The Real Impact of FinTech: Evidence from Mobile Payment Technology

• 成果类型: Article
• 署名作者: Agarwal, Sumit; Qian, Wenlan; Ren, Yuan; Tsai, Hsin-Tien; Yeung, Bernard
• 署名单位: National University of Singapore; Zhejiang University; Zhejiang University; National University of Singapore; Southern University of Science & Technology; National University of Singapore
• 刊物名称: MANAGEMENT SCIENCE
• ISSN/ISSBN: 0025-1909
• DOI: 10.1287/mnsc.2023.03947
• 发表日期: 2026
• 关键词: FinTech; mobile payment; cash; Credit card; Real effect; Small business; BUSINESS CREATION; entrepreneurship; consumption; banking; Digital economy; Transaction cost; inclusive growth

摘要

We utilize the introduction of mobile payment technology by the largest bank in Singapore in 2017 to study how mobile payment technology reshapes economic activities and stimulates business creation. After the introduction, business-to-consumer industries witnessed 18.3% more business creation relative to business-to-business industries, with the effect driven by small firms and more pronounced among industries with higher cash handling costs. Underlying this pattern is consumers' strong adoption of mobile payment and a reduction in ATM cash withdrawals during the post-shock period. The reduced transaction cost also increases consumers' spending capacity, which justifies the business growth. Interestingly, part of the increased consumer demand is credit card spending. The pattern of changes is consistent with the bank's adjustment to the technological change: it reduces ATMs and allows more credit card openings and higher credit limits.