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1、EconomicQuarterly—Volume96,Number1—FirstQuarter2010—Pages83–122MonetaryTheoryandElectronicMoney:Re?ectionsontheKenyanExperienceWilliamJack,TavneetSuri,andRobertTownsendn2007,theleadingcellphonecompanyinKenya,SafaricomLtd.,launchedM-PESA,ashortmessageservice(SMS)-basedmoneytransferIsystemthatallow
2、sindividualstodeposit,send,andwithdrawfundsfromavirtualaccountontheircellphonesandthatisseparatefromthebankingsystem.M-PESAhasgrownrapidly,currentlyreachingmorethansevenmil-lionusers,approximately38percentofKenya’sadultpopulation,anditiswidelyviewedasasuccessstorytobeemulatedacrossthedevelopingwo
3、rld.Indeed,similarproductshaverecentlybeenlaunchedinagrowingnumberofcountriesacrossAfrica,Asia,andLatinAmerica,withtheintentofexpanding?nancialservicestopreviouslyunreachedpopulations.1M-PESAisusednotonlyforremittancepurposes,butalsotosave,topurchasepre-paidphonecreditandothergoodsandservices,top
4、aybills,andtoexecutebankaccounttransactions.However,consumersdonotneedbankaccountsinordertouseM-PESA,andJackandSuri(2009)founditwasusedbymorethanhalfoftheunbankedintheirsample.ItisusedbyabroadcrosssectionofKenyansociety,buthasincreasinglybeenadoptedbythoseattheWilliamJackisattheDepartmentofEconom
5、ics,GeorgetownUniversity;TavneetSuriisatMITSloanSchoolofManagement;andRobertTownsendisattheDepartmentofEconomics,MIT.Theauthorswouldliketothanktheeditor,NedPrescott;thereferees,HubertoM.EnnisandKartikAthreya;andIgnacioMas,CarlosPerez-Verdia,andTomSargentfordetailedcommentsandfeedback.Thisresearch
6、issupportedbytheGatesFoundationthroughtheUniversityofChicagoConsortiumonFinancialSystemsandPoverty.Theviewsexpressedinthisarticlearethoseoftheauthorsanddonotnecessarilyre?ectthoseoftheFederalReserveBankofRichmondortheFederalReserveSystem.E-mails:wgj@georgetown.edu;tavneet@mit.edu;rtownsen@mit.edu
7、.1Forexample,M-PESAissimilartotheservicecalledG-CASHinthePhilippines.84FederalReserveBankofRichmondEconomicQuarterlylowerendoftheincomedistribution,asisevidencedbythesteadyreductionintheaveragetransactionsizesinceitsin
