Mobile wallets and consumer spending in Singapore: Agarwal et al. revisited

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Agarwal et al. (2019) analyze the impact of the introduction of QR codes for mobile payments in Singapore. They find that this not only resulted in a significant increase in the use of mobile wallets, but that there was also a positive spillover effect on debit and credit card payments – in particular at small and new businesses. This note argues that the increase in card sales cannot have been driven by the QR code technology. I also proffer an alternative explanation, namely that Agarwal et al. simply capture the concurrent increase in popularity of contactless cards.
Original languageEnglish
Number of pages17
JournalThe Singapore Economic Review
Early online date17 Dec 2021
Publication statusE-pub ahead of print - 17 Dec 2021


  • mobile wallets
  • payment cards
  • contactless
  • Singapore


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