Analysis of Non-Cash Payment System on Economic Growth and Financial System Stability in Indonesia
Article Sidebar
Economic Growth,
Financial Stability,
Interest Rate
Main Article Content
Abstract
This study aims to analyze the impact of non-cash payment systems on economic growth and financial system stability in Indonesia. The non-cash payment instruments examined include e-money, debit cards, credit cards, the Bank Indonesia National Clearing System (BINCS), and real-time gross settlement (RTGS). The method used is a simultaneous equation model with the two-stage least squares (TSLS) approach, utilizing time-series data from 2013 to 2023. The results show that e-money and BINCS have a positive influence on economic growth, while RTGS and interest rates have a significant negative effect. Meanwhile, debit cards and credit cards significantly affect interest rates, with debit cards having a positive effect and credit cards a negative one. Furthermore, economic growth significantly contributes to lowering interest rates. These findings highlight that non-cash payment systems can enhance transaction efficiency, accelerate money circulation, and support monetary policy through their influence on interest rates. Therefore, strengthening digital payment systems is essential for promoting sustainable economic growth and maintaining national financial system stability.
Article Details
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
References
Atmaja, Y. S., & Paulus, D. H. (2022). Partisipasi Bank Indonesia Dalam Pengaturan Digitalisasi Sistem Pembayaran Indonesia. Masalah-Masalah Hukum, 51(3), 271–286.
Damayanti, D., Iskandar, D. D., & Tantawi, R. (2023). Analisis Pengaruh Penggunaan Transaksi Non Tunai Elektronik Dan Daya Substitusinya Terhadap Transaksi Tunai Di Indonesia. Jurnal Dinamika Ekonomi Pembangunan, 6(1), 63–77.
Demirguc-Kunt, A., Klapper, L., Singer, D., Ansar, S., & Hess, J. (2018). The Global Findex Database 2017: Measuring financial inclusion and the fintech revolution. World Bank Publications.
Efendi, B. (2019). Efektivitas Kebijakan Makroprudensial Terhadap Stabilitas Sistem Keuangan Di Indonesia. JEpa, 4(2), 72–78.
Falah, H. W. (2023). Determinasi pertumbuhan ekonomi di Indonesia. Jurnal Ekonomi Trisakti, 3(2), 2309–2318.
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.
Febrinda, R. R., & Ningsih, R. (2023). Kesiapan digitalisasi sistem pembayaran non tunai di pasar rakyat. Jurnal Ekonomi Dan Kebijakan Publik, 13(2), 87–100.
Hatta, A. J. (2011). Model of information system operation based on technology acceptance model for micro financial institutions. Journal of Economics, Business, and Accountancy Ventura, 14(3), 251–268.
Hayati, I., & Kijai, R. D. I. (2019). Penerapan Real Time Gross Settlement Dalam Kegiatan Usaha Nasabah Di Pt. Bank Sumut Syariah Cabang Medan. Jurnal Ekonomi Islam, 10(1), 49–54.
Hendarsyah, D. (2016). Penggunaan uang elektronik dan uang virtual sebagai pengganti uang tunai di Indonesia. IQTISHADUNA: Jurnal Ilmiah Ekonomi Kita, 5(1), 1–15.
Hirnissa, M. T., Zariyawati, M. A., & Fadilla, R. (2021). The determinant factors that influence the generations Z and older generations in Malaysia toward cashless society. Advanced International Journal of Business, Entrepreneurship and SMEs, 3(9), 22–35.
Kaur, P., Dhir, A., Bodhi, R., Singh, T., & Almotairi, M. (2020). Why do people use and recommend m-wallets? Journal of Retailing and Consumer Services, 56, 102091. https://doi.org/10.1016/j.jretconser.2020.102091
Mellani, A., & Putri, N. E. (2024). Sistem pembayaran nontunai berbasis digital di Kabupaten Aceh Barat. Al-Iqtishad: Jurnal Perbankan Syariah dan Ekonomi Islam, 2(1), 32–44.
Ningsih, L. W., Astuti, R. P., Holisah, S. N., Amin, M. S., & Yunus, M. (2024). Perkembangan sistem pembayaran di Indonesia: Kebijakan dan peran Bank Indonesia. Jurnal Ekonomi dan Bisnis Digital, 1(4), 697–702.
