A recent study by the Global Financial Literacy Excellence Center at the George Washington School of Business shows that users of mobile payment apps, though they tend to control more assets, also tend to be less financially literate and more impulsive than counterparts using traditional banking interfaces.
Mobile payments continue to be one of the hottest sectors in Fintech with millennials seen as the main target for developers of these apps. A recent study conducted by Quartz of mobile-payment using millennials (ages 18-34) in the U.S, found they were less likely to be financially literate than others of the same age who didn’t pay for things with their phones. They were also more likely to make other bad financial decisions. Source.