Skip to main content

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