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1、NBERWORKINGPAPERSERIESMOBI1.EMONEY,INTEROPERABI1.ITY,ANDFINANCIA1.INC1.USIONMarkusK.BrunnermeierNicola1.imodio1.orenzoSpadavecchiaWorkingPaper31696NATIONA1.BUREAUOFECONOMICRESEARCH1050MassachusettsAvenueCambridge,MA02138September2023ThispaperhasbenefittedfromdiscussionswithandthesuggestionsofJosephA
2、badi,JennyAker,FrancisAnnan,AndrewAtkeson,TaniaBabina,OrianaBandiera,Jean-PierreBenoit,MiloBianchi,MatthieuBouvard,EmilyBreza,KonradBurchardi,DanielTimothyChen,JonathandeQuidt,MitchellDowney,JoshuaGans,AlessandroGavazza,Jean-Pierre1.andau,RoccoMacchiavello,CesaireMeh,NikitaMelnikov,SteliosMichalopou
3、los,DonNoh,EliasPapaioannou,PaoloPinotti,HeleneRey,EmmaRiley,NicolasSerrano-Velarde,TavneetSuri,TommasoVallettiandseminarparticipantsatBocconiUniversity,CornellUniversity-CharlesH.DysonSchool,HalleInstituteforEconomicResearch,InstituteforInternationalEconomicStudies,1.ondonBusinessSchool,OxfordUnive
4、rsity-SaidBusinessSchool,NBERSI2023DigitalEconomicsandAI,2ndWEFIDEVCEPRWorkshopinFinanceandDevelopment,46thBREAD&MITConferenceandotherconferences,seminarsandworkshops.EdoardoCattaneo,CamillaCherubini,IlariaDalBarco,DanieleGoffi,FalilouKebe,HannahMorenoandBeatriceRomagnoloprovidedexcellentresearchass
5、istance.Allerrorsareourown.TheviewsexpressedhereinarethoseoftheauthorsanddonotnecessarilyreflecttheviewsoftheNationalBureauofEconomicResearch.Atleastoneco-authorhasdisclosedadditionalrelationshipsofpotentialrelevanceforthisresearch.FurtherinformationisavailableonlineatNBERworkingpapersarecirculatedf
6、ordiscussionandcommentpurposes.Theyhavenotbeenpeer-reviewedorbeensubjecttothereviewbytheNBERBoardofDirectorsthataccompaniesofficialNBERpublications.2023byMarkusK.Brunnermeier,Nicola1.imodio,and1.orenzoSpadavecchia.Allrightsreserved.Shortsectionsoftext,nottoexceedtwoparagraphs,maybequotedwithoutexpli
7、citpermissionprovidedthatfullcredit,includingnotice,isgiventothesource.MobileMoney,Interoperability,andFinancialInclusionMarkusK.Brunnermeier,Nicola1.imodio,and1.orenzoSpadavecchiaNBERWorkingPaperNo.31696September2023JE1.No.E4,016,030ABSTRACTThispaperinvestigatesthetradeoffbetweencompetitionandfinan
8、cialinclusionresultingfromtheverticalintegrationbetweenmobilenetworkandmoneyoperators.JoiningnewlyassembleddataonmobilemoneyfeesthroughtheWayBackmachine,withsourcesonnetworkcoverageandfinancials,weexaminethestaggeringacrossAfricanoperatorsandcountriesofplatforminteroperability-apolicythatpromotestra
9、nsactionsandcompetitionacrossmobilemoneyoperators.Ourresultsshowthatinteroperabilitybenefitsusersbyloweringmobilemoneyfeesandtheirdispersionacrossoperators.However,thesepositiveeffectsareoffsetbyadecreaseinmobiletowersandnetworkcoverage,especiallyinruralandpoordistricts,which,inturn,leadstoalowerfin
10、ancialinclusion.Wenotethatcombininginteroperabilitywithsubsidiesforruraltelecommunicationsdeliverslowerfeeswithouthurtingcoverage.1.orenzoSpadavecchiaBocconiUniversityVialeBligny,12Milan20139Italylorenzo.spadavecchiaunibocconi.itMarkusK.BrunnenneierPrincetonUniversityDepartmentofEconomicsBendheimCen
11、terforFinancePrinceton,NJ08544andCEPRandalsoNBERmarkusprinceton.eduNicola1.imodioBocconiUniversityViaRoentgen,1Milan20136Italynicola.limodio1 IntroductionMobilemoneyhasemergedasoneofthemostwidespreaddigitalpaymentsystems(Demirguc-Kuntetal.,2018).Itsdiffusionresultedintangiblechangesinvariouseconomic
12、andfinancialindicatorslikerisk-sharing(JackandSuri(2011);Blumenstocketal.(2016),remittances(Riley(2018);Akeretal.(2020),lending(Surietal.,2021)andsavings(Brezaetal.,2022),amongothers.Despitethesesignificantdevelopments,researchonthefunctioningandregulationofthecorrespondingfinancialinstitution,themo
13、bilemoneycompany,remainslimited.Thispaperinvestigatestheroleofcompetitiononthebehaviourofmobilemoneycompaniesanditscorrespondingeffectsonfinancialinclusion.Specifically,Weexaminetheeffectsofacompetition-promotingpolicy,platforminteroperability,whichfacilitatestransactionsbetweenusersofdifferentmobil
14、emoneyoperators.Bymitigatingthebarrierstoexchangepayments,thisregulatoryinterventioncanimpacttheprofitmarginsofmobilemoneyoperatorsandinfluencetheirpricing,network,andinfrastructureinvestment.Ourpaperproposesconceptuallyandexploresempiricallyanoveltradeoffbetweencompetitionandfinancialinclusioninthe
15、contextofmobilemoney.Itiscrucialfirsttointroducethetypicalstructureofthismarket,whichcomprisestwomainplayers:mobilenetworkcompaniesthatofferphoneandinternetservices;andmobilemoneycompaniesthatfocusonpaymentexchanges.Typically,thesetwoactorsareverticallyintegratedasdiscussedbyBourreauandValletti(2015
16、),whichcreatesalimitedcompetitiveenvironment(Williamson(1979);GrossmanandHart(1986);Hartetal.(1990)andresultsinhigherfeeschargedtomobilemoneyusers.Atthesametime,thislackofcompetitionmayalsoprovideincentivesformobilenetworkcompaniestoextendtheirreachtounderservedlocations,enhancingfinancialinclusion.Consequently,lowlevelsofcompetitionmayincreasethesizeofthemobilenetwork,whichmaybelabelledastheextensivemargino
