Main Article Content
Abstract
A country's payment system plays an important role in the country's economic development. In recent years, economic transactions have been carried out digitally or without cash worldwide, including in Indonesia. Digitalizing the payment system means switching from a paper-based payment system to a digital/electronic one. Digital payments offer speed, lower fees, and convenience. A well-functioning digital payments system is critical to a country's overall economic performance, monetary policy, and financial stability. This study aims to determine the effect of digital payments on economic growth in Indonesia during the COVID-19 pandemic. Digital payment measured by regional ATM and ATM+Debit transaction volume. Economic growth is measured from GRDP-ADHK. To achieve this, the study employed regional analysis. The data were manifested in the form of panel data and gathered from 34 provinces in Indonesia. The data covered those between 2019 to 2021. Having collected the data, they were analyzed using the multiple regression analysis. In particular, it employed a specific method, what is known as the Eviews 12 program. The results of this research were mixed. For example, of many provinces in Indonesia, digital payments had the greatest influence on the provinces of Sumatra Island. It has a significant positive effect on the province’s economic growth. In other islands, like Java-Bali, digital payments were reported to have no significant positive effect on economic growth. Meanwhile, on the eastern Indonesian islands, digital payments were recorded to have absolutely no effect on economic growth.
Keywords
Article Details
References
- Agustina, E. (2019). Pengaruh Pengeluaran Pemerintah, Tenaga Kerja dan Kontribusi Industri Pengolahan Terhadap Pertumbuhan Ekonomi Jawa Barat. Fakultas Ekonomi Dan Bisnis Universitas Brawijaya.
- Amalia, R. J. (2022). Analisis Perilaku Konsumtif dan Daya Beli Konsumen Terhadap Belanja Online Di Masa Pandemi Covid-19. Jurnal Ilmu Ekonomi Dan Bisnis Islam. https://doi.org/10.24239/jiebi.v4i1.87.1-16
- Bappenas. (2023). Daerah Tertinggal Indonesia 2023.
- BPS, I. (2021). Badan Pusat Statistik Indonesia 2020. In Statistik Indonesia 2020.
- Chen, J. K. C., Lin, P. K., Aminah, H., Rizaldy, H., & Dinh, D. (2022). How Digital Payment Applications and Digital Trust Response Industry 5.0. ACM International Conference Proceeding Series. https://doi.org/10.1145/3568834.3568906
- Duli, N. (2019). Metodologi penelitian kuantitatif. In Jurnal Bandung: UIN Sunan Gunung Djati.
- Fadhilah, I., & Aruan, D. T. H. (2023). Understanding consumer adoption and actual usage of digital payment instruments: comparison between Generation Y and Generation Z. International Journal of Electronic Marketing and Retailing. https://doi.org/10.1504/ijemr.2023.10050665
- Fathonah, F., Huda, N., & Kristin, A. (2021). Consumer Preferences To Use Digital Payment OVO as Study of Industry Development 4.0 in Indonesia (Case Study: Student of Walisongo State Islamic University). https://doi.org/10.4108/eai.14-9-2020.2304502
- Gandhi, E. A., Pasaribu, E., Ekaputri, R. A., & Febriani, R. E. (2022). Investasi Asing Langsung dan Pertumbuhan Ekonomi: Perbandingan Empiris Indonesia dan Singapura. Ecoplan, 5(2), 159–170. https://doi.org/10.20527/ecoplan.v5i2.563
- Hakim, S. H., Rahman, A., & Syafii, M. (2022). Analisis Faktor-Faktor yang Mempengaruhi penggunaan E-Wallet di Sumatera utara. Owner. https://doi.org/10.33395/owner.v6i2.566
- Hidayat, A. (2018). Penjelasan dan Tutorial Regresi Linear BergandaPenjelasan dan Tutorial Regresi Linear Berganda. 1 Januari.
- Iftitah Nurul Laily. (2022). Pengertian Penelitian Kuantitatif, Karakteristik dan Jenisnya. In Katadata.
