Abstract
Based on the data of multiple Chinese household finance surveys, the interactive relationship between mobile payment, inclusive digital finance, and household consumption is discussed. It is found that mobile payment can directly and effectively improve household consumption, and the impact on hedonistic and developmental consumption is greater than survival consumption, which is conducive to upgrading household consumption. At the same time, mobile payment can indirectly promote basic and developmental consumer spending through digital inclusive financial mechanisms and weaken hedonistic consumer spending. The heterogeneity analysis found that the impact of mobile payment on household consumption was affected by income level, dependency structure, and regional attributes, and the low-income and high-income groups benefited more significantly, and the consumption promotion effect in the eastern and central regions was greater than that in the western and northeastern regions. Further research finds that with the improvement of income status, the promotion effect of mobile payment on consumption shows a marginal decreasing trend. It is recommended to continue to promote the popularization and application of mobile payment, accelerate the matching of supply and demand in the consumer market, formulate financial inclusion policies according to local conditions, and form a good interaction mechanism between mobile payment, digital finance, and household consumption.