Financial literacy, behavioral traits, and ePayment adoption and usage in Japan

Financial Innovation

Research

Trinh Quang Long¹  Naoyuki Yoshino²  Peter J. Morgan³ 

[1] Faculty of Business, FPT University HCM Campus, Ho Chi Minh City, Vietnam;Faculty of Economics, Keio University, 2 Chome-15-45 Mita, 108-8345, Minato City, Tokyo, Japan;Senior Consulting Economist and Advisor to the Dean, Asian Development Bank Institute, Kasumigaseki 3-2-5, 100-6008, Chiyoda-ku, Tokyo, Japan;

关键词: Financial literacy;    Financial literacy heterogeneity;    Herd behavior;    Risk aversion;    ePayment adoption;    ePayment usage;    Electronic money;    Mobile payment app;    Japan;    D14;    G11;    J26;   

DOI  :  10.1186/s40854-023-00504-3

 received in 2022-07-27, accepted in 2023-04-25,  发布年份 2023

来源: Springer

【 摘 要 】

This study investigates how financial literacy and behavioral traits affect the adoption of electronic payment (ePayment) services in Japan. We construct a financial literacy index using a representative sample of 25,000 individuals from the Bank of Japan’s 2019 Financial Literacy Survey. We then analyze the relationship between this index and the extensive and intensive usage of two types of payment services: electronic money (e-money) and mobile payment apps. Using an instrumental variable approach, we find that higher financial literacy is positively associated with a higher likelihood of adopting ePayment services. The empirical results suggest that individuals with higher financial literacy use payment services more frequently. We also find that risk-averse people are less likely to adopt and use ePayment services, whereas people with herd behavior tend to adopt and use ePayment services more. Our empirical results also suggest that the effects of financial literacy on the adoption and use of ePayment differ among people with different behavioral traits.

【 授权许可】

CC BY   
© The Author(s) 2023

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