Mobile payment and risky financial market participation: evidence from China

Weisong Qiu, Hongliang Tao and Wenchun Wang

Applied Economics, 2025, vol. 57, issue 15, 1723-1739

Abstract: Mobile payments have developed rapidly, becoming an indispensable payment tool for households in China. In this study, we examine the impact of mobile payments on risky financial market participation using data from the 2017 China Household Finance Survey. After considering endogeneity and selection bias problems, we find that households that use mobile payments are more likely to participate in risky financial markets. Additionally, various robustness tests demonstrate the validity of our results. According to the mechanism analysis, mobile payments are likely to operate by improving information search, social interaction, and risk tolerance. Furthermore, we do not find any inclusive characteristics of mobile payments in our study. The positive effect of mobile payments is more pronounced in households with higher levels of financial knowledge, income, and education.

Date: 2025
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DOI: 10.1080/00036846.2024.2316116

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