CASHLESS REVOLUTION: THE IMPACT ON REGIONAL ECONOMIC GROWTH
DOI:
https://doi.org/10.19184/jauj.v23i1.53700Keywords:
Economic growth, Non-cash payment systems, Electronic money, ATM/Debit cards, Credit cardsAbstract
ABSTRACT
This study aims to examine the impact of non-cash payment systems on regional economic growth at the district and city levels in Indonesia. The variables analyzed include the transaction value of electronic money (e-money), ATM/debit cards, and credit cards. A quantitative approach was employed using secondary data from 984 districts and cities across Indonesia for the period 2020-2021, selected through purposive sampling. The data were evaluated using multiple linear regression analysis, which revealed that digital transactions particularly those using e-money and ATM/debit cards have a positive and significant influence on regional economic growth. In contrast, credit card usage was found to have no significant effect. These findings suggest that certain types of digital payment instruments can effectively stimulate local economic activity. Accordingly, local governments and regulators are encouraged to expand digital infrastructure and enhance financial literacy, with a particular focus on promoting inclusive and accessible non-cash payment tools such as e-money and debit cards. This research underscores the importance of adopting a region-based approach in designing economic digitalization policies and recommends that future studies explore the roles of social, cultural, and technological readiness factors in supporting the success of payment system transformation moving forward.
Keywords: Economic growth; Non-cash payment systems; Electronic money; ATM/Debit cards; Credit cards
ABSTRAK
Penelitian ini bertujuan untuk mengkaji dampak sistem pembayaran nontunai terhadap pertumbuhan ekonomi regional di tingkat kabupaten dan kota di Indonesia. Variabel yang dianalisis meliputi nilai transaksi uang elektronik (e-money), kartu ATM/debit, dan kartu kredit. Pendekatan kuantitatif digunakan dengan menggunakan data sekunder dari 984 kabupaten dan kota di seluruh Indonesia untuk periode 2020-2021, yang dipilih secara purposive sampling. Data tersebut dievaluasi menggunakan analisis regresi linier berganda, yang mengungkapkan bahwa transaksi digital khususnya yang menggunakan e-money dan kartu ATM/debit memiliki pengaruh positif dan signifikan terhadap pertumbuhan ekonomi regional. Sebaliknya, penggunaan kartu kredit ditemukan tidak memiliki pengaruh yang signifikan. Temuan ini menunjukkan bahwa jenis instrumen pembayaran digital tertentu dapat secara efektif merangsang aktivitas ekonomi lokal. Oleh karena itu, pemerintah daerah dan regulator didorong untuk memperluas infrastruktur digital dan meningkatkan literasi keuangan, dengan fokus khusus pada promosi alat pembayaran nontunai yang inklusif dan mudah diakses seperti e-money dan kartu debit. Penelitian ini menggarisbawahi pentingnya mengadopsi pendekatan berbasis kawasan dalam merancang kebijakan digitalisasi ekonomi dan merekomendasikan agar studi masa depan mengeksplorasi peran faktor kesiapan sosial, budaya, dan teknologi dalam mendukung keberhasilan transformasi sistem pembayaran ke depannya.
Kata Kunci: Pertumbuhan ekonomi; Sistem pembayaran non-tunai; Uang elektronik; Kartu ATM/Debit; Kartu Kredit
Downloads
References
Akinwande, M., Lopez, A., Yusuf, T., Unuriode, A., Yusuf, B., Yussuph, T., & Okoro, S. (2024). Data analysis on credit card debt: Rate of consumption and impact on individuals and the US economy. ArXiv Preprint ArXiv:2407.11146. https://doi.org/https://doi.org/10.5121/csit.2024.140401
Bank Indonesia. (2019). Peraturan Bank Indonesia Nomor 21/12/PBI/2019.
Bank Indonesia. (2020). Laporan Keuangan Tahunan Bank Indonesia Tahun 2020.
Chilukuri, S. S., Madhav, V. V, & Sunitha, G. (2025). Sustainable growth towards achieving a cashless ecosystem and a surge in volume of digital payment users. Asian Economic and Financial Review, 15(1), 111. https://doi.org/https://doi.org/10.55493/5002.v15i1.5286
Cohen, N., Rubinchik, A., & Shami, L. (2020). Towards a cashless economy: Economic and socio-political implications. European Journal of Political Economy, 61, 101820. https://doi.org/https://doi.org/10.1016/j.ejpoleco.2019.101820
Demirgüç-Kunt, A., Klapper, L., Singer, D., & Ansar, S. (2022). The Global Findex Database 2021: Financial inclusion, digital payments, and resilience in the age of COVID-19. World Bank Publications.
