Publication Type

PhD Dissertation

Version

publishedVersion

Publication Date

5-2026

Abstract

With the spread of mobile payment platforms in China, the micro-foundations of household financial behaviour have been reshaped, and this change is increasingly reflected in household property income. Based on microdata from the China Household Finance Survey (CHFS) for 2015, 2017, 2019, and 2021, this dissertation examines how mobile payment use affects household property income, through which channels this effect is transmitted, and how its impact differs across household groups, regional conditions, and macro-financial environments.

The empirical results show a positive association between the use of mobile payment platforms and household property income. This conclusion remains robust after controlling for household characteristics, regional economic factors, province and year fixed effects, and potential endogeneity. Mechanism tests suggest that mobile payment platforms increase property income mainly by easing household liquidity constraints and strengthening social network interactions, thereby helping households manage funds more flexibly and access financial information more conveniently.

Further heterogeneity analysis shows that the wealth effect of mobile payment platforms is uneven across groups and contexts. The positive effect is mainly concentrated among highly educated households, urban households, households in the eastern region, and those in areas with higher levels of economic development. For rural households, mobile payment use is significantly and negatively associated with property income. By income and capability, the effect is most evident among high-income households, and only households with stronger digital literacy can fully use mobile payment services to improve wealth management and increase property income. From the perspectives of life cycle and financial structure, young and middle-aged households benefit more, whereas the effect is not significant among elderly households. Households with moderate debt are also more likely to gain from mobile payment use, while the effect is absent among over-indebted households. In addition, the role of mobile payments is constrained by the macro-financial environment and weakens during sharp stock market declines or periods of tight liquidity.

At the micro level, this study shows that mobile payment platforms affect household wealth accumulation through complex mechanisms and conditional boundaries. Their benefits are not distributed equally across households, but depend on household resources, digital capabilities, financial structure, and external market conditions. The findings deepen our understanding of the inclusive and distributive effects of digital finance, provide theoretical support for improving inclusive finance policies, and offer evidence for targeted measures to promote common prosperity in the digital era.

Keywords

fintech, mobile payment platforms, property income, household finance

Degree Awarded

Doctor of Bus Admin (CKGSB)

Discipline

Behavioral Economics | Finance

Supervisor(s)

WANG, Rong

First Page

1

Last Page

196

Publisher

Singapore Management University

City or Country

Singapore

Copyright Owner and License

Author

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