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Abstract
Cashless payment is created as a form of further innovation in a more efficient financial system that will bring a country into the era of a cashless society, so its presence is expected to increase economic growth and not change the effectiveness of monetary policy implementation. This study aims to find out whether cashless payment instruments affect economic growth and interest rate, as one of the monetary policy instruments in Indonesia. Cashless payments in this study consists of credit cards, debit/ATM cards, and electronic money. This study uses secondary data obtained from Bank Indonesia Payment System Statistics and the Central Bureau of Statistics, with time-series data from 2013-2019. The analytical tool used in estimating the regression model in this study is multiple linear regression analysis with 2 (two) regression models. The results showed that debit card and electronic money transaction have a significant positive effect on economic growth, credit card transactions have a significant positive effect on interest rate and debit card transactions have a negative significant effect on interest rate. While simultaneously, the cashless payment instruments significantly affect the economic growth and interest rate in Indonesia. The use of cashless payments needs to be continuously increased and encouraged so that it can be used more widely in the community, so it can continue to increase economic growth and eficiency.
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References
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- Bremer, M. 2012. Multiple Linear Regression. Retrieved from Cornell University: http://mezeylab.cb.bscb.cornell.edu
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- Mankiw, N. G. 2009. Macroeconomics: Seventh Edition. New York: Worth Publishers.
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- Puatwoe, J. T., & Piabuo, S.M. 2017. Financial Sector Development and Economic Growth: Evidence From Cameroon. Financial Innovation, 3(25), 1-18.
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- Syarifuddin, F., Hidayat, A., & Tarsidin. 2009. Dampak Peningkatan Pembayaran Non-Tunai Terhadap Perekonomian dan Implikasinya Terhadap Pengendalian Moneter Di Indonesia. Buletin Ekonomi Moneter dan Perbankan, 369-402.
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- 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, 189-213.
- Zandi, M., Singh, V., Koropeckyj, S., & Matsiras, P. 2016. The Impact of Electronic Payments on Economic Growth. Moody's Analytics. United States: Moody's Analytics.
References
Boediono. 2012. Teori Pertumbuhan Ekonomi. Yogyakarta: BPFE.
Bremer, M. 2012. Multiple Linear Regression. Retrieved from Cornell University: http://mezeylab.cb.bscb.cornell.edu
Experian. (2019). Annual Report 2019. Dublin: Experian. https://www.experianplc.com/media/3788/experian-2019-annual-report.pdf
Fabris, N. 2019. Cashless Society - The Future of Money or a Utopia? Journal of Central Banking
Theory and Practice, 8(1), 53-66.
G4S. 2018. World Cash Report 2018. Utrecht: G4S.
Hasan, I., Renzis, T., & Schmiedel, H. 2013. Retail Payments and The Real Economy. Working Paper Series No. 1572.
Hasibuan, S., & Pratomo, W. A. 2015. Mekanisme Transmisi Kebijakan Moneter Melalui Suku Bunga SBI Sebagai Sasaran Operasional Kebijakan Moneter dan Variabel Makroekonomi Indonesia. Jurnal Ekonomi dan Keuangan, 1(12), 27-40.
Kang, T., & Ma, G. 2009. Credit card lending distress in Korea in 2003. Household debt: implications for monetary policy and financial stability, 95-106.
Khalaf, H. H. 2018. The Impact Of Electronic Money On The Effectiveness Of Monetary Policy. Academy of Entrepreneurship Journal, 24(3), 1-17.
Lestari, P. R. 2017. Perkembangan Instrumen Pembayaran Non Tunai Dalam Menyumbang Pertumbuhan Ekonomi di Indonesia. Jurnal Ilmiah. Universitas Brawijaya.
Litteboy, B., & Taylor, J. 2006. Macroeconomics 3RD Edition. Australia: John Wiley & Sons Ltd.
Mankiw, N. G. 2009. Macroeconomics: Seventh Edition. New York: Worth Publishers.
Pramono, B., Purusitawati, T. Y., & D.K., Y. T. 2006. Dampak Pembayaran Non Tunai Terhadap
Perekonomian dan Kebijakan Moneter. Bank Indonesia. Working Paper.
Puatwoe, J. T., & Piabuo, S.M. 2017. Financial Sector Development and Economic Growth: Evidence From Cameroon. Financial Innovation, 3(25), 1-18.
Slozko, O., & Pelo, A. 2014. The Electronic Payments as a Major Factor for Futher Economic Development. Economics and Sociology, 7, 130- 140.
Syarifuddin, F., Hidayat, A., & Tarsidin. 2009. Dampak Peningkatan Pembayaran Non-Tunai Terhadap Perekonomian dan Implikasinya Terhadap Pengendalian Moneter Di Indonesia. Buletin Ekonomi Moneter dan Perbankan, 369-402.
Woodford, M. (2000). Monetary Policy in a World Without Money. NBER Working Paper No 7853
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, 189-213.
Zandi, M., Singh, V., Koropeckyj, S., & Matsiras, P. 2016. The Impact of Electronic Payments on Economic Growth. Moody's Analytics. United States: Moody's Analytics.