- Kumar, S., & Chawla, S. (2022). Barriers in the Adoption of Digital Payment Services: A Systematic Literature Review. International Journal of Business Information Systems. https://doi.org/10.1504/ijbis.2022.10050075
- Lakhaiyar, S., & Mani, M. (2022). Factors influencing adoption of digital payment systems during COVID-19. International Journal of Sociotechnology and Knowledge Development. https://doi.org/10.4018/IJSKD.315292
- Lili. (2023). Alokasi Dana Desa, Pengeluaran Pemerintah Dan Pertumbuhan Ekonomi: Studi Kasus Data Panel Sumatera Barat. Elastisitas - Jurnal Ekonomi Pembangunan. https://doi.org/10.29303/e-jep.v5i1.73
- Maulana, Y., Komarudin, N., Gunawan, W. H., Yusuf, A. A., Kuningan, U., & Nurjati, I. S. (2022). the Influence of Fintech Digital Payment and P2P Lending on Indonesia’S Economic Growth. Business and Accounting Research (IJEBAR) Peer Reviewed-International Journal.
- Meher, B. K., Hawaldar, I. T., Mohapatra, L., Spulbar, C., Birau, R., & Rebegea, C. (2021). The impact of digital banking on the growth of micro, small and medium enterprises (Msmes) in india: A case study. Business: Theory and Practice. https://doi.org/10.3846/btp.2021.12856
- Naeruz, M., Afiffudin, S., Ruslan, D., & Syafii, M. (2022). The impact of economic growth on technological developments, emoneys and fluctuations interest rates and exchange rates in Indonesia. E3S Web of Conferences. https://doi.org/10.1051/e3sconf/202233905008
- Najib, M., & Fahma, F. (2020). Investigating the adoption of digital payment system through an extended technology acceptance model: An insight from the Indonesian small and medium enterprises. International Journal on Advanced Science, Engineering and Information Technology. https://doi.org/10.18517/ijaseit.10.4.11616
- Nanang Wahyudin, Novita Herlissha, Christianingrum, & Dwi Rizki Aldiesi. (2022). The Utilization of E-Commerce and QRIS as Digital Payment Tools to Improve Sales Performance through Competitive Advantage in MSME. Journal of Consumer Sciences. https://doi.org/10.29244/jcs.7.2.134-147
- Ong, D. (2010). Analisa Penggunaan Sistem E-Commerce Terhadap Dampak Belanja Pada Masyarakat Kota Besar. Respati. https://doi.org/10.35842/jtir.v15i1.327
- Pang, Y.-X., Ng, S.-H., & Lau, W.-T. (2022). Digital Cashless Payments and Economic Growth: Evidence from CPMI Countries. In Capital Markets Review.
- Raisya Yasmine Putri Qusyairi, & Nur Laila Meilan. (2023). Pelaksanaan Sosialisasi Fasilitas Lampu Merah Penyeberangan (Pelican Crossing) Di Kota PEKANBARU. Journal of Research and Development on Public Policy. https://doi.org/10.58684/jarvic.v1i3.38
- Ravikumar, T., Suresha, B., Sriram, M., & Rajesh, R. (2019). Impact of digital payments on economic growth: Evidence from India. International Journal of Innovative Technology and Exploring Engineering. https://doi.org/10.35940/ijitee.L3432.1081219
- Rooj, D., & Sengupta, R. (2020). The real-time impact on real economy - a multivariate BVAR analysis of digital payment systems and economic growth in India. ADB Economics Working Paper Series.
- Sakti, I. (2018). Analisis Regresi Data Panel Menggunakan Eviews. Esa Unggul Univesrity.
