Mobile payments may help consumers rein in spending

Consumers who have expressed wariness of adopting mobile credit card purchasing programs may now be given a greater reason to do so: it may help them save money.

Credit cards have often been linked to overspending by consumers, but now with mobile purchasing platforms, users may be able to find better ways to budget, according to a report from the Atlantic Wire. A new smartphone application associated with MasterCard’s mobile purchasing program will allow users to set spending limits and block spending by category in an effort to save money.

Meanwhile, another such program that will work with consumers’ existing PayPal accounts will offer deals for using the programs at local businesses and help them find coupons for items they scan using their smartphone’s embedded camera, the report said. However, neither the PayPal nor MasterCard systems are yet available to the public.

Recent polls suggest that consumers are hesitant to adopt mobile credit card purchases because of concerns about the security of these systems, but companies setting up these payment networks will likely continue to work on other ways to incentivize use.