Dianda, P., Thiombiano, N., & Okey, M. K. N. (2025). Electronic money accessibility and financial inclusion in WAEMU countries: does increased access to electronic money lead to greater financial inclusion? Cogent Economics & Finance, 13(1), 2476089. https://doi.org/https://doi.org/10.1080/23322039.2025.2476089
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/https://doi.org/10.2478/jcbtp-2019-0003
Fauzi, A., Widayati, E., Sasmitha, M., Maulana, R., Aulia, T., & Herdinov, A. (2023). Peranan Bank Indonesia dalam mengatur dan menjaga kelancaran sistem pembayaran. Jurnal Akuntansi Dan Manajemen Bisnis, 3(1), 80–89. https://doi.org/https://doi.org/10.56127/jaman.v3i1.654
Febriaty, H. (2019). Pengaruh sistem pembayaran non tunai dalam era digital terhadap tingkat pertumbuhan ekonomi Indonesia. Prosiding FRIMA (Festival Riset Ilmiah Manajemen Dan Akuntansi), 2, 307–313. https://doi.org/https://doi.org/10.55916/frima.v0i2.47
Furqan, A. C., Kahar, A., Masdar, R., Andriana, C., Rahmaniyah, F., & Risma, R. (2023). Mechanism of incentives and accountability in rural institutions: Regional context in global dimensions of SDGS. Cogent Economics & Finance, 11(2), 2259274. https://doi.org/https://doi.org/10.1080/23322039.2023.2259274
Indriyani, D., Abdullah, M. I., Furqan, A. C., Meldawati, L., & Megawati, M. (2024). Achieving Sustainable Development Goals (SDGs) Through Government Effectiveness and Control Over Corruption (A Cross-Country Study). Journal of Applied Accounting, 3(2), 67–79.
Iriani, L. D., Hidayah, N., Andjar, F. J., Zein, E. M., & Ridwan, A. (2024). Peningkatan Literasi Keuangan Digital Pelaku UMKM Melalui Sosialisasi Sistem Pembayaran Non-Tunai di Kabupaten Sorong. Jurnal Pengabdian Kepada Masyarakat Nusantara, 5(2), 2815–2824. https://doi.org/https://doi.org/10.55338/jpkmn.v5i2.3359
Islam, M. S., Hasan, M. F., Rahman, M. M., Baten, M. A., & Islam, M. Z. (2019). Promoting full-fledged electronic money in South Asia: evidence from Bangladesh. Banks and Bank Systems, 14(4), 166. https://doi.org/https://doi.org/10.21511/bbs.14(4).2019.16
Ismanda, F. (2019). Analisis Pengaruh APMK & E-Money Sebagai Instrumen Pembayaran Non Tunai terhadap Tingkat Suku Bunga dan Pertumbuhan Ekonomi di Indonesia. JDEP, 2(2), 70–79. https://doi.org/https://doi.org/10.33005/jdep.v2i2.94
Jung, K., & Kang, M. Y. (2021). Understanding credit card usage behavior of elderly korean consumers for sustainable growth: Implications for Korean credit card companies. Sustainability, 13(7), 3817. https://doi.org/https://doi.org/10.3390/su13073817
Letiche, J. M. (1960). Adam Smith and David Ricardo on economic growth. The Punjab University Economist, 1(2), 7–35.
Lintangsari, N. N., Hidayati, N., Purnamasari, Y., Carolina, H., & Ramadhan, W. F. (2018). Analisis pengaruh instrumen pembayaran non-tunai terhadap stabilitas sistem keuangan di Indonesia. Jurnal Dinamika Ekonomi Pembangunan, 1(1), 47–62. https://doi.org/https://doi.org/10.14710/jdep.1.1.47-62
Luo, S., Zhou, G., & Zhou, J. (2021). The impact of electronic money on monetary policy: Based on DSGE model simulations. Mathematics, 9(20), 2614.
