Siberian Federal University

Issue

Journal of Siberian Federal University. Humanities & Social Sciences. 2025 18 (6)

Authors

Lambert Kofi Osei

Contact information

Lambert Kofi Osei: Kumasi Technical University Kumasi, Republic of Ghana;

Keywords

debit cards; digital financial inclusion; internet penetration; GDP per capita foreign direct investments (FDI); fixed effects model; and panel least square

Abstract

This study investigates the key macroeconomic determinants driving the growth of digital payment channels, specifically debit card usage, in emerging markets. Utilizing a panel dataset spanning 14 countries across Eastern Europe, Asia Pacific, South America, and Africa from 2004 to 2023, the study applies a standard growth model inspired by Barro’s framework (1998) to assess the impact of variables such as Foreign Direct Investment (FDI), internet penetration, GDP per capita, inflation, and ICT imports on debit card usage. The analysis employs both fixed and random effects estimators, ultimately settling on a fixed effects model based on the Hausman test. The study concludes with recommendations for policymakers, including fostering an enabling environment for FDI, expanding internet access, and developing domestic financial infrastructure to promote the widespread adoption of digital payment systems

Pages

1185–1197

EDN

KRMCJO

Paper at repository of SibFU

https://elib.sfu-kras.ru/handle/2311/156199

This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License (CC BY-NC 4.0).