Capital Market Development: China and Asia Seminar Series – On the Rise of Payment Firms

Payment firms have experienced an exceptional growth over the past decade, with payment firms’ market capitalization now exceeding the combined market capitalization of all banks in the U.S. The authors show that stock returns of payment firms are strongly correlated with stock returns of ECommerce firms. Using three million observations at an online retailer, the authors provide micro-level evidence on the importance of payment firms for E-commerce purchases. When a customer’s preferred payment type is not seamlessly available, approximately a quarter of customers abandon the purchase instead of switching to a different payment type. The authors document this strong clientele effect both for credit cards, PayPal, as well as Buy-Now-Pay-Later (BNPL) products. The authors results suggest that – although E-Commerce firms have access to many payment types – each payment firm has a significant bargaining power vis-à-vis E-Commerce firms.

关于资本市场发展（中国和亚洲）研讨会系列

金融市场发展与经济增长息息相关。中国资本市场在规模、监管、能力和效率方面的发展令人印象深刻。然而，中国的资本市场仍处于发展之中，面临着一般性的和特有的挑战，其他亚洲资本市场面临着甚至更大的发展不均衡问题。分析亚洲资本市场运行中的正面经验和负面教训，并由此得出可以进一步改善亚洲资本市场分配效率、金融包容性和预警性的技术改革和应用，警惕可能会引起问题的改革，这可以使从业者、政策制定者和研究人员从中受益，进而极大地促进整体繁荣。

亚洲金融经济研究局（ABFER）和芝加哥大学贝克尔·弗里德曼研究所中国中心（BFI-China）联合发起，并与新加坡国立大学（NUS）商学院、上海高级金融学院（SAIF）、香港中文大学（CUHK）经济系、香港中文大学（深圳）和清华大学五道口金融学院（PBCSF）一同合作，发起“资本市场发展（中国和亚洲）研讨会系列”，希望通过提供一个线上交流平台，服务于亚洲及其他地区的研究人员、政策制定者和从业人员。