Mobile Payment,Economic Internal Circulation Incentives,and Household Leverage
Mobile payments drive the internal economic cycle by encouraging household consumption,facilitating credit access,and promoting household investment and entrepre-neurship.However,mobile payments may also lead to increased leverage and potentially trigger financial risks.The question arises whether the stimulation of the internal economic cycle by mobile payments is a driving factor behind the rise in household leverage.Is the mechanism behind mobile payment-induced consumption primarily direct or psychological?Furthermore,does this effect vary across different income groups?Using data from the China Household Finance Survey,this study explores the relationship between household mobile payment behavior and leverage.Empirical evidence suggests that mobile payments enhance financing convenience,alleviate"payment pain",stimulate household consump-tion,drive the internal economic cycle,and increase household leverage.Preferences for household wealth and the need to maintain basic consumption are significant contributors to the rise in leverage.The policy implications of this study include guiding households towards rational consumption and moderate borrowing,while financial institutions should be cau-tious of financial risks when leveraging digital payments to boost domestic demand.
Mobile PaymentEconomic Internal CirculationHousehold LeveragePayment Pain
万方数据
维普
