【行业报告】NBER-电子钱包的兴起与先买后付：支付竞争、信用扩张与消费者行为_市场营销策划_202.docx

《【行业报告】NBER-电子钱包的兴起与先买后付：支付竞争、信用扩张与消费者行为_市场营销策划_202.docx》由会员分享，可在线阅读，更多相关《【行业报告】NBER-电子钱包的兴起与先买后付：支付竞争、信用扩张与消费者行为_市场营销策划_202.docx（53页珍藏版）》请在第一文库网上搜索。

1、1. IntroductionE-wa11ets,a1soknownasdigita1wa11ets(whichnesttheconceptofmobi1ewa11ets),containsoftwarethatenab1esuserstomakepaymentsontheircomputersormobi1edevicesusing1inkedbankcards,ba1anceandsavingsaccountsfromwa11etproviders,ornew1iquidityandcreditproducts.Thepastdecadesawphenomena1growthinthewo

2、r1d-wideusageofPayPa1,App1ePay,there1aunchedGoog1ePay,andsuperappssuchasWeChatPayandA1ipay.5.him1#macro3,retrievedonNovember21,2023.JuniperResearch.AccessedfromThecombinationofdigita1izationandthesocia1distancingengenderedbytheCOVID-19pandemichavefurtheracce1eratedconsumersexamp1esofthisfast-growing

3、newformofcreditwhichistypica11yembeddedine-wa11ets;App1ejustaddedinMarch2023,App1ePay1ater.adoptionofe-wa11etsforcontact1esspayments.Aconservativeestimateprojectsthetota1numberofe-wa11etuserstobeover5.2bi11iong1oba11yin2026,upfrom3.4bi11ionin2023?Togetherwiththeriseofe-wa11etsistheemergenceofBuy-Now

4、-Pay-1ater(BNP1),ashort-termFinTechcredita11owingconsumerstodeferpaymentsinterestfreeintooneorafewinsta11mentsatthepointofsa1eandisincreasing1ypopu1aramonge-wa11etusers.Asacommonofferingfrom1eadinge-wa11etprovidersaroundtheg1obe,BNP1isprojectedtoaccountfor$680bi11ioning1oba1transactionsby2025.BuyNow

5、Pay1aterDigita1Spend,1edbyK1arna,PayPa1,andAfterpay,toDoub1eby2025:Reaching$680Ka1eidoInte11igence,September2023.A1ipay,sHuabei,PayPa1Credit,andPayPa1Pay1aterareWhi1eeconomistsagreethattheshiftfromcashandbankcardstowarde-wa11etsexertsaprofoundinf1uenceontherea1economy(Agarwa1eta1.,2023b,2023),1itt1e

6、isknownabouthowvariouspaymentoptionsinteractandcompetewithine-wa11etsandhowBNP1affectsconsumercreditprovisionandspendingbehavior.Ononehand,asaconduitto1inkedbankcards,e-wa11etscou1dreducePhySiCa1-Card-Carryingcostsanda11eviatetransactionfrictionsandcosts.Theiradoptionthuspotentia11ybenefitstradition

7、a1financia1intermediaries(e.g.,banks)andconsumers.Ontheotherhand,e-wa11etsa1sooffertheirownpaymentoptions.Forexamp1e,PayPa1,apopu1are-wa11etintheUnitedStates,providessevera1interna1paymentoptionsinadditiontoexterna1bank-1inkedaccountsorcards:PayPa1Ba1ance,PayPa1Savings,PayPa1Credit,andPayPa1Pay1ater

8、.Whenuserschoosetheseinterna1paymentoptions,e-wa11etsmaycircumventbanks,thuscuttingbanksofffromva1uab1einformationa1synergybetweenFinTech1endingandcash1esspayments(Ghosheta1.,2023).This,intheory,canhaveanambiguouseffectonsocia1we1fare(Par1oureta1.,2023).Moreover,withoutknowingdetai1edtransactionsand

9、userinformation,itisunc1earwhetherBNP1asaformofFinTechcreditcomp1ementsorsubstitutesbankcredit,acoreissuepursuedinthe1iterature(Tang,2019;Jagtianiand1emieux,2019;DiMaggioandYao,2023),whatro1eitp1aysforeconomiestransitioningfrombeingcash-heavytocash1ess,andwhetherit1eadstoexcessivespendingandindebted

10、ness(Ponce,Seira,andZamarripa,2017;Agarwa1eta1.,2023b).Weaimtobridgetheknow1edgegapbyopeningtheb1ackboxofe-wa11etsthatcontainmu1tip1epaymentoptionsandconductingthefirstempirica1investigationusingauniquedatasetfromarepresentativee-wa11e1providerbasedinChinathatisa1soag1oba11eaderinthesector.Wea1soobt

11、ainmatched,transaction-1eve1dataonBNP1andcreditcards,insteadofinferringBNP1activitiesfrombanktransactionsasotherstudiesdo.Thesamp1ecovers550,000on1ineand550,000on-sitetransactionsrandom1ydrawnfroma11transactionsinJune2023.Wecomp1ementthee-wa11etdatabyrandom1ysamp1ingfromatwo-monthrandomizedexperimen

12、tconductedbythesamee-wa11etproviderinJune2017tostudytheimpactofintroducingBNP1credittoconsumers.Specifica11y,we(i)describethedistributionofpaymentchoicesine-wa11ettransactionsandhowBNP1dominates,(ii)documenthowBNP1crowdsoutotherpaymentoptionsyetcomp1ementsbankcreditcardsinpaymentapp1ications,serving

13、asanewdigita1cash,(iii)ana1yzetheexpansionofe-wa11etcreditthroughBNP1forconsumersandregionsunderservedbybanks,emphasizingtheadoptionintwo-sidedpaymentnetworks,and(iv)showthatintheChinesecontext,BNP1increasesconsumerspending,butdoesnot1eadtogreaterindebtedness.Inadditiontoprovidingthefirsttransaction

14、-1eve1ana1ysisofe-wa11ets,wea1socomp1ementrecentstudies(e.g.,deHaaneta1.,2023;DiMaggioeta1.,2023;Guttman-Kenneyeta1.,2023)toaddtothefirstcanonofknow1edgeaboutBNP1andtheeconomicimp1icationsofitsmeteoricemergence.Ourstudydiffersbydrawingevidencefromaneconomytransitioningfrombeingcash-heavytocash1essan

15、dtyingtogetherthepaymentandcreditfunctionsine-wa11ets,demonstratingthatBNP1servesasa“newcash,insteadofbeingacreditcardcompetitororconsumercreditwithnegativewe1fareimp1ications,whichtheextant1iteraturedocumentsindeve1opedcountries.Furthermore,wedirect1yobserveBNP1transactionswithrichconsumerandmercha

16、ntinformation,circumventinganynoisyinferenceofBNP1activitiesfrombanktransactions.Westartwithsummarizingsty1izedfactsregardingthedistributionofe-wa11etpaymentoptions.Interna1paymentoptions-particu1ar1yBNP1-havebecomeconsumers,predominantwaytopay,accountingformorethanha1fofa11transactionsinoursamp1e,whereasthemostpopu1arexterna1option1inkeddebitcardsaccountsfor1essthanone-third.Astheinterna1optionsdominateine-wa11ettransactions,thepopu1arityofe-wa11etscou1ddisrupttraditiona1b