at the checkout without thinking twice. But in the background, there’s an additional cost of its convenience that few people ever consider. 

Paying with cash reportedly causes psychological discomfort, as we’re constantly aware of what we’re spending, known as the “pain of paying” by some researchers. Their studies show that when we pay digitally, we pay much more freely and feel less friction. In real terms, research has shown that mobile payments lead to 9% higher transaction values and 11% higher payment frequency when compared to cash. And more than half of Americans now say their primary payment method is digital rather than traditional. [Source: TIME] 

Essentially, using modern ways of paying bypasses our hardwired financial senses, meaning we’re all silently becoming more comfortable with invisible spending....<<<Read More>>>...