- Saputra, R. E., Handra, H., & Primayesa, E. (2021). Analisis Pengaruh Infrastruktur Jalandan Teknologi Informasi Dan Komunikasi (Tik) Terhadap Pembangunan Manusia Di Wilayah Timur Indonesia. Jurnal Menara Ekonomi : Penelitian Dan Kajian Ilmiah Bidang Ekonomi. https://doi.org/10.31869/me.v7i1.2532
- Sihombing, R. (2021). Analisis Pengaruh Financial Technology Pertumbuhan Ekonomi Melalui Investasi Di Indonesia. Jurnal Ilmiah Mahasiswa FEB Universitas Brawijaya.
- Sitompul, P. N. (2022). Analisis Pengaruh E-Money Terhadap Pertumbuhanekonomi Indonesia. Jurnal Manajemen Dan Akuntansi Medan. https://doi.org/10.47709/jumansi.v4i2.2139
- Somantri, L. (2016). Kemajuan Teknologi Penginderaan Jauh Serta Aplikasinya Dibidang Bencana Alam. Jurnal Geografi Gea. https://doi.org/10.17509/gea.v10i1.1661
- Srivastava, A., & Srivastava, A. (2022). Impact of Digital Payments on the Economic growth of a country- A case of the Czech Republic. International Journal of Economic Sciences. https://doi.org/10.52950/es.2022.11.1.006
- Tasrif, M., Rosnawintang, R., & Rahim, M. (2019). Analisis Pengaruh Investasi Dan Tenaga Kerja Terhadap Pertumbuhan Ekonomi Antar Provinsi Di Indonesia. Jurnal Progres Ekonomi Pembangunan (JPEP). https://doi.org/10.33772/jpep.v4i2.11012
- Titiheruw, I. S., & Atje, R. (2009). Payment System in Indonesia: Recent Developments and Policy Issues. ADBI Working Papers.
- Widayani, A., Fiernaningsih, N., & Herijanto, P. (2022). Barriers to digital payment adoption: micro, small and medium enterprises. Management and Marketing. https://doi.org/10.2478/mmcks-2022-0029
- Yucha, N., Setiawan, S., Muttaqiin, N., Ekasari, R., & Mauladi, K. F. (2020). Digital Payment System Analysis of Buying Decision in Indonesia. Journal of Asian Finance, Economics and Business. https://doi.org/10.13106/jafeb.2020.vol7.no10.323
- Yuliarti, Y. (2020). Realisasi Pengeluaran Pemerintah Daerah Terhadap Pertumbuhan Ekonomi di Provinsi Sumatera Barat. JESS (Journal of Education on Social Science). https://doi.org/10.24036/jess.v4i1.253
- Zandi, M., Koropeckyj, S., Singh, V., & Matsiras, P. (2016). The Impact of Electronic Financial Payments on Economic Growth. SSRN Electronic Journal.
References
Agustina, E. (2019). Pengaruh Pengeluaran Pemerintah, Tenaga Kerja dan Kontribusi Industri Pengolahan Terhadap Pertumbuhan Ekonomi Jawa Barat. Fakultas Ekonomi Dan Bisnis Universitas Brawijaya.
Amalia, R. J. (2022). Analisis Perilaku Konsumtif dan Daya Beli Konsumen Terhadap Belanja Online Di Masa Pandemi Covid-19. Jurnal Ilmu Ekonomi Dan Bisnis Islam. https://doi.org/10.24239/jiebi.v4i1.87.1-16
Bappenas. (2023). Daerah Tertinggal Indonesia 2023.
BPS, I. (2021). Badan Pusat Statistik Indonesia 2020. In Statistik Indonesia 2020.
Chen, J. K. C., Lin, P. K., Aminah, H., Rizaldy, H., & Dinh, D. (2022). How Digital Payment Applications and Digital Trust Response Industry 5.0. ACM International Conference Proceeding Series. https://doi.org/10.1145/3568834.3568906
Duli, N. (2019). Metodologi penelitian kuantitatif. In Jurnal Bandung: UIN Sunan Gunung Djati.
