Financial Technology Adoption: Network Externalities of Cashless Payments in Mexico
中文摘要
协调失败是否会制约金融技术的采用？本文利用墨西哥政府于2009年至2012年间向贫困家庭发放100万张借记卡的举措，考察市场供需双方的反应，并发现了重要的溢出效应和分配影响。在供给侧，小型零售企业采用销售点终端以接受银行卡支付。在需求侧，这使其他消费者的银行卡采用率提高了21%。供给侧的技术采用反应对较富裕消费者和小型零售企业均产生了积极影响：较富裕消费者将其超市消费的13%转移至小型零售商，后者的销售额和利润因而增加。（JEL E42, L25, L81, O14, O33）
Abstract
Do coordination failures constrain financial technology adoption? Exploiting the Mexican government’s rollout of 1 million debit cards to poor households from 2009 to 2012, I examine responses on both sides of the market and find important spillovers and distributional impacts. On the supply side, small retail firms adopted point-of-sale terminals to accept card payments. On the demand side, this led to a 21 percent increase in other consumers’ card adoption. The supply-side technology adoption response had positive effects on both richer consumers and small retail firms: richer consumers shifted 13 percent of their supermarket consumption to small retailers, whose sales and profits increased. (JEL E42, L25, L81, O14, O33)