Variable

Description

Test Statistic

Probability

Credit and Debit Card Transactions

Phillips-Perron test statistic (LEVEL)

−1.5230

0.5126

Phillips-Perron test statistic (1^st difference)

−3.7612

0.0065

GDP

Phillips-Perron test statistic (LEVEL)

−2.7183

0.0792

Phillips-Perron test statistic (1^st difference)

−15.3794

0.0000

Currency in Circulation

Phillips-Perron test statistic (LEVEL)

2.3519

0.9999

Phillips-Perron test statistic (1^st difference)

−10.5262

0.0000

Internet-Based Financial Transactions

Phillips-Perron test statistic (LEVEL)

6.9361

1.0000

Phillips-Perron test statistic (1^st difference)

−3.6138

0.0096