The absence of a physical representation of money might be why people spend more with digital payments.
An online survey by Business Standard revealed that people are tipping significantly less today than they did a few years ago, while their overall spending has increased.— Of the 2,300 respondents, 84.4% admitted to spending more, while 15.6% said they were not.— In another question about tipping habits, 79.9% of the 2,800 respondents confessed to tipping less, while 20.1% said they had not changed their tipping habits.
However, this effect did not extend to tipping or donating."Against our expectations, we found that cashless payments do not necessarily lead to greater tips or donations in comparison to cash," Schomburgk explained.
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The story "Beware! Cashless payments may be making you spend more than you realise" was covered 2 weeks ago by Business Standard, a news publisher based in India.
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