Demographics and Technology Diffusion: Evidence from Mobile Payments

We thank Ayush Sinha and Haoyuan Song for excellent research support. We also gratefully acknowledge financial support from the Financial Institutions and Markets Research Center, Kellogg School of Management. We thank participants at the American Economic Association, Conference on Promoting Financial Inclusion and Innovation in Latin America, UK Payment System Regulator, Clemson University, Norwegian Business School, Copenhagen Business School, Workshop on Entrepreneurial Finance and Innovation (WEFI), TPRI at Boston University, IESE Business School, Universitat Pompeu Fabra, U Michigan (Ross), Yale (SOM), PUC Chile, Central Bank of Chile, NBER (Information and Competition in the Digital Economy), Chapman University Finance Conference, NYU Stern - IIMC India Conference, and IPA-GPRL 2024 Research Gathering, and our discussants Sergey Sarkisyan, Boris Vallee and Yao Zeng for helpful comments and discussions. Lastly, we thank the staff of the two organizations that shared data with us for the paper for their help in the data extraction phase as well as clarifications later. The data is shared solely for the purpose of academic research. The companies did not play a role in drawing inferences, and the views expressed are solely of the authors. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.