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Assessing Incentives to Increase Digital Payment Acceptance and Usage: A Machine Learning Approach

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Assessing Incentives to Increase Digital Payment Acceptance and Usage: A Machine Learning Approach

dc.contributor.author	Allen, Jeff
dc.contributor.author	Carbó Valverde, Santiago
dc.contributor.author	Chakravorti, Sujit
dc.contributor.author	Rodríguez Fernández, Francisco
dc.contributor.author	Pinar Ardic, Oya
dc.date.accessioned	2023-05-10T17:39:43Z
dc.date.available	2023-05-10T17:39:43Z
dc.date.issued	2022
dc.identifier.citation	Allen, Jeff Carbó Valverde, Santiago Chakravorti, Sujit Rodríguez Fernández, Francisco Pinar Ardic, Oya 2022 Assessing Incentives to Increase Digital Payment Acceptance and Usage: A Machine Learning Approach Plos One
dc.identifier.uri	https://hdl.handle.net/10550/86553
dc.description.abstract	An important step to achieve greater financial inclusion is to increase the acceptance and usage of digital payments. Although consumer adoption of digital payments has improved dramatically globally, the acceptance and usage of digital payments for micro, small, and medium-sized retailers (MSMRs) remain challenging. Using random forest estimation, we identify 14 key predictors out of 190 variables with the largest predictive power for MSMR adoption and usage of digital payments. Using conditional inference trees, we study the importance of sequencing and interactions of various factors such as public policy initiatives, technological advancements, and private sector incentives. We find that in countries with low POS terminal adoption, killer applications such as mobile phone payment apps increase the likelihood of P2B digital transactions. We also find the likelihood of digital P2B payments at MSMRs increases when MSMRs pay their employees and suppliers digitally. The level of ownership of basic financial accounts by consumers and the size of the shadow economy are also important predictors of greater adoption and usage of digital payments. Using causal forest estimation, we find a positive and economically significant marginal effect for merchant and consumer fiscal incentives on POS terminal adoption on average. When countries implement financial inclusion initiatives, POS terminal adoption increases significantly and MSMRs' share of P2B digital payments also increases. Merchant and consumer fiscal incentives also increase MSMRs' share of P2B electronic payments.
dc.language.iso	eng
dc.relation.ispartof	Plos One, 2022
dc.subject	Economia
dc.title	Assessing Incentives to Increase Digital Payment Acceptance and Usage: A Machine Learning Approach
dc.type	journal article
dc.date.updated	2023-05-10T17:39:43Z
dc.identifier.doi	10.1371/journal.pone.0276203
dc.identifier.idgrec	158497
dc.rights.accessRights	open access