Fadhilah, I., & Aruan, D. T. H. (2023). Understanding consumer adoption and actual usage of digital payment instruments: comparison between Generation Y and Generation Z. International Journal of Electronic Marketing and Retailing. https://doi.org/10.1504/ijemr.2023.10050665
Fathonah, F., Huda, N., & Kristin, A. (2021). Consumer Preferences To Use Digital Payment OVO as Study of Industry Development 4.0 in Indonesia (Case Study: Student of Walisongo State Islamic University). https://doi.org/10.4108/eai.14-9-2020.2304502
Gandhi, E. A., Pasaribu, E., Ekaputri, R. A., & Febriani, R. E. (2022). Investasi Asing Langsung dan Pertumbuhan Ekonomi: Perbandingan Empiris Indonesia dan Singapura. Ecoplan, 5(2), 159–170. https://doi.org/10.20527/ecoplan.v5i2.563
Hakim, S. H., Rahman, A., & Syafii, M. (2022). Analisis Faktor-Faktor yang Mempengaruhi penggunaan E-Wallet di Sumatera utara. Owner. https://doi.org/10.33395/owner.v6i2.566
Hidayat, A. (2018). Penjelasan dan Tutorial Regresi Linear BergandaPenjelasan dan Tutorial Regresi Linear Berganda. 1 Januari.
Iftitah Nurul Laily. (2022). Pengertian Penelitian Kuantitatif, Karakteristik dan Jenisnya. In Katadata.
Kumar, S., & Chawla, S. (2022). Barriers in the Adoption of Digital Payment Services: A Systematic Literature Review. International Journal of Business Information Systems. https://doi.org/10.1504/ijbis.2022.10050075
Lakhaiyar, S., & Mani, M. (2022). Factors influencing adoption of digital payment systems during COVID-19. International Journal of Sociotechnology and Knowledge Development. https://doi.org/10.4018/IJSKD.315292
Lili. (2023). Alokasi Dana Desa, Pengeluaran Pemerintah Dan Pertumbuhan Ekonomi: Studi Kasus Data Panel Sumatera Barat. Elastisitas - Jurnal Ekonomi Pembangunan. https://doi.org/10.29303/e-jep.v5i1.73
Maulana, Y., Komarudin, N., Gunawan, W. H., Yusuf, A. A., Kuningan, U., & Nurjati, I. S. (2022). the Influence of Fintech Digital Payment and P2P Lending on Indonesia’S Economic Growth. Business and Accounting Research (IJEBAR) Peer Reviewed-International Journal.
Meher, B. K., Hawaldar, I. T., Mohapatra, L., Spulbar, C., Birau, R., & Rebegea, C. (2021). The impact of digital banking on the growth of micro, small and medium enterprises (Msmes) in india: A case study. Business: Theory and Practice. https://doi.org/10.3846/btp.2021.12856
Naeruz, M., Afiffudin, S., Ruslan, D., & Syafii, M. (2022). The impact of economic growth on technological developments, emoneys and fluctuations interest rates and exchange rates in Indonesia. E3S Web of Conferences. https://doi.org/10.1051/e3sconf/202233905008
Najib, M., & Fahma, F. (2020). Investigating the adoption of digital payment system through an extended technology acceptance model: An insight from the Indonesian small and medium enterprises. International Journal on Advanced Science, Engineering and Information Technology. https://doi.org/10.18517/ijaseit.10.4.11616
Nanang Wahyudin, Novita Herlissha, Christianingrum, & Dwi Rizki Aldiesi. (2022). The Utilization of E-Commerce and QRIS as Digital Payment Tools to Improve Sales Performance through Competitive Advantage in MSME. Journal of Consumer Sciences. https://doi.org/10.29244/jcs.7.2.134-147
Ong, D. (2010). Analisa Penggunaan Sistem E-Commerce Terhadap Dampak Belanja Pada Masyarakat Kota Besar. Respati. https://doi.org/10.35842/jtir.v15i1.327
Pang, Y.-X., Ng, S.-H., & Lau, W.-T. (2022). Digital Cashless Payments and Economic Growth: Evidence from CPMI Countries. In Capital Markets Review.
