Abstract:As the development of mobile internet, mobile payment has gradually become the payment habit of consumers. It analyzes the influence mechanism of mobile payment on consumption from three aspects: dual-channel mental account theory, transaction cost and liquidity constraint. The two-stage least squares method is used to estimate. The results show that mobile payment has a significant positive impact on household consumption, food expenditure, education expenditure, and entertainment expenditure. Among them, it has the largest impact on food expenditure and the least impact on entertainment expenditure.