A key challenge for the study of interoperable payment systems (IPSs)–which allow for instant transfers between accounts held by different financial institutions–is measuring the usage of digital payments. Relying on traditional surveys for this purpose can be difficult because transactions can be intermittent and difficult for individuals to precisely recall. In some cases researchers can access administrative data on transactions; however, it typically depends on establishing data sharing agreements with partner financial institutions, which can be time-consuming. Furthermore, for studies concerning the entire payment system, one may want to access data from multiple providers. This adds to the logistical barriers and is often not possible to obtain from a central provider (e.g., the government) due to modern privacy laws.
In partnership with IPA Philippines and Rizal Commercial Banking Corporation (RCBC)—a leading commercial bank in the Philippines—researchers are comparing the quality of data that can be obtained from “decentralized” data collection methods to administrative transaction-level data from a leading financial services provider (“centralized” approach) in the Philippines. Specifically, researchers are evaluating three decentralized data collection methods against administrative data. The researchers aim to assess which method gives the most accurate data, and to understand why certain methods might get it wrong:
- Surveys conducted occasionally (low-frequency);
- Surveys conducted regularly (high-frequency); and
- Transaction record downloads from the partner’s online banking app.
Given that these methods rely on respondent consent, the researchers also aim to measure the extent to which respondents are willing to consent at all to these methods. This will allow the researchers to measure if their results are biased because certain respondents opt out of participating.
The study aims to advance understanding of IPS usage and improve data collection methodologies, for IPSs, and digital finance more broadly. The findings will provide actionable insights for researchers and policymakers on accurately measuring digital financial services and evaluating user behavior. Additionally, the project aligns with ongoing efforts in the Philippines to enhance the financial ecosystem and the InstaPay IPS, while offering scalable lessons for other contexts where IPS adoption faces technical and measurement challenges.
Results of this project will be available in 2025.
Implementing Partner
