Research On The Influence Of Mobile Payment On China's Currency Market

With the continuous development of Internet finance,the development of mobile electronic payment has been the trend of the times.Especially in the last two years,the coverage rate of the mobile payment market is increasing.Compared with the traditional cash payment,the advantages of mobile payment are also very obvious.The advantages of safety,efficiency and convenience make people carry cash less and less when they go out.Only with a cell phone can satisfy all consumption needs.Mobile payment not only reduces transaction costs,but also improves transaction efficiency,and creates a new Internet business mode.For example,many sharing economy mode is the product of mobile payment.Mobile payments not only bring changes to people's lives,but also have a profound impact on the money market.It not only changed people's payment habits,reduced the use of cash,but also changed the storage habits of people's money assets.Based on the domestic and foreign scholars' research on mobile payment,this paper first defines the definition,then reviews the development history of mobile payment and analyzes its present situation,and predicts that its future development will develop faster.Based on theoretical analysis and empirical test,we use Granger cointegration test and VEC to study the impact of mobile payment on the speed of money circulation and the impact of mobile payment on the monetary multiplier.From the empirical results,we get the growth of mobile payments in the short term will accelerate the speed of currency circulation,increase the money multiplier,but in the long term will quickly inhibit money circulation and decrease the money multiplier,and thus analysis of the mobile payment mainly affects the money market in China: mobile payment to limit currency different caliber blur;Mobile payment will affect the traditional role of the bank;mobile payment will also affect the transmission mechanism of monetary policy of the central bank;mobile payment will produce more and more uncertain factors in the currency market on the monetary supply.According to the analysis,we put forward the following four suggestions: first,we should strengthen the research of Internet banking and mobile payments,monetary theory;Second,we should set up the system of the related statistics and monitoring of the mobile payment electronic money,and strengthen the central bank's supervisory role on the electronic money market;third,improving the supervision of third party mobile payment companies and relevant laws and regulations;fourth,We will continue to promote the reform of the financial market and create a good space for the rapid growth of China's mobile payment in the background of Internet Finance...