Trends up for mobile shopping and can benefit CUs. (Image: Shutterstock)

New research from the University of Illinois has found that paying for things with a smartphone increases how much consumers spend and how often they shop — findings that two industry pros said highlights how critical it is for credit unions to have solid mobile strategies in place.

Using data from Alipay, which is the world’s largest mobile payment system and the most popular one in China, the study found that total transaction amounts rose 2.4% after the adoption of the mobile payment channel, and total transaction frequency increased by more than 23%.

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