Note(s): This table presents the results of the Grandeur causality test of the relationship between relative price ratio and card usage performance. Panel A presents the Dumitrescu and Hurlin (DH) test results and Panel B presents the results of the Panel-VAR model test. X represents the logarithm of the relative price ratio, while B is the logarithm of card usage performance. The results indicate a normal time series with no unit root at the 1% and 5% significance levels, respectively, and satisfies the test requirements. Lotte Card, Samsung Card, Shinhan Card and Hyundai Card were used in the analysis since they did not have any missing values during the sample period. The lag time was set to two periods, which corresponds to the minimum Akaike information criterion (AIC) among Lag1∼Lag3