Electronic Money Transactions Research Articles

Adakah Pengaruh Peningkatan Transaksi Pembayaran Nontunai terhadap Jumlah Uang Beredar selama Pandemi Covid - 19

This research aims to find out whether there are non-cash payments regarding the amount of money circulating in Indonesia during the Covid-19 pandemic. The money supply used in this research is narrow money (M1) and broad money (M2). Non-cash payments in this research are represented by four transaction schemes, namely the card payment system (APMK), electronic money, Bank Indonesia's national clearing system (SKNBI), and the BI-RTGS system. The Error Correction Model is used to study the relationship between non-cash payment systems and the money supply. Data processing in this research uses Eviews 9. The partial research results show that only the value of electronic transactions has a positive effect on the narrow money supply (M1) and none of the variables from the non-cash payment scheme in this study have a partial effect on the broad money supply (M2). Meanwhile, it simultaneously shows that the value of ATM/Debit transactions, the value of electronic money transactions, the value of credit card transactions, the value of clearing transactions, and the value of BI-RTGS transactions together influence the M1 and M2 money supply.

The Effect of Electronic Money Transactions on Household Consumption

This study aims to determine the effect of the volume of electronic money transactions on household consumption in Indonesia, Malaysia, Thailand, and Singapore from 2012 to 2019. The seemingly unrelated regression method was chosen due to heteroscedasticity and contemporaneous correlation problems in the model. This method estimates the relationship between the volume of electronic money transactions and household consumption. In this study, electronic money is used in the form of chips and servers. The results of this study indicate that Indonesia, Malaysia, Thailand, and Singapore have a significant positive relationship between the volume of electronic money transactions and household consumption. It indicates that consumers already have confidence in the non-cash payment transaction system, especially electronic money, and feel that using it is more efficient, fast, and secure.

The Comparison of ATM/Debit Card, Credit Card, and E-Money Transactions in Indonesia Before and After the Covid-19 Pandemic Period January 2018 - August 2023

The use of various electronic payment media found an unexpected momentum when the world experienced the COVID-19 pandemic. The public's usage of electronic payment media has increased, contributing to social limitations because shopping may be done remotely via mobile devices or other remote access. The purpose of this research is to analyze the differences in transactions of Payment Using Cards and Electronic Money in Indonesia before and after the COVID-19 pandemic. The data source is the Central Bank's Indonesian Banking Statistics, with monthly data ranging from January 2018 to August 2023. The data set covers the quantity, volume, and value of ATM/Debit Card transactions, as well as hypothesis testing using the Mann-Whitney U Test. All retail payment instruments, notably ATM/Debit Cards, Credit Cards, and Electronic Money, saw a significant decline during the beginning of the pandemic but thereafter experienced an increase in transaction volume and value. After the pandemic, the average number, volume, and value of ATM/Debit Card, Credit Card, and Electronic Money transactions increased significantly compared to before the pandemic. The development of electronic payments in Indonesia after the pandemic is empirical evidence that a less-cash society in Indonesia has been formed and has progressively grown in the last five years.

Transaksi Uang Elektronik: Dampaknya terhadap Efektivitas Kebijakan Moneter Indonesia

As a new payment instrument, electronic money usage is increasing yearly. This can be seen from the increasing volume and nominal transactions. This study aims to see whether electronic money transactions affect the effectiveness of monetary policy in Indonesia, as seen from economic growth, inflation, interest rates, and money supply. The analytical method used is the Vector Autoregression/ Vector Error Correction Model (VAR/ VECM), using secondary time series data sourced from the Central Bureau of Statistics and Bank Indonesia, observation period 2010M1 to 2021M12. The results show that there is a long-term relationship between the electronic money variable and the monetary policy variable in the VAR model, so the model shifted to VECM. Second, this study finds that an increase in the volume of electronic money transactions positively affects the effectiveness of monetary policy in the long run. Meanwhile, in the long run, an increase in the nominal of electronic money transactions has a varying impact on monetary policy indicators.

