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Table 26 FE regression results of contactless debit 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 debit 3.789 (5.966) 4.256 (7.965) 3.206 (7.945)
log(income) 14.059*** (5.240) 13.057*** (4.988) 13.154*** (5.006)
Interest rate − 3.960 (4.175) − 7.424 (5.338) − 7.002 (5.358)
Education       
High school 22.962*** (5.741) 23.694** (9.272) 13.458 (10.292)
Some college 8.841 (40.354) − 42.988 (49.328) − 46.158 (35.830)
College 33.112 (43.942) − 25.073 (52.826) − 27.669 (40.513)
Post graduate 60.546 (52.828) − 16.242 (58.945) − 20.329 (47.134)
Employment       
Working 2.339 (7.593) 4.849 (8.873) 5.420 (8.717)
Retired 6.492 (8.506) 25.442** (12.730) 24.980** (12.509)
Other 7.170 (7.620) 4.548 (9.582) 5.150 (9.593)
Marital status       
Single − 5.355 (21.662) 3.977 (32.038) 4.851 (31.983)
Married − 17.728 (20.232) − 11.518 (30.069) − 9.448 (29.966)
Separated − 25.935 (24.999) − 29.421 (36.135) − 26.059 (35.745)
Age       
25–34 5.047 (13.856) − 33.830 (26.245) − 31.345 (26.809)
35–44 4.502 (17.233) − 32.614 (29.194) − 31.246 (29.329)
45–54 2.512 (19.327) − 40.682 (31.522) − 37.907 (31.710)
55–64 17.968 (21.568) − 24.783 (33.801) − 21.768 (33.750)
> 65 25.009 (23.794) − 17.044 (35.696) − 13.001 (35.650)
Other       
HH members − 0.748 (2.545) − 0.673 (3.064) − 0.704 (3.049)
CC revolver − 3.961 (4.785) − 1.643 (5.826) − 1.743 (5.844)
Home owner − 1.334 (7.684) − 7.772 (9.411) − 8.442 (9.467)
Rel. characteristics       
Security    − 3.354 (2.297) − 3.030 (2.304)
Setup    3.689 (4.183) 3.683 (4.189)
Acceptance    − 0.064 (4.609) − 0.270 (4.640)
Costs    − 2.416 (4.978) − 2.466 (4.982)
Records    1.844 (3.087) 2.089 (3.093)
Convenience    − 3.301 (4.358) − 3.054 (4.361)
Withdrawal method       
Bank teller      14.425** (6.723)
Check casher      4.667 (13.153)
Cashback      − 3.940 (5.414)
Employer      − 17.593 (14.111)
Family      16.414 (15.787)
Other      5.485 (9.757)
Constant − 108.235 (67.233) − 13.011 (73.219) − 17.689 (67.989)
R 2 0.011   0.014   0.020  
Observations 3882   3093   3093  
Individuals 905   898   898  
  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