The COVID-19 Pandemic's Impact on Indonesia's Electronic Retail Payment Transactions

Abstract

This research aims to analyze the differences in the number of cash, shop, intrabank, interbank, and electronic transactions in normal conditions and at the time of the COVID-19 pandemic, and see if there is an increase or decrease in the number of transactions during the pandemic in 2020. It was an empirical study in which the survey was conducted using secondary data between January to March 2019 and January to March 2020, which collected from the Indonesia Central Bank (BI) Statistics Data and Financial Services Authority (OJK) Statistics Data. The data collected were analyzed with paired sample t-tests (95% significance level) by presenting several factors influencing customer perception. The research finds out that there is a statistically significant difference between the numbers of Electronic money transactions before and after COVID-19, while there are no statistically significant differences for other electronic retail payment transaction instruments, such as credit cards, debit cards, intra transfers and interbank, electronic money. The number of cash and shop transactions during the pandemic experienced a slight increase, while the number of intrabank and interbank transactions decreased during the pandemic when compared to normal conditions last year. A significant difference occurred in the number of electronic money transactions that experienced an increase of 2,117%.