Madden, G., Banerjee, A., Rappoport, P. N., & Suenaga, H. (2017). E-commerce transactions, the installed base of credit cards, and the potential mobile E-commerce adoption. Applied Economics, 49(1), 21–32. https://doi.org/https://doi.org/10.1080/00036846.2016.1189507
Malihah, L., Ma’mun, M. Y., Al-Mubarak, M. A. R., & Amalia, R. (2021). Analisis SWOT Terhadap Motivasi Penggunaan Transaksi Non Tunai (E-Money Syariah) oleh Pelaku UMKM. Musyarakah: Journal of Sharia Economic (MJSE), 1(2), 89–99. https://doi.org/https://doi.org/10.24269/mjse.v1i2.4183
Marginingsih, R., & Sari, I. (2019). Nilai transaksi non tunai terhadap pertumbuhan ekonomi di Indonesia periode 2014-2018. https://doi.org/https://doi.org/10.32832/inovator.v8i1.2504
Mints, A., Kolodiziev, O., Krupka, M., Vyshyvana, B., & Yastrubetska, L. (2022). A cross-impact analysis of the bank payment card market parameters and non-financial sectors’ indicators in the Ukrainian economy. https://doi.org/https://doi.org/10.21511/bbs.17(2).2022.14
Nizar, N. I., & Sholeh, A. N. (2021). Peran Ekonomi Digital Terhadap Ketahanan dan Pertumbuhan Ekonomi Selama Pandemi COVID-19. Jurnal Madani: Ilmu Pengetahuan, Teknologi, Dan Humaniora, 4(1), 87–99. https://doi.org/. https://doi.org/10.33753/madani.v4i1.163
Noman, M., Maydybura, A., Channa, K. A., Wong, W.-K., & Chang, B. H. (2023). Impact of cashless bank payments on economic growth: Evidence from G7 countries. Advances in Decision Sciences, 27(1), 0_1-20.
Puspitasari, A. N., Rotinsulu, T. O., & Niode, A. O. (2021). Analisis Pengaruh Transaksi Pembayaran Non Tunai Terhadap Jumlah Uang Beredar M1 di Indonesia Tahun 2009-2019. Jurnal EMBA: Jurnal Riset Ekonomi, Manajemen, Bisnis Dan Akuntansi, 9(3).
Qi, M., Carbó-Valverde, S., & Rodríguez-Fernández, F. (2016). The diffusion pattern of non-cash payments: evidence from China. International Journal of Technology Management, 70(1), 44–57. https://doi.org/https://doi.org/10.1504/IJTM.2016.074652
Raya, J. M., & Vargas, C. (2022). How to become a cashless economy and what are the determinants of eliminating cash. Journal of Applied Economics, 25(1), 543–562. https://doi.org/https://doi.org/10.1080/15140326.2022.2052000
Safitri, A., & Ariza, A. (2021). Pengaruh pembayaran non tunai, velocity of money dan suku bunga terhadap inflasi di Indonesia. Prosiding Seminar Nasional SATIESP, 94, 105.
Sari, S. N. (2015). Faktor penentu tingkat literasi keuangan para pengguna kartu kredit di Indonesia. https://doi.org/https://doi.org/10.18196/jai.2015.0038.132-144
Sukirno, S. (2021). Pengantar teori mikroekonomi.
Suri, T., & Jack, W. (2016). The long-run poverty and gender impacts of mobile money. Science, 354(6317), 1288–1292.
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, 189–213. https://doi.org/https://doi.org/10.2478/jcbtp-2020-0028
Yang, M., Mamun, A. Al, Mohiuddin, M., Nawi, N. C., & Zainol, N. R. (2021). Cashless transactions: A study on intention and adoption of e-wallets. Sustainability, 13(2), 831. https://doi.org/https://doi.org/10.3390/su13020831
Yuan, Y., Rong, Z., Xu, N., & Lu, Y. (2021). Credit cards and small business dynamics: Evidence from China. Pacific-Basin Finance Journal, 67, 101570. https://doi.org/https://doi.org/10.1016/j.pacfin.2021.101570
Zargar, N. A., Niroula, B., Fatimah, N., Arif, A. A. K., Ali, U., & Singh, S. K. (2023). Towards a Digital Revolution: Investigating the Impact of GDP, Tax Collection, and Interest Rates on Cashless Economy in India. Journal of Population and Development, 4(1), 91–111. https://doi.org/https://doi.org/10.3126/jpd.v4i1.64243
Zhang, W., Zhao, S., Wan, X., & Yao, Y. (2021). Study on the effect of digital economy on high-quality economic development in China. PloS One, 16(9), e0257365. https://doi.org/https://doi.org/10.1371/journal.pone.0257365
Zins, A., & Weill, L. (2016). The determinants of financial inclusion in Africa. Review of Development Finance, 6(1), 46–57.
Downloads
Published
Issue
Section
License
Copyright (c) 2025 JURNAL AKUNTANSI UNIVERSITAS JEMBER
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
