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Table 22 FE regression results of contactless debit on usual cash withdrawn

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 − 2.250 (7.691) − 2.966 (7.751) − 5.062 (7.725)
log(income) 13.180*** (5.052) 14.032** (6.080) 14.064** (5.722)
Interest rate − 6.115 (4.419) − 5.534 (5.620) − 5.703 (5.316)
Education       
High school 43.297*** (16.342) 110.610*** (14.186) 73.845*** (15.433)
Some college 79.346*** (23.743) 177.691*** (57.411) 89.593* (47.979)
College 50.543 (31.071) 153.333** (60.971) 71.590 (51.456)
Post graduate 134.919* (81.733) 239.194** (120.869) 154.730 (109.015)
Employment       
Working − 2.741 (7.396) − 4.863 (8.944) − 9.299 (8.963)
Retired 19.282* (10.956) 5.419 (15.423) 5.857 (13.374)
Other 8.306 (8.753) − 6.275 (11.157) − 5.310 (9.909)
Marital status       
Single − 16.405 (25.948) 15.137 (18.551) 15.823 (16.334)
Married − 35.387 (23.518) − 9.051 (12.606) − 3.195 (10.892)
Separated − 58.642* (30.508) − 30.496 (23.113) − 21.275 (22.700)
Age       
25–34 27.552* (15.736) − 2.481 (9.766) 0.370 (12.142)
35–44 45.886* (23.834) 15.797 (28.556) 21.034 (26.914)
45–54 65.007** (26.469) 26.038 (31.001) 26.697 (29.051)
55–64 63.898** (29.855) 12.884 (35.174) 15.375 (33.524)
> 65 71.227** (32.871) 4.624 (37.857) 5.884 (36.258)
Other       
HH members − 0.524 (4.680) − 0.951 (4.890) − 0.696 (4.738)
CC revolver − 7.442 (5.676) − 3.239 (6.892) − 1.042 (6.369)
Home owner − 6.778 (10.660) − 17.967 (13.238) − 17.593 (13.200)
Rel. characteristics       
Security    -5.028 (3.208) − 4.280 (3.126)
Setup    10.431** (4.616) 7.110 (4.588)
Acceptance    3.481 (8.858) 4.735 (8.138)
Costs    1.605 (7.332) 0.797 (6.999)
Records    − 1.113 (5.140) − 0.076 (4.793)
Convenience    − 4.070 (6.906) − 4.625 (6.730)
Withdrawal method       
Bank teller      55.641*** (10.210)
Check casher      137.978** (67.915)
Cashback      − 26.767*** (6.760)
Employer      67.020 (43.680)
Family      − 11.546 (19.602)
Other      95.660*** (28.368)
Constant − 118.698* (67.890) − 187.422** (92.827) − 134.658 (83.228)
R 2 0.012   0.011   0.067  
Observations 3874   3084   3084  
Individuals 906   899   899  
  1. FE is the fixed-effects estimator obtained on the balanced panel. b are the point estimates and se the standard errors. Cluster-robust standard errors 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