Raisya Yasmine Putri Qusyairi, & Nur Laila Meilan. (2023). Pelaksanaan Sosialisasi Fasilitas Lampu Merah Penyeberangan (Pelican Crossing) Di Kota PEKANBARU. Journal of Research and Development on Public Policy. https://doi.org/10.58684/jarvic.v1i3.38
Ravikumar, T., Suresha, B., Sriram, M., & Rajesh, R. (2019). Impact of digital payments on economic growth: Evidence from India. International Journal of Innovative Technology and Exploring Engineering. https://doi.org/10.35940/ijitee.L3432.1081219
Rooj, D., & Sengupta, R. (2020). The real-time impact on real economy - a multivariate BVAR analysis of digital payment systems and economic growth in India. ADB Economics Working Paper Series.
Sakti, I. (2018). Analisis Regresi Data Panel Menggunakan Eviews. Esa Unggul Univesrity.
Saputra, R. E., Handra, H., & Primayesa, E. (2021). Analisis Pengaruh Infrastruktur Jalandan Teknologi Informasi Dan Komunikasi (Tik) Terhadap Pembangunan Manusia Di Wilayah Timur Indonesia. Jurnal Menara Ekonomi : Penelitian Dan Kajian Ilmiah Bidang Ekonomi. https://doi.org/10.31869/me.v7i1.2532
Sihombing, R. (2021). Analisis Pengaruh Financial Technology Pertumbuhan Ekonomi Melalui Investasi Di Indonesia. Jurnal Ilmiah Mahasiswa FEB Universitas Brawijaya.
Sitompul, P. N. (2022). Analisis Pengaruh E-Money Terhadap Pertumbuhanekonomi Indonesia. Jurnal Manajemen Dan Akuntansi Medan. https://doi.org/10.47709/jumansi.v4i2.2139
Somantri, L. (2016). Kemajuan Teknologi Penginderaan Jauh Serta Aplikasinya Dibidang Bencana Alam. Jurnal Geografi Gea. https://doi.org/10.17509/gea.v10i1.1661
Srivastava, A., & Srivastava, A. (2022). Impact of Digital Payments on the Economic growth of a country- A case of the Czech Republic. International Journal of Economic Sciences. https://doi.org/10.52950/es.2022.11.1.006
Tasrif, M., Rosnawintang, R., & Rahim, M. (2019). Analisis Pengaruh Investasi Dan Tenaga Kerja Terhadap Pertumbuhan Ekonomi Antar Provinsi Di Indonesia. Jurnal Progres Ekonomi Pembangunan (JPEP). https://doi.org/10.33772/jpep.v4i2.11012
Titiheruw, I. S., & Atje, R. (2009). Payment System in Indonesia: Recent Developments and Policy Issues. ADBI Working Papers.
Widayani, A., Fiernaningsih, N., & Herijanto, P. (2022). Barriers to digital payment adoption: micro, small and medium enterprises. Management and Marketing. https://doi.org/10.2478/mmcks-2022-0029
Yucha, N., Setiawan, S., Muttaqiin, N., Ekasari, R., & Mauladi, K. F. (2020). Digital Payment System Analysis of Buying Decision in Indonesia. Journal of Asian Finance, Economics and Business. https://doi.org/10.13106/jafeb.2020.vol7.no10.323
Yuliarti, Y. (2020). Realisasi Pengeluaran Pemerintah Daerah Terhadap Pertumbuhan Ekonomi di Provinsi Sumatera Barat. JESS (Journal of Education on Social Science). https://doi.org/10.24036/jess.v4i1.253
Zandi, M., Koropeckyj, S., Singh, V., & Matsiras, P. (2016). The Impact of Electronic Financial Payments on Economic Growth. SSRN Electronic Journal.