Don't worry Adamu, There wasn't a video about the apps. I just keep looking for one but can't find one, even though there is quite bit written up about these apps from an psychological economic perspective.adamu wrote: ↑Sun Feb 05, 2023 8:41 amDisclaimer: not watched the video, just replying to the comment.
They add a unique aspect to the market. Previously, a vendor had to set up a complicated device and organize a contract with a payment service.
Now, they just need to register an account on the smartphone, and the customers use their own smartphone to pay. Much lower barriers to entry, because it takes advantage of the fact that everyone walks around with a computer connected to the internet in their pocket nowadays, and is probably why many places accept PayPay but not card payments.
Personally I stopped using them as a primary payment method, because they've lost their competitive edge since becoming mainstream and I don't like giving companies a chance to spam me with marketing when I'm just trying to pay for something. But I still use them if there's no other cashless option, and to use up time-limited Rakuten points.
I agree with you totally. I've never liked them mainly due to psychology behind them. The Speed, Convenience,Impulsive,Ease, don't allow people to pause and actually mentally visualize their cash.Because it doesn't seem like cash. Kinda has that Super Mario gamification element to it. Little Pings, hitting that dopamine response, rather than the pain response you might get by physically handing over cash. Anyway, I have stayed away from those app vids.
