Digital Wallet, Happy Heart: An Analysis Based on the Economic–Social–Environmental Perspective

Author:

Gong Xiaomei1ORCID,Zhang Huirong2,Zhang Jiaping3ORCID

Affiliation:

1. School of Public Economics and Administration, Shanghai University of Finance and Economics, Shanghai 200433, China

2. School of Labor Relationship, Shandong Management University, Jinan 250357, China

3. School of Public Management, East China Normal University, Shanghai 200062, China

Abstract

While the prior mobile payment−subjective well-being (SWB) literature has mainly discussed its economic and social impacts, the present study supplements this body of research by introducing an economic–social–environmental perspective. Using two waves of representative Chinese national surveys, the instrumental variable (IV) estimator suggests that mobile payment is positively and statistically significantly correlated with SWB. Furthermore, the results reveal that the positive correlation comes from the compound influence of economic, social, and environmental channels. Specifically, it shows that mobile payment not only affects people’s economic and social performance but also mitigates the adverse effects of poor environmental conditions on SWB. Additionally, a further disaggregated analysis shows that mobile payment exerts a stronger positive influence on SWB for people from underdeveloped areas within the economic–social–environmental framework. These findings shed light on the role of financial technology in facilitating sustainable development.

Funder

National Social Science Foundation of China

Chinese Ministry of Education Youth Fund Project

2022 Shanghai Philosophy and Social Science Planning Project

Shanghai Pujiang Program

Fundamental Research Funds for the Central Universities

Publisher

MDPI AG

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