Is it a true “Burn Money” Strategy to Educate Cashless society? Fintech Analysis as a Means Payment of SMEs in Indonesia

Abstract

Purpose of this paper: This research aims to analyze the impact of the “burn money” made by Fintech as a means of payment in SMEs that has supported the education to create a cashless society in Indonesia. Methodology: The research uses the literature review method, which is documenting relevant research by quoting authors and years of research. Findings: Consumers can be interested in and ultimately ‘ addicted ‘ to use non-cash payment tools if equipped with various conveniences and benefits. So it can be concluded that the “burn money” strategy conducted by fintech supports the people in Indonesia to form a cashless society. Originality: The importance of conducting a strategy of “burn money” in the form of promotion is important because changing the behavior of consumers is not easy. Limitation: This research only focuses on Indonesia. Fintech is only limited to the three largest Fintech in Indonesia (GOPAY, OVO, and DANA) and focuses on payment services. To conduct further exploration, we can use other methods such as interviews from both the SMEs and the Fintech s in Indonesia to explore or dig deeper into the factors that determine Fintech s to “burn money” to advance the economy of SMEs in Indonesia as a cashless society education.