Nursari, A., Suparta, I. W., & Moelgini, Y. (2019). Pengaruh pembayaran non tunai terhadap jumlah uang yang diminta masyarakat. Jurnal Ekonomi Pembangunan, 8(3), 169–182.
Pangau, J. M. (2015). Peran Bank Indonesia terhadap pelaksanaan kliring antar bank. Lex Privatum, 3(1).
Pohan, A. (2012). Sistem pembayaran: Strategi dan implementasi di Indonesia. Raja Wali Pers.
Purba, M. L., Sihotang, J., & Simatupang, F. C. (2023). Transmisi kebijakan moneter dan dampaknya terhadap perekonomian Indonesia. Journal of Economic, Management, Accounting and Technology, 7(1), 78–90.
Putra, M. B. (2009). Tulisan lepas: Stabilitas sistem keuangan dan pertumbuhan ekonomi yang berkelanjutan dalam rangka mewujudkan negara kesejahteraan. Kajian Ekonomi dan Keuangan, 13(1), 81–96.
Ramadanti, A. P., & Kistanti, N. R. (2024). Pengaruh sistem pembayaran nontunai dan penerimaan pajak terhadap pertumbuhan ekonomi. Jurnal Ekonomi dan Pembangunan Indonesia, 24(1), 3.
Rangkuty, D. M. (2021). Apakah penggunaan e-wallet masa pandemi Covid-19 semakin meningkat di Indonesia? Unusia Conference, 1(1), 251–260.
Rangkuty, D. M., Efendi, B., & Gulo, A. (2022). Monetary indicators of the stability of prices. Proceeding of The International Conference on Economics and Business, 1(1), 92–102.
Rositasari, S. (2021). Penggunaan pembayaran non-tunai (cashless payment) berbasis kartu dan digital di Indonesia. Jurnal Ekonomi: Journal of Economic, 13, 163–169.
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.
Sholihah, M. M. (2024). Pengaruh pembayaran non tunai, suku bunga, dan inflasi terhadap permintaan uang di Indonesia periode 2018–2023 [Skripsi, Universitas PGRI Madiun].
Sihotang, H. T. M., & Nasution, M. I. P. (2025). Perbandingan efisiensi transaksi uang digital dan uang tunai di Indonesia. Jurnal Ilmiah Ekonomi dan Manajemen, 3(1), 245–252.
Sinaga, G. L. (2021). The influence of the non-cash payment system on economic growth through the money supply in Indonesia during the Covid-19 period. Journal Magister Ilmu Ekonomi Universitas Palangka Raya: GROWTH, 7(1), 50–61.
Siwi, J. A., Rumate, V. A., & Niode, A. O. (2019). Analisis pengaruh tingkat suku bunga terhadap permintaan kredit pada bank umum di Indonesia tahun 2011–2017. Jurnal Berkala Ilmiah Efisiensi, 19(01).
Swandi, D. R., & Barusman, A. F. (2022). Penerapan Sistem Kliring Nasional Bank Indonesia (SKNBI) dalam rangka efektivitas sistem pembayaran. SIBATIK Journal: Jurnal Ilmiah Bidang Sosial, Ekonomi, Budaya, Teknologi, dan Pendidikan, 1(7), 1089–1104.
Venkatesh, V., & Davis, F. D. (1996). A model of the antecedents of perceived ease of use: Development and test. Decision Sciences, 27(3), 451–481.
Warjiyo, P. (2006). Stabilitas sistem perbankan dan kebijakan moneter: Keterkaitan dan perkembangannya di Indonesia. Bulletin of Monetary Economics and Banking, 8(4), 429–454.
Zahro, M., & Rahayu, R. (2021). Nilai transaksi e-money di Indonesia dengan menggunakan metode Markov Switching Model. Owner: Riset dan Jurnal Akuntansi, 5(2), 644–652.
Zhou, T. (2019). The impact of electronic payment systems on financial stability and risk management. Journal of Financial Services Research, 56(3), 345–367.
Zulkarnain, M., & Siregar, M. A. (2022). Analisis pengaruh tingkat suku bunga dan proses administrasi kredit terhadap loyalitas nasabah pada PT. Bank Mandiri (Persero) Medan. Warta Dharmawangsa, 16(4), 645–653.