Main Article Content
Abstract
This study aims to analyze the impact of cashless payments on Indonesia’s economy, before and during the COVID-19 pandemic. The economic growth in this study is calculated through GDP at constant price and the cashless payment in this study are represented by transactions through debit card, credit card, and e-money. The data used in this study uses secondary data in the form of time series data from January 2018 to December 2022. The data was obtained from the Central Bank of Indonesia (BI) statistic data and Statistics Indonesia (BPS). The analytical method used in this study is the Autoregressive Distributed Lag (ARDL). Based on the results of estimations indicate that in the short run as well as in the long run, debit card and credit card have an insignificant impact on economic growth, while e-money has a positive and significant impact. Cashless payment has a significant positive impact on economic growth, before and during COVID-19 pandemic, however during the pandemic, the impact of cashless payment on economic growth was bigger. As a result, the current cashless policy should be modified to create an efficient payment system while also considering the impact of using cashless payment instruments during the COVID-19 pandemic.
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References
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- Agarwal, S., & Qian, W. (2014). Consumption and Debt Response to Unanticipated Income Shocks: Evidence from a Natural Experiment in Singapore? American Economic Review, 104(12), 3841–3884. https://doi.org/10.1257/aer.104.12.4205
- Aji, H. M., Berakon, I., & Md Husin, M. (2020). COVID-19 and E-wallet Usage Intention: A Multigroup Analysis between Indonesia and Malaysia. Cogent Business and Management, 7(1), 1–16. https://doi.org/10.1080/23311975.2020.1804181
- Andaiyani, S., Hidayat, A., Djambak, S., & Hamidi, I. (2021). Counter-Cyclical Capital Buffer and Regional Development Bank Profitability: An Empirical Study in Indonesia. The Journal of Asian Finance, Economics and Business, 8(5), 829–837. https://doi.org/10.13106/jafeb.2021.vol8.no5.0829
- Balgova, M., Nies, M., & Plekhanov, A. (2018). The Economic Impact of Reducing Non-Performing Loans. SSRN Electronic Journal, 193. https://doi.org/10.2139/ssrn.3119677
- Bank Indonesia. (2020). Laporan Perekonomian Indonesia Tahun 2020. http://www.bi.go.id/
- Choudhary, A. (2018). On Way Towards a Cashless Economy, Challenges and Opportunities. International Journal of Business Management & Research, 8(2), 1–8. https://doi.org/10.24247/ijbmrapr20181
- De, R., Pandey, N., & Pal, A. (2020). Impact of Digital Surge During Covid-19 Pandemic: A Viewpoint on Research and Practice. International Journal of Information and Learning Technology, 55, 1–6. https://doi.org/10.1016/j.ijinfomgt.2020.102171
- Dinçer, H., Yuksel, S., & Adali, Z. (2018). Relationship between Non- Performing Loans, Industry, and Economic Growth of the African Economies and Policy Recommendations for Global Growth. Globalization and Trade Integration in Developing Countries, 203–228. https://doi.org/10.4018/978-1-5225-4032-8.ch009
- Ezuwore- Obodoekwe, C. N., Eyisi, A. S., & Emengini, S. E. (2014). A Critical Analysis of Cashless Banking Policy in Nigeria. IOSR Journal of Business and Management, 16(5), 30–42.
