Mobile payment and subjective well-being in rural China

Yaqian Wu, Chunkai Zhao and Jianhao Guo

Economic Research-Ekonomska Istraživanja, 2023, vol. 36, issue 1, 2215-2232

Abstract: We explore the impact of mobile payment usage on the subjective well-being (S.W.B.) of rural residents in China using unique data from the China Household Finance Survey (C.H.F.S.). The estimated results show that using mobile payment has increased the S.W.B. of rural residents, and this finding still holds through several robust checks. The mechanism analysis suggests that the positive effect of mobile payment is partially explained by the reduction in transaction costs, the promotion in consumption upgrade, and the increase in social networks. Additionally, the inclusive financial attributes of mobile payment are verified through several heterogeneity analyses. Results show that the positive impact of mobile payment on S.W.B. is more pronounced in socially vulnerable groups such as the elderly, people with lower income, or lower education. Our study enriches the research on the fields of happiness effect of rural financial convenience and function of inclusive finance and has practical significance for other developing countries.

Date: 2023
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DOI: 10.1080/1331677X.2022.2097103

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