The Influence of Non-Cash Payment Transactions on Economic Growth in 5 ASEAN Countries
Downloads
Technological advances are currently growing rapidly, financial technology is no exception. The development of financial technology has had an impact on innovation in the payment system from a cash payment system to a non-cash payment system. The purpose of this study was to determine the effect of non-cash payment transactions on economic growth in 5 ASEAN countries. The variable of economic growth in this study is calculated through the growth of real GDP published by the World Bank (WDI), and the variable of non-cash payments in this study is assumed to be through the growth of the transaction value of debit cards, credit cards, e-money and cheques issued by the Bank International of Settlement (BIS). The data used in this study is secondary data in the form of panels (annual) in 5 ASEAN countries from 2012 to 2019. The analytical method used in this study is the panel data regression method. The results of this study indicate that the growth in the value of non-cash payment transactions in the form of debit cards and e-money has proven to be able to stimulate economic growth in these countries. Meanwhile, payments by credit cards and cheques had no impact on economic growth. This is because debit cards provide direct access to consumers personal funds, making it easier for the public to consume goods and can also contribute to economic growth. As an electronic payment instrument, e-money has also been proven to provide benefits for alternative payments, especially for micro and retail payments. Through the use of e-money, the goverment’s income can increase from the increasing number of customers who have used e-money payments, so that this can encourage an increase in economic growth.
Blanchard, O. (2011). Macroeconomics (5th ed.). New York: Pearson.
Bolt, W., Humphrey, D. B., & Uittenbogaard, R. (2008). Transaction Pricing and the Adoption of Electronic Payments: A Cross-Country Comparison. International Journal of Central Banking, 4(1), 89–123. https://ideas.repec.org/a/ijc/ijcjou/y2008q1a3.html
Chen, R., Yamaka, W., & Osathanunkul, R. (2019). Determinants of non-cash payments in Asian countries. Journal of Physics: Conference Series, 1324, 012103. doi:10.1088/1742-6596/1324/1/012103
Gujarati, D. (2004). Basic Econometrics (Ekonometrika Dasar). Translated by Sumarno Zain. Jakarta: Erlangga.
Gujarati, D. N. & Dawn. (2010). Dasar-Dasar Ekonometrika [Basic Econometrics]. Jakarta: Salemba Empat.
Gujarati, D.N. (2012). Dasar-Dasar Ekonometrika [Basic Econometrics]. Jakarta: Erlangga.
Hasan, I., Renzis, T. D., & Schmiedel, H. (2012). Retail payments and economic growth. Bank of Finland Research Discussion Papers.
Hidayati, S., Nuryanti, I., Firmansyah, A., Fadly, A., & Darmawan, I. Y. (2006). Operasional e-money [E-money Operational]. Bank Indonesia.
Kang, T. and Ma, G. (2009). Credit Card Lending Distress in Korea in 2003, in: Household Debt: Implications for Monetary Policy and Financial Stability. BIS Papers No. 46, Bank for International Settlements, Basel.
Kearney A.T., Schneider F. (2011). The shadow economy in Europe.
Mankiw, N. G. (2012). Principles of Macroeconomics (6th ed.). Massachusetts: Cengage Learning.
Meiner, S. E & Lueckenotte, A.G. (2006). Gerontologic Nursing (3rd Ed.) USA: Mosby Elsevier.
Mustapha, S. A. (2018). E-Payment Technology Effect on Bank Performance in Emerging Economies- Evidence from Nigeria. Journal of Open Innovation: Technology, Market and Complexity, 4(43), 1-14. https://doi.org/10.3390/joitmc4040043
Oyewole, O. S., El-Maude, G., J., Abba, M., & Onuh, M. E. (2013). Electronic Payment System and Economic Growth: A Review of Transition to Cashless Economy in Nigeria. International Journal of Scientific Engineering and Technology, 2(9), 913–918.
Tee, H. H., & Ong, H. B. (2016). Cashless payment and economic growth. Financial Innovation, 2(4), 1–9. https://doi.org/10.1186/s40854-016-0023-z
Warjiyo, P., & Solikin. (2003). Kebijakan Moneter di Indonesia [Monetary Policy in Indonesia]. Jakarta: Bank Indonesia.
Wong, T. L., Lau, W. Y., & Yip, T. M. (2020). Cashless Payments and Economic: Evidence from Selected. Journal of Central Banking Theory and Practice, 9(S1), 189-213. https://doi.org/10.2478/jcbtp-2020-0028
Zandi, M., Singh, V. & Irving, J. (2013). The Impact of Electronic Payments on Economic Growth. Moody’s Analytics, Economic & Consumer Credit Analytics.
Zandi, M., Koropeckyj, S., Singh, V. & Matsiras, P. (2016). The Impact of Electronic Payments on Economic Growth. Moody’s Analytics.
Copyright (c) 2023 Yesi Ferra, Shochrul Rohmatul Ajija
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
JIET (Jurnal Ilmu Ekonomi Terapan) (p-ISSN: 2541-1470; e-ISSN: 2528-1879) is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License
Authors who publish with JIET (Jurnal Ilmu Ekonomi Terapan) agree to the following terms:
- The journal allows the author to hold the copyright of the article without restrictions.
- The journal allows the author(s) to retain publishing rights without restrictions
- The legal formal aspect of journal publication accessibility refers to Creative Commons Attribution ShareAlike 4.0 International License (CC BY-SA).
