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สถาบันวิจัยเศรษฐกิจป๋วย อึ๊งภากรณ์
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Call for Papers: PIER Research Workshop 2025
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Year
2025
2024
2023
2022
...
5 April 2024
20241712275200000
No. 219

Digital Payment, Household Consumption Behavior, and Financial Literacy

Abstract

This study examines the impact of innovations in the payment system on household finance, focusing on consumption behaviors and financial literacy among low-income households. The investigation utilizes Thailand’s introduction of the cashless State Welfare Card to low-income households in 2017 as a quasi-experiment setting. The primary data sources for this study include the large-scale countrywide household socioeconomic survey (SES) conducted by Thailand’s National Statistical Office (NSO) and survey data from individuals in four provinces of Thailand. The empirical strategy in this study is primarily fuzzy regression discontinuity design.

The results of the study reveal that individuals who receive the cashless State Welfare Card experience effective increases in consumption of the food and beverage items that are the target of the policy. Contrary to concerns about adverse impacts, such as overconsumption or using the card for unintended items like cigarettes, there is no evidence supporting these claims. Instead, people using the state welfare card exhibit better financial literacy and reduced risk-taking consumption behavior. The result underscores the importance of financial literacy training provided alongside the card. However, the study does not find sufficient evidence to suggest a significant impact on trust in the financial system.

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JEL: E12D12D14
Tags: household financefinancial technologystate welfare cardfuzzy regression discontinuity design
The views expressed in this workshop do not necessarily reflect the views of the Puey Ungphakorn Institute for Economic Research or the Bank of Thailand.
Anusorn Minphimai
Anusorn Minphimai
EDHEC Business School

Puey Ungphakorn Institute for Economic Research

273 Samsen Rd, Phra Nakhon, Bangkok 10200

Phone: 0-2283-6066

Email: pier@bot.or.th

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