Abstract

This study examines the impact of non-cash transactions on the money supply (M1) in Indonesia, with inflation as a moderating variable. Using data from 2019 to 2021, we analyze the effects of debit cards, credit cards, and electronic money (e-money) on the money supply. The findings indicate that debit card transactions have no immediate impact, credit card transactions have a slight negative effect, and e-money transactions significantly increase the money supply. These results offer valuable insights for policymakers and financial analysts in understanding and managing the relationship between non-cash payment methods and monetary policy.

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