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Table 23 FE regression results of contactless credit on number of withdrawals

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 credit − 0.325 (0.355) − 0.326 (0.435) − 0.295 (0.446)
log(income) 0.290* (0.152) 0.193 (0.198) 0.236 (0.196)
Interest rate 0.203 (0.131) 0.282 (0.184) 0.237 (0.184)
Education       
High school 1.449*** (0.391) 1.490*** (0.354) 1.996*** (0.382)
Some college 1.229 (1.358) 1.101 (1.889) 1.803 (2.043)
College 1.800 (1.601) 1.751 (2.139) 2.333 (2.274)
Post graduate 1.793 (1.497) 1.699 (2.123) 2.274 (2.254)
Employment       
Working − 0.058 (0.292) 0.199 (0.364) 0.236 (0.354)
Retired − 0.031 (0.415) − 0.040 (0.742) 0.096 (0.742)
Other − 0.008 (0.315) 0.237 (0.474) 0.170 (0.469)
Marital status       
Single − 0.645 (0.711) 0.060 (0.843) 0.035 (0.791)
Married − 0.838 (0.577) − 0.772 (0.600) − 0.780 (0.571)
Separated − 0.951 (0.782) − 0.952 (0.831) − 0.907 (0.812)
Age       
25–34 0.826 (0.538) 0.618 (1.199) 0.551 (1.097)
35–44 1.439** (0.653) 1.504 (1.261) 1.458 (1.149)
45–54 1.691** (0.752) 1.615 (1.357) 1.558 (1.242)
55–64 1.688** (0.783) 1.465 (1.394) 1.321 (1.280)
> 65 1.290 (0.862) 0.999 (1.473) 0.736 (1.359)
Other       
HH members 0.007 (0.091) 0.090 (0.118) 0.063 (0.115)
CC revolver 0.136 (0.231) − 0.117 (0.262) − 0.151 (0.255)
Home owner 0.059 (0.418) 0.260 (0.507) 0.259 (0.498)
Rel. characteristics       
Security    0.022 (0.088) − 0.005 (0.088)
Setup    − 0.057 (0.220) − 0.076 (0.219)
Acceptance    − 0.322 (0.266) − 0.294 (0.257)
Costs    0.074 (0.187) 0.074 (0.186)
Records    0.033 (0.138) − 0.010 (0.134)
Convenience    − 0.034 (0.163) − 0.024 (0.162)
Withdrawal method       
Bank teller      − 0.657*** (0.223)
Check casher      − 1.107 (0.828)
Cashback      0.353 (0.299)
Employer      1.245 (0.937)
Family      0.391 (0.459)
Other      1.723*** (0.576)
Constant − 2.080 (2.134) − 1.437 (2.954) − 2.437 (2.952)
R 2 0.006   0.009   0.031  
Observations 3602   2874   2873  
Individuals 853   847   846  
  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