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- Febriaty, H. (2019). Pengaruh Sistem Pembayaran Non Tunai Dalam Era Digital Terhadap Tingkat Pertumbuhan Ekonomi Indonesia. Prosiding FRIMA (Festival Riset Ilmiah Manajemen Dan Akuntansi), 6681(2), 307–313. https://doi.org/10.55916/frima.v0i2.47
- Fung, B. S. C., Huynh, K. P., & Sabetti, L. (2014). The Impact of Retail Payment Innovations on Cash Usage. The Journal of Financial Market Infrastructures, 3(1), 3–31. https://doi.org/10.21314/jfmi.2014.034
- Garg, P., & Panchal, M. (2017). Study on Introduction of Cashless Economy in India 2016: Benefits & Challenge’s. IOSR Journal of Business and Management, 19(04), 116–120. https://doi.org/10.9790/487x-190402116120
- Igamo, A. M., & Falianty, T. A. (2018). The Impact of Electronic Money on The Efficiency of The Payment System and The Substitution of Cash in Indonesia. Sriwijaya International Journal of Dynamic Economics and Business, 2(3), 237–254. https://doi.org/10.29259/sijdeb.v2i3.237-254
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- Lintangsari, N. N., Hidayati, N., Purnamasari, Y., Carolina, H., & Febranto, W. (2018). Analisis Pengaruh Instrumen Pembayaran Non- tunai Terhadap Stabilitas Sistem Keuangan di Indonesia. Jurnal Dinamika Ekonomi Pembangunan, 1(1), 47–62. https://doi.org/10.14710/jdep.1.1.47-62
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- Maurya, P. (2019). Cashless Economy and Digitalization. SSRN Electronic Journal, Risbank, 710–715. https://doi.org/10.2139/ssrn.3309307
- Nursari, A., Suparta, I. W., & Moelgini, Y. (2019). Pengaruh Pembayaran Non Tunai Terhadap Jumlah Uang yang Diminta Masyarakat (M1) dan Perekonomian. Jurnal Ekonomi Pembangunan, 8(3), 285–306. https://doi.org/10.23960/jep.v8i3.46
- Qoirun, M., Arifin, N., & Oktavilia, S. (2020). Economics Development Analysis Journal Analysis The Use of Electronic Money in Indonesia Article Info. Economics Development Analysis Journal, 9(4). https://doi.org/10.15294/edaj.v9i4.39934
- Simorangkir, I. (2014). Pengantar Kebanksentralan Teori dan Praktik di Indonesia. PT. Raja Grafindo Persada.
- Slozko, O., & Pelo, A. (2014). Local Governance, Resources and Tourism Promotion: The Case of Taormina. Economics and Sociology, 7(3), 170–178. https://doi.org/10.14254/2071-789X.2014/7-3/13
- Solihat, A., & Nugraha, N. (2020). How Behavioral Finance During Pandemic COVID-19? Business Innovation and Entrepreneurship Journal, 2(2), 131–137. https://doi.org/10.35899/biej.v2i2.126
- Susilawati, & Putri, D. Z. (2019). Analisis Pengaruh Transaksi Non Tunai dan Suku Bunga BI Terhadap Pertumbuhan Ekonomi di Indonesia. Jurnal Kajian Ekonomi Dan Pembangunan, 1(2), 667–678. http://dx.doi.org/10.24036/jkep.v1i2.6294
- Systems, B. (2013). Determinants of Non-Performing Loans – Evidence from Southeastern European Banking Systems. 8(1).
- Tee, H. H., & Ong, H. B. (2016). Cashless Payment and Economic Growth. Tee and Ong Financial Innovation, 2(4), 1–9. https://doi.org/10.1186/s40854-016-0023-z
- Thirupathi, F., Vinayagamoorthi, G., & Mathiraj, S. P. (2019). Effect of Cashless Payment Methods: A Case Study Perspective Analysis. International Journal of Scientific and Technology Research, 8(8), 394–397.
- Ulfi, I. (2020). Tantangan dan Peluang Kebijakan Non-Tunai: Sebuah Studi Literatur. Jurnal Ilmiah Ekonomi Bisnis, 25(1), 55–65. https://doi.org/10.35760/eb.2020.v25i1.2379
- Wardani, V., & Lahuddin, L. (2021). The Relationship between Current COVID-19 and Indonesia Stock Market: Evidence from ARDL Model. Jurnal Ekonomi Pembangunan, 19(1), 101-110. doi:https://doi.org/10.29259/jep.v19i1.13837
- Wong, T. L., Lau, W. Y., & Yip, T. M. (2020). Cashless Payments and Economic Growth: Evidence from Selected OECD Countries. Journal of Central Banking Theory and Practice, 9(2015), 189–213. https://doi.org/10.2478/jcbtp-2020-0028
- Wood, A., & Skinner, N. (2018). Determinants of Non-Performing Loans: Evidence from Commercial Banks in Barbados. The Business and Management Review, 9(3), 44–64.
- Yamali, F. R., & Putri, R. N. (2020). Dampak COVID-19 Terhadap Ekonomi Indonesia. Ekonomis: Journal of Economics and Business, 4(2), 384. https://doi.org/10.33087/ekonomis.v4i2.179
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References
Abidin, M. S. (2015). Dampak Kebijakan E-Money di Indonesia sebagai Alat Sistem Pembayaran Baru. Jurnal Mahasiswa Universitas Negeri Surabaya, 1–21.
