From: Financial literacy, behavioral traits, and ePayment adoption and usage in Japan
 | Using e-money | Using mobile payment apps | Using either e-money or mobile payment apps |
---|---|---|---|
(1) | (2) | (3) | |
Financial literacy | 0.053*** | 0.012*** | 0.059*** |
[0.004] | [0.002] | [0.004] | |
Risk aversion | − 0.029*** | − 0.034*** | − 0.037*** |
[0.008] | [0.005] | [0.008] | |
Herd behavior | 0.003 | 0.017*** | 0.008 |
[0.008] | [0.005] | [0.008] | |
Limited acceptance (at stores) | − 0.008 | − 0.010** | − 0.008 |
[0.008] | [0.004] | [0.008] | |
Long time for settlement | − 0.017 | − 0.013** | − 0.016 |
[0.011] | [0.006] | [0.011] | |
Private information not adequately secure | − 0.041*** | − 0.061*** | − 0.058*** |
[0.008] | [0.004] | [0.008] | |
Lack of tools to prevent overuse | − 0.037*** | − 0.019*** | − 0.039*** |
[0.010] | [0.005] | [0.010] | |
Fully satisfied with cash | − 0.078*** | − 0.042*** | − 0.091*** |
[0.008] | [0.004] | [0.008] | |
Male | − 0.046*** | 0.020*** | − 0.039*** |
[0.008] | [0.004] | [0.008] | |
Age group (reference group: ≤ 30 years old) | |||
 30–40 years old | 0.041*** | 0.001 | 0.033*** |
[0.011] | [0.008] | [0.012] | |
 40–50 years old | 0.050*** | − 0.029*** | 0.032*** |
[0.011] | [0.007] | [0.012] | |
 50–60 years old | 0.070*** | − 0.048*** | 0.043*** |
[0.012] | [0.007] | [0.012] | |
 60–70 years old | 0.041*** | − 0.063*** | 0.012 |
[0.012] | [0.007] | [0.012] | |
 ≥ 70 years old | − 0.026** | − 0.076*** | − 0.060*** |
[0.013] | [0.007] | [0.013] | |
Education (reference group: primary and junior high school) | |||
 High school | − 0.006 | − 0.000 | − 0.003 |
[0.016] | [0.008] | [0.016] | |
 Specialized college | 0.012 | − 0.008 | 0.011 |
[0.018] | [0.009] | [0.018] | |
 Junior college/technical college | 0.022 | − 0.002 | 0.022 |
[0.018] | [0.009] | [0.018] | |
 University | 0.043*** | − 0.002 | 0.039** |
[0.016] | [0.009] | [0.017] | |
 Graduate school | 0.081*** | 0.002 | 0.080*** |
[0.022] | [0.013] | [0.023] | |
Income (JPY) (reference group: no income) | |||
 < 2.5 ml | 0.067*** | 0.020** | 0.074*** |
[0.016] | [0.008] | [0.017] | |
 ≥ 2.5 ml and < 5 ml | 0.073*** | 0.021** | 0.081*** |
[0.017] | [0.008] | [0.017] | |
 ≥ 5 ml and < 7.5 ml | 0.088*** | 0.027*** | 0.095*** |
[0.018] | [0.009] | [0.018] | |
 ≥ 7.5 ml and < 10 ml | 0.097*** | 0.037*** | 0.109*** |
[0.019] | [0.010] | [0.019] | |
 ≥ 10 ml and < 15 ml | 0.116*** | 0.052*** | 0.124*** |
[0.021] | [0.012] | [0.021] | |
 ≥ 15 ml | 0.134*** | 0.065*** | 0.144*** |
[0.028] | [0.017] | [0.028] | |
 Don't report income | 0.048*** | 0.021*** | 0.053*** |
[0.016] | [0.008] | [0.017] | |
Occupation dummies | Yes | Yes | Yes |
Frequency of news acquired dummies | Yes | Yes | Yes |
Prefectural dummies | Yes | Yes | Yes |
Intercept | 0.271*** | 0.098*** | 0.309*** |
[0.029] | [0.015] | [0.029] | |
N | 24,516 | 24,516 | 24,516 |