The Home Economics of E-Money: Velocity, Cash Management, and Discount Rates of M-Pesa Users
基于肯尼亚M-Pesa的聚合数据，研究了电子货币的流通速度、用户现金管理行为及隐含的高贴现率，对理解移动支付对家庭经济的影响有参考价值。
We study the mobile phone-based money transfer system in Kenya. Based on aggregate data, we estimate that the velocity with which units of e-money are transferred among users is approximately four times per month, and that the average number of transfers undergone by a unit of e-money between its creation and destruction is approximately one. Most M-Pesa transactions are made by frequent users. Examination of data on withdrawals shows a high frequency of small withdrawals and no response to “notches” in the price schedule, indicating that many users seem to have high implicit discount rates.