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Table 24 FE regression results of contactless debit 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 debit − 0.904* (0.502) − 0.942 (0.634) − 0.941 (0.625)
log(income) 0.186 (0.131) 0.151 (0.186) 0.179 (0.185)
Interest rate 0.180 (0.119) 0.195 (0.164) 0.171 (0.165)
Education       
High school 1.397*** (0.281) 1.366*** (0.319) 1.794*** (0.345)
Some college 1.176 (1.763) − 5.620 (5.910) − 5.640 (6.675)
College 2.032 (1.993) − 4.699 (6.010) − 4.814 (6.763)
Post graduate 2.141 (1.893) − 4.665 (6.004) − 4.771 (6.758)
Employment       
Working − 0.171 (0.258) 0.112 (0.322) 0.096 (0.310)
Retired − 0.442 (0.322) − 0.378 (0.616) − 0.231 (0.605)
Other − 0.149 (0.215) − 0.178 (0.312) − 0.246 (0.310)
Marital status       
Single − 0.182 (0.864) 0.729 (1.050) 0.685 (1.027)
Married − 0.925 (0.578) − 0.718 (0.591) − 0.725 (0.562)
Separated − 1.370 (0.845) − 1.189 (0.922) − 1.201 (0.909)
Age       
25–34 0.377 (0.443) − 0.167 (0.892) − 0.220 (0.916)
35–44 0.675 (0.567) 0.491 (0.947) 0.490 (0.948)
45–54 0.880 (0.687) 0.472 (1.085) 0.444 (1.075)
55–64 0.779 (0.743) 0.408 (1.155) 0.337 (1.145)
> 65 0.612 (0.841) 0.215 (1.268) 0.033 (1.255)
Other       
HH members 0.074 (0.093) 0.125 (0.116) 0.108 (0.113)
CC revolver 0.127 (0.199) − 0.033 (0.249) − 0.054 (0.244)
Home owner − 0.034 (0.391) 0.040 (0.472) 0.048 (0.461)
Rel. characteristics       
Security    0.054 (0.084) 0.027 (0.083)
Setup    − 0.056 (0.191) − 0.086 (0.189)
Acceptance    − 0.168 (0.224) − 0.140 (0.212)
Costs    0.098 (0.168) 0.103 (0.166)
Records    0.098 (0.128) 0.060 (0.126)
Convenience    0.118 (0.128) 0.112 (0.126)
Withdrawal method       
Bank teller      − 0.550** (0.215)
Check casher      − 0.631 (0.392)
Cashback      0.276 (0.302)
Employer      1.804* (0.964)
Family      0.017 (0.448)
Other      1.824*** (0.566)
Constant − 0.233 (2.324) 5.909 (5.481) 5.619 (6.049)
R 2 0.008   0.015   0.041  
Observations 3882   3090   3089  
Individuals 906   900   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