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Using two waves of representative Chinese national surveys, the instrumental variable (IV) estimator suggests that mobile payment is positively and statistically significantly correlated with SWB. Furthermore, the results reveal that the positive correlation comes from the compound influence of economic, social, and environmental channels. Specifically, it shows that mobile payment not only affects people\u2019s economic and social performance but also mitigates the adverse effects of poor environmental conditions on SWB. Additionally, a further disaggregated analysis shows that mobile payment exerts a stronger positive influence on SWB for people from underdeveloped areas within the economic\u2013social\u2013environmental framework. These findings shed light on the role of financial technology in facilitating sustainable development.<\/jats:p>","DOI":"10.3390\/jtaer19020063","type":"journal-article","created":{"date-parts":[[2024,5,27]],"date-time":"2024-05-27T10:27:59Z","timestamp":1716805679000},"page":"1222-1242","update-policy":"https:\/\/doi.org\/10.3390\/mdpi_crossmark_policy","source":"Crossref","is-referenced-by-count":4,"title":["Digital Wallet, Happy Heart: An Analysis Based on the Economic\u2013Social\u2013Environmental Perspective"],"prefix":"10.3390","volume":"19","author":[{"ORCID":"https:\/\/orcid.org\/0000-0001-7388-4028","authenticated-orcid":false,"given":"Xiaomei","family":"Gong","sequence":"first","affiliation":[{"name":"School of Public Economics and Administration, Shanghai University of Finance and Economics, Shanghai 200433, China"}]},{"given":"Huirong","family":"Zhang","sequence":"additional","affiliation":[{"name":"School of Labor Relationship, Shandong Management University, Jinan 250357, China"}]},{"ORCID":"https:\/\/orcid.org\/0000-0002-0595-7202","authenticated-orcid":false,"given":"Jiaping","family":"Zhang","sequence":"additional","affiliation":[{"name":"School of Public Management, East China Normal University, Shanghai 200062, China"}]}],"member":"1968","published-online":{"date-parts":[[2024,5,25]]},"reference":[{"key":"ref_1","doi-asserted-by":"crossref","first-page":"253","DOI":"10.1038\/s41562-018-0307-6","article-title":"Advances in subjective well-being research","volume":"2","author":"Diener","year":"2018","journal-title":"Nat. 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