Analysis of Non-Cash Transactions, Debit Cards, Credit Cards, and Electronic Money, on the Money Supply in Indonesia

This study was conducted to determine the effect between the independent variable, namely non-cash transactions (debit card transactions, credit card transactions, and electronic money transactions) on the dependent variable, namely the Money Supply (M1) in Indonesia. The research was conducted using a quantitative approach and the type of research used secondary data in the form of time series data from 2012-2021 obtained from Bank Indonesia and the Central Bureau of Statistics. The purpose of this study is to determine the effect of non-cash transactions on the money supply in Indonesia during 2012-2021. The analysis model used is multiple linear regression using SPSS. This study also uses the statistical t test, statistical F test, and the coefficient of determination R2. Based on the results of the research that has been done, it shows that debit card transactions have a positive effect on the amount of money in circulation and credit card transactions have a negative effect on the money supply in 2012-2021. Meanwhile, electronic money transactions have no effect on the money supply in 2012-2021

Applicability and Effectiveness of the Legal Transactions on Using Electronic Money (E-Money) in the Disruption Era

Human activity encounters a density that is no less incredible in pursuing its needs and ambitions. Some people have attempted to conduct transactions in pair with the abundance of technological development activities, specifically by using electronic money. In this study, the author observes remarkable technological growth, which aims to understand the essence of e-money transactions and their efficacy. Additionally, how effective is the legal defense against e-money transactions? This study uses a normative or doctrinal research method by comparing the Law and the enlightening validity of reading books, texts, journals, print media, and other related information. This study demonstrates that the validity of electronic money transactions has done a lot, whereas the transaction encloses safeness, convenience, and time efficiency. However, there are also obstacles and challenges in it. For effectiveness, there is already a legal validation that controls it. At the same time, electronic money transactions must be protected for legal protection, where it contains elements of worth, which are benefits and time efficiency.

Can an Electronic Money Transaction Raise the Inflation Rate? (Indonesian Pre-Pandemic)

Along with the rapid growth of technology, payment instruments are also changing. Electronic money is slowly but surely replacing the role of paper money and coins. The emergence of electronic money can provide convenience for consumers, it can lead to an increase in the demand for goods and services that ultimately leads to demand-pull inflation.The purpose of this study is to determine the impact of electronic money transactions (both in natural and in value terms) on inflation growth. By using the Chow Breakpoint Test, Difference-in-Differences and Propensity Score Matching shows that the inflation trend has tended to decline since the Bank of Indonesia launched its national non-cash campaign.By using the ordinary least squares (OLS) method was revealed that an increase in the volume of electronic money transactions in the long-term may affect a decrease in inflation, but not in the short-term. The rate of interest of the Bank of Indonesia, the growth of lending and GDP led to the decline in inflation.It was concluded that the Bank of Indonesia could expand the use of electronic money to manipulate inflation levels in the long-term. The policy that can be implemented by Bank Indonesia is to distribute electronic money infrastructure services more evenly and increase the socialization of the use of electronic money, especially in remote areas.

ANALISIS FAKTOR-FAKTOR YANG MEMPENGARUHI CASHLESS SOCIETY

This research is motivated by the increasingly widespread use of electronic money as payment transactions in order to reduce the use of paper money to create a cashless society. This type of research is quantitative research with secondary data in the form of time series which includes electronic money transaction data, electronic money circulating data, means of payment by card, and electronic money infrastructure data obtained from Bank Indonesia's official website for 2018-2022.
 The results of the study show that electronic money transactions have an effect on a cashless society, electronic money in circulation has an effect on a cashless society, digitalization of electronic money has an effect on a cashless society, electronic money infrastructure has an effect on a cashless society, electronic money infrastructure can strengthen electronic money transactions on a cashless society, money infrastructure electronic money is able to strengthen the circulation of electronic money towards a cashless society, and electronic money infrastructure is able to strengthen the digitalization of electronic money towards a cashless society.

