![Funded Research Proposal](https://mackinstitute.wharton.upenn.edu/wp-content/uploads/2016/06/Funded-Research-Proposal-150x100.png)
How do instant payment technologies impact financial intermediation? I use municipality-level data on the development of Pix in Brazil and combine it with branch-level banking data to provide evidence that instant payments positively impact deposit market competition—Pix usage increases checking, saving, and time deposits of small banks relative to large banks.…Read More