Agarwal, S., & Qian, W. (2014). Consumption and Debt Response to Unanticipated Income Shocks: Evidence from a Natural Experiment in Singapore? American Economic Review, 104(12), 3841–3884. https://doi.org/10.1257/aer.104.12.4205
Aji, H. M., Berakon, I., & Md Husin, M. (2020). COVID-19 and E-wallet Usage Intention: A Multigroup Analysis between Indonesia and Malaysia. Cogent Business and Management, 7(1), 1–16. https://doi.org/10.1080/23311975.2020.1804181
Andaiyani, S., Hidayat, A., Djambak, S., & Hamidi, I. (2021). Counter-Cyclical Capital Buffer and Regional Development Bank Profitability: An Empirical Study in Indonesia. The Journal of Asian Finance, Economics and Business, 8(5), 829–837. https://doi.org/10.13106/jafeb.2021.vol8.no5.0829
Balgova, M., Nies, M., & Plekhanov, A. (2018). The Economic Impact of Reducing Non-Performing Loans. SSRN Electronic Journal, 193. https://doi.org/10.2139/ssrn.3119677
Bank Indonesia. (2020). Laporan Perekonomian Indonesia Tahun 2020. http://www.bi.go.id/
Choudhary, A. (2018). On Way Towards a Cashless Economy, Challenges and Opportunities. International Journal of Business Management & Research, 8(2), 1–8. https://doi.org/10.24247/ijbmrapr20181
De, R., Pandey, N., & Pal, A. (2020). Impact of Digital Surge During Covid-19 Pandemic: A Viewpoint on Research and Practice. International Journal of Information and Learning Technology, 55, 1–6. https://doi.org/10.1016/j.ijinfomgt.2020.102171
Dinçer, H., Yuksel, S., & Adali, Z. (2018). Relationship between Non- Performing Loans, Industry, and Economic Growth of the African Economies and Policy Recommendations for Global Growth. Globalization and Trade Integration in Developing Countries, 203–228. https://doi.org/10.4018/978-1-5225-4032-8.ch009
Ezuwore- Obodoekwe, C. N., Eyisi, A. S., & Emengini, S. E. (2014). A Critical Analysis of Cashless Banking Policy in Nigeria. IOSR Journal of Business and Management, 16(5), 30–42.
Fabris, N. (2019). Cashless Society - The Future of Money or a Utopia? Journal of Central Banking Theory and Practice, 8(1), 53–66. https://doi.org/10.2478/jcbtp-2019-0003
Febriaty, H. (2019). Pengaruh Sistem Pembayaran Non Tunai Dalam Era Digital Terhadap Tingkat Pertumbuhan Ekonomi Indonesia. Prosiding FRIMA (Festival Riset Ilmiah Manajemen Dan Akuntansi), 6681(2), 307–313. https://doi.org/10.55916/frima.v0i2.47
Fung, B. S. C., Huynh, K. P., & Sabetti, L. (2014). The Impact of Retail Payment Innovations on Cash Usage. The Journal of Financial Market Infrastructures, 3(1), 3–31. https://doi.org/10.21314/jfmi.2014.034
Garg, P., & Panchal, M. (2017). Study on Introduction of Cashless Economy in India 2016: Benefits & Challenge’s. IOSR Journal of Business and Management, 19(04), 116–120. https://doi.org/10.9790/487x-190402116120
Igamo, A. M., & Falianty, T. A. (2018). The Impact of Electronic Money on The Efficiency of The Payment System and The Substitution of Cash in Indonesia. Sriwijaya International Journal of Dynamic Economics and Business, 2(3), 237–254. https://doi.org/10.29259/sijdeb.v2i3.237-254
Jonker, N., Van der Cruijsen, C., Bijlsma, M., & Bolt, W. (2021). Pandemic Payment Patterns. SSRN Electronic Journal, 106593. https://doi.org/10.2139/ssrn.3778265
Kireyev, A. (2017). The Macroeconomics of De-Cashing. IMF Working Papers, 17(71), 1. https://doi.org/10.5089/9781475589252.001
Kumari, N., & Khanna, J. (2017). Cashless Payment: A Behaviourial Change To Economic Growth. International Journal of Scientific Research and Education, 5(7), 6701–6710. https://doi.org/10.1037/0022-3514.51.6.1173
