From: Financial literacy, behavioral traits, and ePayment adoption and usage in Japan
 | E-money | Mobile payment apps | ||||||
---|---|---|---|---|---|---|---|---|
Almost every day | Once a week | Once a month | Never | Almost every day | Once a week | Once a month | Never | |
(1) | (2) | (3) | (4) | (5) | (6) | (7) | (8) | |
Financial literacy | 0.028*** | 0.031*** | 0.004*** | − 0.064*** | 0.003*** | 0.006*** | 0.007*** | − 0.015*** |
[0.002] | [0.002] | [0.000] | [0.003] | [0.001] | [0.001] | [0.001] | [0.003] | |
Risk aversion | − 0.013*** | − 0.014*** | − 0.002*** | 0.029*** | − 0.008*** | − 0.015*** | − 0.018*** | 0.041*** |
[0.003] | [0.003] | [0.000] | [0.007] | [0.001] | [0.002] | [0.002] | [0.005] | |
Herd behavior | 0.003 | 0.003 | 0.000 | − 0.007 | 0.004*** | 0.007*** | 0.009*** | − 0.019*** |
[0.003] | [0.004] | [0.000] | [0.007] | [0.001] | [0.002] | [0.003] | [0.006] | |
Limited acceptance (at stores) | − 0.006** | − 0.007** | − 0.001** | 0.015** | − 0.001 | − 0.002 | − 0.003 | 0.006 |
[0.003] | [0.003] | [0.000] | [0.006] | [0.001] | [0.002] | [0.002] | [0.005] | |
Long time for settlement | − 0.008* | − 0.009* | − 0.001* | 0.018* | − 0.003** | − 0.007** | − 0.008** | 0.018** |
[0.004] | [0.005] | [0.001] | [0.010] | [0.001] | [0.003] | [0.004] | [0.008] | |
Private information not adequately secure | − 0.019*** | − 0.021*** | − 0.003*** | 0.044*** | − 0.021*** | − 0.042*** | − 0.051*** | 0.114*** |
[0.003] | [0.003] | [0.000] | [0.007] | [0.002] | [0.003] | [0.003] | [0.007] | |
Lack of tools to prevent overuse | − 0.011*** | − 0.013*** | − 0.002*** | 0.026*** | − 0.001 | − 0.002 | − 0.002 | 0.004 |
[0.004] | [0.004] | [0.001] | [0.009] | [0.001] | [0.003] | [0.003] | [0.007] | |
Fully satisfied with cash | − 0.047*** | − 0.052*** | − 0.007*** | 0.106*** | − 0.011*** | − 0.023*** | − 0.028*** | 0.062*** |
[0.004] | [0.004] | [0.001] | [0.008] | [0.001] | [0.002] | [0.003] | [0.006] | |
Male | − 0.020*** | − 0.022*** | − 0.003*** | 0.044*** | 0.001 | 0.003 | 0.003 | − 0.007 |
[0.003] | [0.003] | [0.000] | [0.007] | [0.001] | [0.002] | [0.002] | [0.005] | |
 Age group (reference group: ≤ 30) | ||||||||
 30–40 years old | 0.012** | 0.014** | 0.002** | − 0.027** | − 0.003 | − 0.006 | − 0.006 | 0.015 |
[0.005] | [0.006] | [0.001] | [0.011] | [0.002] | [0.004] | [0.004] | [0.010] | |
 40–50 years old | 0.017*** | 0.019*** | 0.003*** | − 0.038*** | − 0.015*** | − 0.027*** | − 0.029*** | 0.071*** |
[0.005] | [0.005] | [0.001] | [0.011] | [0.002] | [0.004] | [0.004] | [0.010] | |
 50–60 years old | 0.026*** | 0.028*** | 0.003*** | − 0.056*** | − 0.021*** | − 0.041*** | − 0.047*** | 0.110*** |
[0.005] | [0.006] | [0.001] | [0.011] | [0.002] | [0.004] | [0.004] | [0.010] | |
 60–70 years old | 0.011** | 0.012** | 0.002** | − 0.025** | − 0.027*** | − 0.056*** | − 0.068*** | 0.151*** |
[0.005] | [0.006] | [0.001] | [0.011] | [0.002] | [0.004] | [0.004] | [0.010] | |
