The Impact Of Mobile Payment On Household Consumption Behavior

As society progresses,and the booming development of the Internet industry,smart phones have become a very important item in people’s daily lives.A mobile phone can basically solve most of people’s daily needs.Public transportation,shopping,payment,transfers,etc.can all be done directly through the mobile phone,which inevitably depends on the mobile payment methods led by WeChat and Alipay.Mobile payment is the payment link for goods,services and other consumption completed through mobile terminals such as mobile phones.Compared with traditional cash payment,it has the advantages of no time and space restrictions,safety,and cost saving.Looking at the COVID-19 in 2020,The advantages of the mobile payment such as convenience,non-contact are more significant,making a huge contribution to people’s normal production and life under the epidemic.From the consumption point of view,consumption is "one of the troikas"driving GDP growth.Household consumption is also an important part of national consumption.This article combines mobile payment and household consumption behavior.In-depth research on the proportion of mobile payment to household consumption in income and the impact on consumption structure,the research results will be instructive for different market participants.This is also the main purpose and value of this article.It not only advances with the times and adapts to the times,but also has strategic significance.Based on the survey data of the China Family Tracking Survey(CFPS)in 2018,this paper analyzes the current situation of household consumption behavior,the development status of mobile payment,and the five aspects of the impact mechanism of mobile payment on household consumption behavior,and proposes two hypotheses.Using ordinary least squares method for regression analysis,according to the regression results,it can be seen that mobile payment can promote the proportion of household consumption in income,and can promote the five categories of consumption,clothing,food,education and training,medical care,and culture and entertainment.In order to ensure the explanatory power of the research results,this paper also uses the instrumental variable method to eliminate the endogenous effects of key explanatory variables,and the results obtained are still robust.The heterogeneity analysis results show that regardless of whether the family lives in the city or the country,and the size of the family,mobile payment has a positive effect on the proportion of household consumption in income and the expenditure on clothing,food,medical care,culture and entertainment,and education and training.Finally,this article puts forward opinions and prospects for relevant market participants,hoping to contribute a little to the future development of mobile payment,and also provide ideas and references for other scholars’ follow-up research.