Lintangsari, N. N., Hidayati, N., Purnamasari, Y., Carolina, H., & Febranto, W. (2018). Analisis Pengaruh Instrumen Pembayaran Non- tunai Terhadap Stabilitas Sistem Keuangan di Indonesia. Jurnal Dinamika Ekonomi Pembangunan, 1(1), 47–62. https://doi.org/10.14710/jdep.1.1.47-62
Mashabi, M., & Wasiaturrahma, W. (2021). Electronic Based Payment Systems and Economic Growth in Indonesia. Jurnal Ilmu Ekonomi Terapan, 6(1), 97. https://doi.org/10.20473/jiet.v6i1.26287
Maurya, P. (2019). Cashless Economy and Digitalization. SSRN Electronic Journal, Risbank, 710–715. https://doi.org/10.2139/ssrn.3309307
Nursari, A., Suparta, I. W., & Moelgini, Y. (2019). Pengaruh Pembayaran Non Tunai Terhadap Jumlah Uang yang Diminta Masyarakat (M1) dan Perekonomian. Jurnal Ekonomi Pembangunan, 8(3), 285–306. https://doi.org/10.23960/jep.v8i3.46
Qoirun, M., Arifin, N., & Oktavilia, S. (2020). Economics Development Analysis Journal Analysis The Use of Electronic Money in Indonesia Article Info. Economics Development Analysis Journal, 9(4). https://doi.org/10.15294/edaj.v9i4.39934
Simorangkir, I. (2014). Pengantar Kebanksentralan Teori dan Praktik di Indonesia. PT. Raja Grafindo Persada.
Slozko, O., & Pelo, A. (2014). Local Governance, Resources and Tourism Promotion: The Case of Taormina. Economics and Sociology, 7(3), 170–178. https://doi.org/10.14254/2071-789X.2014/7-3/13
Solihat, A., & Nugraha, N. (2020). How Behavioral Finance During Pandemic COVID-19? Business Innovation and Entrepreneurship Journal, 2(2), 131–137. https://doi.org/10.35899/biej.v2i2.126
Susilawati, & Putri, D. Z. (2019). Analisis Pengaruh Transaksi Non Tunai dan Suku Bunga BI Terhadap Pertumbuhan Ekonomi di Indonesia. Jurnal Kajian Ekonomi Dan Pembangunan, 1(2), 667–678. http://dx.doi.org/10.24036/jkep.v1i2.6294
Systems, B. (2013). Determinants of Non-Performing Loans – Evidence from Southeastern European Banking Systems. 8(1).
Tee, H. H., & Ong, H. B. (2016). Cashless Payment and Economic Growth. Tee and Ong Financial Innovation, 2(4), 1–9. https://doi.org/10.1186/s40854-016-0023-z
Thirupathi, F., Vinayagamoorthi, G., & Mathiraj, S. P. (2019). Effect of Cashless Payment Methods: A Case Study Perspective Analysis. International Journal of Scientific and Technology Research, 8(8), 394–397.
Ulfi, I. (2020). Tantangan dan Peluang Kebijakan Non-Tunai: Sebuah Studi Literatur. Jurnal Ilmiah Ekonomi Bisnis, 25(1), 55–65. https://doi.org/10.35760/eb.2020.v25i1.2379
Wardani, V., & Lahuddin, L. (2021). The Relationship between Current COVID-19 and Indonesia Stock Market: Evidence from ARDL Model. Jurnal Ekonomi Pembangunan, 19(1), 101-110. doi:https://doi.org/10.29259/jep.v19i1.13837
Wong, T. L., Lau, W. Y., & Yip, T. M. (2020). Cashless Payments and Economic Growth: Evidence from Selected OECD Countries. Journal of Central Banking Theory and Practice, 9(2015), 189–213. https://doi.org/10.2478/jcbtp-2020-0028
Wood, A., & Skinner, N. (2018). Determinants of Non-Performing Loans: Evidence from Commercial Banks in Barbados. The Business and Management Review, 9(3), 44–64.
Yamali, F. R., & Putri, R. N. (2020). Dampak COVID-19 Terhadap Ekonomi Indonesia. Ekonomis: Journal of Economics and Business, 4(2), 384. https://doi.org/10.33087/ekonomis.v4i2.179
Zandi, M., Koropeckj, S., Singh, V., & Matsiras, P. (2016). The Impact of Electronic Payments on Economic Growth. In Moody’s Analytics.