 ≥ 70 years old | − 0.016*** | − 0.021*** | − 0.005*** | 0.041*** | − 0.032*** | − 0.072*** | − 0.097*** | 0.200*** |
[0.005] | [0.006] | [0.001] | [0.013] | [0.002] | [0.004] | [0.005] | [0.009] | |
Education (reference group: primary and junior high school) | ||||||||
 High school | 0.009 | 0.012 | 0.003 | − 0.024 | − 0.001 | − 0.002 | − 0.003 | 0.006 |
[0.007] | [0.010] | [0.002] | [0.019] | [0.003] | [0.005] | [0.006] | [0.014] | |
 Specialized college | 0.016** | 0.020** | 0.004* | − 0.040** | − 0.004 | − 0.008 | − 0.010 | 0.022 |
[0.007] | [0.010] | [0.002] | [0.020] | [0.003] | [0.006] | [0.006] | [0.015] | |
 Junior college/technical college | 0.021*** | 0.026*** | 0.005** | − 0.053*** | − 0.004 | − 0.008 | − 0.009 | 0.020 |
[0.008] | [0.010] | [0.002] | [0.020] | [0.003] | [0.006] | [0.007] | [0.015] | |
 University | 0.030*** | 0.036*** | 0.006*** | − 0.072*** | − 0.004 | − 0.008 | − 0.009 | 0.021 |
[0.007] | [0.010] | [0.002] | [0.019] | [0.003] | [0.005] | [0.006] | [0.014] | |
 Graduate school | 0.048*** | 0.053*** | 0.006*** | − 0.108*** | − 0.004 | − 0.008 | − 0.010 | 0.023 |
[0.010] | [0.011] | [0.002] | [0.022] | [0.003] | [0.006] | [0.008] | [0.017] | |
Income (JPY) (reference group: no income) | ||||||||
 < 2.5 ml | 0.027*** | 0.036*** | 0.008*** | − 0.071*** | 0.004** | 0.009** | 0.012** | − 0.025** |
[0.006] | [0.009] | [0.003] | [0.018] | [0.002] | [0.004] | [0.006] | [0.012] | |
 ≥ 2.5 ml and < 5 ml | 0.030*** | 0.038*** | 0.008*** | − 0.076*** | 0.006*** | 0.014*** | 0.018*** | − 0.037*** |
[0.006] | [0.009] | [0.003] | [0.018] | [0.002] | [0.005] | [0.006] | [0.013] | |
 ≥ 5 ml and < 7.5 ml | 0.034*** | 0.044*** | 0.009*** | − 0.087*** | 0.007*** | 0.015*** | 0.019*** | − 0.041*** |
[0.007] | [0.009] | [0.003] | [0.019] | [0.002] | [0.005] | [0.006] | [0.013] | |
 ≥ 7.5 ml and < 10 ml | 0.040*** | 0.049*** | 0.009*** | − 0.098*** | 0.009*** | 0.020*** | 0.025*** | − 0.054*** |
[0.007] | [0.010] | [0.003] | [0.019] | [0.002] | [0.005] | [0.007] | [0.014] | |
 ≥ 10 ml and < 15 ml | 0.042*** | 0.051*** | 0.010*** | − 0.103*** | 0.013*** | 0.026*** | 0.033*** | − 0.072*** |
[0.008] | [0.010] | [0.003] | [0.021] | [0.003] | [0.006] | [0.007] | [0.016] | |
 ≥ 15 ml | 0.053*** | 0.062*** | 0.010*** | − 0.125*** | 0.019*** | 0.036*** | 0.043*** | − 0.098*** |
[0.011] | [0.013] | [0.003] | [0.025] | [0.005] | [0.008] | [0.009] | [0.022] | |
 Don't report income | 0.019*** | 0.026*** | 0.006** | − 0.050*** | 0.004** | 0.010** | 0.013** | − 0.028** |
[0.006] | [0.009] | [0.003] | [0.018] | [0.002] | [0.005] | [0.006] | [0.013] | |
Occupation dummies | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
Frequency of news acquired dummies | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
Prefectural dummies | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
N | 24,516 | 24,516 | 24,516 | 24,516 | 24,516 | 24,516 | 24,516 | 24,516 |