Payments & Liquidity

BIS - Financial Technologies, Labor Markets, and Wage Inequality: Evidence from Instant Payment Systems (Aug 2026)

Using Brazil's Pix rollout, the paper finds that instant payment systems raise wages at small, cash-intensive establishments and reduce wage inequality, especially in the lower half of the wage distribution. The mechanism is lower payment frictions that boost small-firm labor demand.

Topics: payments, regulation, settlement, market research, fintech

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