NBERWORKINGPAPERSERIESTHERISEOFE-WALLETSANDBUY-NOW-PAY-LATER:PAYMENTCOMPETITION,CREDITEXPANSION,ANDCONSUMERBEHAVIORWenlongBianLinWilliamCongYangJiWorkingPaper31202http://www.nber.org/papers/w31202NATIONALBUREAUOFECONOMICRESEARCH1050MassachusettsAvenueCambridge,MA02138May2023WethankYipingHuangandXueWangfortheirfeedbackandgeneroushelpwithdataaccess,Ripple’sUniversityBlockchainResearchInitiative(UBRI)andtheFinTechatCornellInitiativeforfinancialsupport,andMurilloCampello,PulakGhosh,IftekharHassan,YiHuang,andHuanTangfordetailedcomments.RishiKumarprovidedexcellentassistanceonproofreadingthemanuscript.WegratefullyacknowledgeYiranNingfordataprocessingassistance.WealsothankHuangChen,ShaohuaChen,ChidiChidambaran,JiayinHu,HaoLiu,XiaomengLu,CongPeng,JasonSchloetzer,VickiTang,HaoZhang,LiZhou,YinggangZhou,aswellasconferenceandseminarparticipantsatCornellUniversity,FudanUniversityFanhaiInternationalSchoolofFinance,FordhamUniversityGabelliSchoolofBusiness,GeorgetownUniversity,9thGlobalConferenceonBusinessManagementandSocialScience(GCBMS-2023),PekingUniversity,andXiamenUniversityforhelpfulfeedbackandsuggestions.DuetothetightenedregulationonInternetgiantsinChina,thedataprovideronlypermittedustocirculatetheresultsinternally(underthemanuscript“DemystifyingE-WalletsandBNPL”)fromlate2020throughlate2022.TheviewsexpressedhereinarethoseoftheauthorsanddonotnecessarilyreflecttheviewsoftheNationalBureauofEconomicResearch.NBERworkingpapersarecirculatedfordiscussionandcommentpurposes.Theyhavenotbeenpeer-reviewedorbeensubjecttothereviewbytheNBERBoardofDirectorsthataccompaniesofficialNBERpublications.©2023byWenlongBian,LinWilliamCong,andYangJi.Allrightsreserved.Shortsectionsoftext,nottoexceedtwoparagraphs,maybequotedwithoutexplicitpermissionprovidedthatfullcredit,including©notice,isgiventothesource.群内每日免费分享5份+最新资料300T网盘资源+40万份行业报告为您的创业、职场、商业、投资、亲子、网赚、艺术、健身、心理、个人成长……全面赋能！添加微信，备注“入群”立刻免费领取200套知识地图+最新研报...
