非现金支付工具对现金的演替机制研究:基于用户支付选择的视角

Substitution mechanism of non-cash payment instrument for cash:From the perspective of user payment choice

基于支付工具间成本结构,构建异质性消费者和商户的支付工具选择模型,分析了非现金支付工具对现金的替代机制及对社会交易量和社会福利的影响.研究发现:非现金支付工具能有效降低支付匹配摩擦,加之相对现金的成本优势,使其对现金的替代会降低社会支付成本、提而社会交易量,从而提高社会福利;尽管非现金支付工具降低了现金交易需求,但用户间网络外部性提高了消费者现金预防性持有需求,使得现金和非现金支付工具会长期共存;非现金支付工具定价会影响双边用户支付选择,改变消费者对现金交易和预防性需求,最终对社会货币需求产生影响.因此,将微观市场用户支付选择纳入支付及货币政策进行宏观调控是当前亟需解决的重要难题.

This paper constructs a payment choice model for heterogeneous consumers and merchants based on the cost structure between payment instruments,and analyzes the substitution mechanism of non-cash payment instrument for cash and its impact on social transaction volume and social welfare.The following results are derived.First,due to the cost advantages of non-cash payment instrument and the ability to reduce the payment matching frictions,the substitution of non-cash payment instrument for cash will reduce social payment costs,increase social transaction volume and improve social welfare.Second,although non-cash payment instrument reduces consumers'demand for cash transactions,user network externalities increase consumers'precautionary demand for cash.This leads to the long-term coexistence of cash and non-cash payment instrument.Third,the pricing strategy of non-cash payment instrument would affect the two-sided users 1 payment choices,change consumers'transaction demand and precautionary demand for cash,and ultimately affect social demand for money.Therefore,it is of vital importance to integrate the users*payment choices in micro market into payment and monetary policies for macro regulation.