With the popularity of mobile phone payment in China, the payment methods in people's lives have changed significantly. Recently, however, an interesting trend has been observed, with more and more people choosing to return to cash payments. Why is mobile payment no longer so popular? Here are four reasons why we should keep an eye on this trend.
1.Protect your privacy
In developed Western countries, people pay more attention to personal privacy, which is one of the reasons why mobile payment is not as popular as in China. Through mobile payment, the individual's consumption Xi and behavior trajectory will be clearly recorded by the payment platform. In contrast, the use of cash payment can effectively avoid this problem and protect personal privacy. As a result, some consumers prefer to pay in cash to ensure that their privacy is not violated.
2.Cash emergency in case of emergency
With the popularity of mobile payment, people may face the problem of limited payment in some cases, such as poor signal coverage in remote areas, mobile phone failure, arrears, etc. And at these critical moments, carrying cash becomes even more important. Especially in emergencies such as natural disasters, cash can be an effective tool to address immediate needs, such as buying much-needed household items. Therefore, it is still necessary to keep some cash on reserve.
3.Cash management for consumption control
Many young people are coming to realize that paying with cash gives them more control over their spending. In the past, some people deposited their entire paychecks into mobile payment accounts, but because they couldn't effectively control their spending, they quickly ran out of money and ended up having to borrow to get by. The use of cash to pay forces people to be more rational and take out only what they need, so as to better manage their finances and avoid overspending.
4.Promote the well-being of your relationships
On certain occasions, paying with cash can lead to greater happiness. For example, when attending a wedding or giving gifts to friends and family, paying in cash is a better way to show that you value the other person. In contrast, direct mobile transfers can seem colder. Similarly, when giving red envelopes to the elderly and children, cash payments can trigger their happiness even more, making the process more welcoming and meaningful.
To sum up, while mobile payments bring great convenience, people choose to use cash for a variety of reasons. Protecting privacy, responding to emergencies, controlling consumption, and improving the well-being of people in relationships are all key factors in rethinking the way people pay. Whether mobile payment is "fragrant" may also need to better meet these needs in order to better adapt to people's diverse lifestyles.