Religious Beliefs and Non‐Cash Payment: An Investigation Based on the World Bank's Global Findex Database

Nan Li and Duo Zhang

Review of Development Economics, 2026, vol. 30, issue 3, 1829-1846

Abstract: This paper reveals the cultural factors behind the disparities in the development of non‐cash payment across different countries from the perspective of religious beliefs, using cross‐country survey data provided by the World Bank. Our findings indicate that religious beliefs as culture exert a significant influence on the use of non‐cash payments. Specifically, a higher proportion of Protestant population significantly promotes the adoption of non‐cash payments compared to other religions. These results remain robust even after controlling for a comprehensive set of factors, including economic development level, infrastructure, related institutions, and social structure. Furthermore, estimates using the local number of donated Bibles in 1900 as an IV remain consistent with our baseline OLS estimates. We also identify social trust as a primary mechanism through which Protestantism encourages the use of non‐cash payment, while the development of government credit information systems can, to some extent, mitigate the negative influence of religion on non‐cash payment adoption.

Date: 2026
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