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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