Coopetition Of Retail Payment Instruments Within Option-adoption Micro-mechanism

Modern payment system is the core of financial infrastructure and the operating basis of financial service industry,even the whole national economy.Nowadays,cash,non-cash payment instruments and central bank digital currency coexist.Through the payment instruments and agents’ payment option-adoption behavior,the research of money at different levels,payment instruments and payment service market entities are closely combined.It also helpful to further integrate the micro meso and macro analysis perspective of monetary and payment economics.However,due to the complexity of payment subjects and the diversity of causes of transaction friction,the privacy of payment activities and the advance of the evolution of payment instruments,the existing research in related fields is limited,and the micro-research foundation needs to be further improved.For example,the analysis of the influence mechanism of the cost of payment instruments is not sufficient,and the introduction of heterogeneity cannot describe the micro behavior in a more detailed way.Therefore,it is difficult to carry out further discussion in the economic environment where a variety of payment instruments coexist,and it is also difficult to comprehensively analyze some hot issues of the unbalanced development of the current digital economy.Therefore,based on the perspective of retail payment instruments,this paper introduces the multiple heterogeneity of actor size,payment instruments and their cost-benefit structure,information conditions and payment instruments preferences into the research framework of Lagos and Wright(2005),and carries out the study of payment economy under a unified framework.The research framework of this paper is as follows: Chapter one is the introduction.The second chapter constructs the payment economy model based on the search theory,introduces the cost-benefit structure of payment instruments,the scale of actor and the multiple heterogeneity of information conditions to expand the model,and discusses the complex causes of transaction friction and the micro motivation of actor.The third chapter expands the environment of cash and noncash payment instruments,introduces the behavior of payment instrument selection,and discusses the micro mechanism of non-cash payment instruments’ competitive substitution of cash,and the significance of cash’s foundation,universality and wide compatibility,combined with the pricing and regulation of non-cash payment instruments in China.Chapter four further expands to the environment of multiple non-cash payment instruments,introduces the heterogeneity of traders’ preference for payment instruments,and discusses the development of competition and cooperation between banks and non-bank payment institutions and the significance of the interconnection of payment instruments.The fifth chapter expands the singleperiod environment of the first three chapters to multi-period environment,introduces different information conditions,and discusses the micro-behavior of multi-period choice on different levels of money demand,the development of payment instruments and the evolution of retail transactions.The sixth chapter introduces the legal digital currency into the research framework,combines the single-period and multi-period selection environment,comparatively analyzes the legal digital currency’s universality and wide compatibility micro mechanism under the competitive and basic positioning,and the development role and significance of the competition and cooperation with other payment instruments in the modern payment system.Chapter seven is the research summary.Although there are many difficulties and limitations in this field,the innovation of payment instruments and the evolution of currency forms,especially the research and development and promotion of legal digital currency,make relevant research in the field of payment and settlement necessary and urgent.There are three innovations in this study.(1)Based on the classic Lagos and Wright(2005)model,multiple heterogeneity and payment instruments selection behavior are introduced to build a model environment for the study of payment economy.(2)Based on the micro selection behavior of the cost-benefit structure of payment instruments,four kinds of transaction friction are carefully separated,and their internal mechanism is further analyzed through theoretical modeling,simulation,industrial development experience and macro statistical data comparison.(3)Introducing central bank digital currency into an integrated analysis framework,combining cost-benefit structure and payment selection behavior analysis,to demonstrate its different positioning and role in the future payment system.The research results and conclusions of this thesis contribute to improve the theoretical research on the modern money and payment economy.That provide references for the relevant researches on the option-adoption and co-opetition mechanism of payment economy,and researches on the evolution and development of retail payment instruments under the background of digital economy.That also provide references for the supervision and reform of contemporary payment and settlement field.