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Table 18 OLS regression results of contactless debit on cash in wallet

From: The impact of contactless payment on cash usage at an early stage of diffusion

  (1) (2) (3)
Variable b se b se b se
Contactless debit − 4.297 (8.632) − 2.101 (8.698) 0.426 (8.579)
log(income) 22.570*** (4.533) 23.138*** (4.532) 24.163*** (4.586)
Interest rate 0.261 (4.868) − 0.116 (5.072) 1.036 (5.223)
Education       
High school 2.530 (19.833) 5.129 (20.836) 7.041 (21.495)
Some college − 2.438 (20.582) 0.488 (21.607) 1.440 (22.324)
College 6.204 (21.106) 9.803 (22.082) 12.375 (22.850)
Post graduate − 0.831 (21.867) 2.645 (22.718) 4.967 (23.545)
Employment       
Working − 0.532 (7.003) − 1.727 (6.989) − 2.544 (6.873)
Retired 4.759 (12.582) 7.709 (12.759) 8.146 (12.309)
Other 6.109 (8.026) 6.877 (7.822) 6.326 (7.713)
Marital status       
Single − 23.694 (16.853) − 22.452 (16.982) − 22.318 (16.391)
Married − 37.883** (15.795) − 37.085** (15.815) -37.094** (15.245)
Separated − 19.301 (15.917) − 16.765 (16.034) − 14.785 (15.485)
Age       
25–34 − 8.175 (12.195) − 8.866 (12.419) − 2.950 (11.503)
35–44 − 0.213 (13.365) − 0.347 (13.579) 6.858 (12.795)
45–54 9.806 (13.872) 8.696 (14.121) 11.577 (13.133)
55–64 25.473* (14.316) 23.488 (14.655) 26.461* (13.766)
> 65 26.882 (17.618) 21.233 (17.976) 23.932 (17.258)
Ethnicity       
White − 12.432 (15.334) − 11.990 (15.489) − 14.012 (15.560)
Black − 14.257 (16.713) − 13.823 (16.918) − 15.384 (16.975)
Latino − 2.734 (7.618) − 2.590 (7.836) − 1.968 (7.864)
Other − 4.511 (17.154) − 5.844 (17.351) − 7.955 (17.618)
Other       
Male 31.826*** (4.800) 30.983*** (4.856) 29.676*** (4.791)
HH members 1.076 (2.949) 0.895 (2.914) 0.601 (2.933)
CC revolver − 15.400*** (5.098) − 14.107*** (5.223) − 11.953** (5.141)
Home owner 17.090*** (5.481) 15.767*** (5.434) 15.089*** (5.014)
Rel. characteristics       
Security    − 0.734 (3.257) − 2.321 (3.222)
Setup    − 3.304 (6.158) − 6.769 (6.106)
Acceptance    1.383 (9.081) 0.816 (9.215)
Costs    − 8.711 (7.340) − 8.160 (7.192)
Records    0.583 (4.814) − 1.448 (4.716)
Convenience    12.647* (6.708) 11.532* (6.438)
Withdrawal method       
Bank teller      20.921*** (7.011)
Check casher      93.853** (40.348)
Cashback      − 13.221** (6.138)
Employer      36.721** (15.692)
Family      4.369 (10.858)
Other      28.434 (19.534)
Constant − 175.522*** (49.091) − 177.964*** (50.477) − 206.167*** (52.098)
R 2 0.153   0.155   0.182  
Individuals 1466   1454   1454  
  1. b are the point estimates and se the standard errors. Cluster-robust standard errors and survey weights are used. HH and CC refers to household and credit card, respectively. Base category of categorical variables is lower than high school, unemployed, widowed, lower than 25 years, Asian, and ATM. Significance levels are denoted as ***p <0.01, **p <0.05, *p <0.1