How Debit Cards Enable the Poor to Save More

• 成果类型: Article
• 署名作者: Bachas, Pierre; Gertler, Paul; Higgins, Sean; Seira, Enrique
• 署名单位: The World Bank; University of California System; University of California Berkeley; Northwestern University; Instituto Tecnologico Autonomo de Mexico
• 刊物名称: JOURNAL OF FINANCE
• ISSN/ISSBN: 0022-1082
• DOI: 10.1111/jofi.13021
• 发表日期: 2021
• 页码: 1913-1957
• 关键词: field experiment; transaction costs; decision-making; savings; banking; demand; IMPACT; long; services; MIGRANTS

摘要

We study an at-scale natural experiment in which debit cards were given to cash transfer recipients who already had a bank account. Using administrative account data and household surveys, we find that beneficiaries accumulated a savings stock equal to 2% of annual income after two years with the card. The increase in formal savings represents an increase in overall savings, financed by a reduction in current consumption. There are two mechanisms. First, debit cards reduce transaction costs of accessing money. Second, they reduce monitoring costs, which led beneficiaries to check their account balances frequently and build trust in the bank.