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Table 25 FE regression results of contactless credit 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 credit

8.371

(12.976)

6.850

(14.477)

6.067

(14.318)

log(income)

12.786***

(4.315)

11.055***

(4.237)

10.827**

(4.272)

Interest rate

− 4.682

(4.328)

− 7.248

(5.624)

− 6.786

(5.622)

Education

      

High school

22.749***

(6.643)

21.033**

(9.831)

5.685

(10.927)

Some college

34.216

(22.420)

37.017

(28.817)

18.492

(27.996)

College

56.729**

(27.883)

57.559*

(34.903)

40.469

(34.991)

Post graduate

90.759**

(42.140)

69.550

(42.755)

49.777

(41.246)

Employment

      

Working

− 5.712

(7.804)

− 3.206

(8.858)

− 3.256

(8.653)

Retired

5.639

(9.589)

33.880***

(12.537)

33.505***

(12.363)

Other

8.499

(8.777)

0.718

(10.640)

1.618

(10.546)

Marital status

      

Single

3.580

(25.940)

31.442

(38.132)

30.960

(37.818)

Married

− 2.111

(24.427)

10.350

(36.163)

11.797

(35.912)

Separated

0.832

(24.022)

6.940

(35.086)

7.005

(34.823)

Age

      

25–34

− 12.806

(14.095)

− 47.290*

(24.754)

− 48.077*

(26.045)

35–44

− 9.874

(18.077)

− 39.249

(27.810)

− 40.680

(28.671)

45–54

− 11.948

(19.972)

− 43.834

(30.011)

− 43.679

(30.794)

55–64

− 0.598

(21.883)

− 31.003

(32.207)

− 30.349

(32.904)

> 65

2.505

(23.721)

− 27.453

(33.924)

− 25.689

(34.512)

Other

      

HH members

0.613

(2.484)

− 0.103

(3.061)

0.088

(3.078)

CC revolver

− 0.053

(4.976)

− 1.117

(6.277)

− 1.473

(6.354)

Home owner

− 2.163

(8.108)

− 6.272

(10.283)

− 6.916

(10.301)

Rel. characteristics

      

Security

  

− 2.873

(2.274)

− 2.415

(2.262)

Setup

  

2.135

(4.750)

2.088

(4.763)

Acceptance

  

− 0.195

(5.424)

− 0.452

(5.493)

Costs

  

− 1.493

(5.273)

− 1.690

(5.286)

Records

  

3.188

(3.449)

3.792

(3.452)

Convenience

  

− 1.924

(4.760)

− 1.777

(4.800)

Withdrawal method

      

Bank teller

    

21.945***

(7.388)

Check casher

    

6.857

(13.532)

Cashback

    

− 0.751

(4.903)

Employer

    

− 18.784

(15.614)

Family

    

12.484

(9.592)

Other

    

5.559

(13.758)

Constant

− 111.279**

(55.791)

− 72.804

(66.349)

− 58.150

(66.991)

R 2

0.009

 

0.014

 

0.024

 

Observations

3599

 

2874

 

2874

 

Individuals

851

 

844

 

844

 
  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