Produk E-Money Bank Syariah dalam Perspektif Kajian Islam

This study aims to determine the suitability of BSM E-Money products according to the DSN MUI Fatwa on one of the products at Bank Syariah Mandiri. This study used a qualitative descriptive method with data collection carri ed out through observation, interviews and documentation of two sources of informants, namely the Central Bank Syariah Mandiri Office and the DSN-MUI Institute Office. Data analysis techniques were carried out in three steps, namely: data reduction, data presentation, and drawing conclusions. The results of this study indicate that according to the DSN-MUI Fatwa, a product that has been legalized and marketed states that the product is in accordance with the DSN-MUI Fatwa No. 116 because if the product is not in accordance with the existing Fatwa or violates the provisions, the Bank Indonesia Authority or OJK has the authority to reprimand or stop the product. According to Bank Syariah Mandiri, so far BSM E-Money products are still operating in accordance with existing regulations, it can be concluded that Products in Electronic Money transactions at Bank Syariah Mandiri have complied with DSN-MUI Fatwa No. 116, approved by the Sharia Supervisory Board (DPS) and obtained a permit from Bank Indonesia or the Financial Services Authority (OJK). The product complies with sharia principles and is declared in accordance with the DSN-MUI Fatwa, only that there are sharia problems.

Selective Layered Blockchain Framework for Privacy-preserving Data Management in Low-latency Mobile Networks

<p>With the gradual development of Fourth Industrial Revolution technologies, such as artificial intelligence, the Internet of Things, and big data, and the considerable amount of data in mobile networks, low-latency communication and security management are becoming crucial. Blockchain is a data-distributed processing technology that tracks data records to support secure electronic money transactions and data security management in a peer-to-peer environment without the need of a central trusted authority. The data uploaded to the blockchain-shared ledger are immutable, making tracking integrity preservation facile. However, blockchain technology is limited because it is challenging to utilize in the industry owing to its inability to correct data, even when inaccurate data are uploaded. Accordingly, research on blockchain mechanisms that consider privacy-preserving data management is required to commercialize blockchain technology. Previously, off-chain, blacklist, and hard-fork methods have been proposed; however, their application is challenging or impractical. Therefore, to protect privacy, we propose a layered blockchain mechanism that can correct data by adding a buffer blockchain. We evaluated the latency, security, and space complexity of layered blockchains. The security and security-to-latency ratio for data management of the selective layered blockchain is 2.2 and 11.3 times higher than the conventional blockchains, respectively. The proposed selective layered blockchain is expected to promote the commercialization of blockchain technologies in various industries by protecting user privacy.</p> <p> </p>

Produk E-Money Bank Syariah dalam Perspektif Kajian Islam

Produk E-Money Bank Syariah dalam Perspektif Kajian Islam

Increasing the Use of Electronic Money Transactions (E-Money) in Indonesian Society

The development of technology and information over the last half century has made quite significant changes in several sectors, including the banking sector. Money is one of the most important elements in this sector, changes in money from time to time are also influenced by the technology that existed at that time. The presence of a non-cash payment system can also avoid very high amounts of money in circulation, printing of counterfeit notes, errors in counting money, and the unnecessary need to carry large amounts of money. Bank Indonesia also wants to encourage the level of non-cash transactions carried out by the public so that a system is formed in the Cashless Society (a cashless society). The purpose of this study is to determine the increase in the use of e-money and e-wallet in the community among private employees, students, and housewives with certain age and income groups. The results of this study indicate that there has been an increase from year to year, especially private employees.

Effect of Electronic Money Transactions on Customer Satisfaction According to Sharia Economy (Case Study at STAI La Tansa Mashiro)

Effect of Electronic Money Transactions on Customer Satisfaction According to Sharia Economy (Case Study at STAI La Tansa Mashiro)

Regulation of Wechat Pay and Alipay Electronic Money Transactions in the Perspective of Indonesian State Sovereignty

Regulation of Wechat Pay and Alipay Electronic Money Transactions in the Perspective of Indonesian State Sovereignty

Regulation of Wechat Pay and Alipay Electronic Money Transactions in the Perspective of Indonesian State Sovereignty

Along with the digital transformation, the banking sector has undergone rapid transformation. WeChat Pay and Alipay, which are leading digital wallets in China, have spread to Indonesia and collaborated with local banks. Although WeChat Pay and Alipay collaborate with local banks, the implementation of these transactions has not fully met the regulations of Indonesia's financial system. The research problem in this study is 1) What is the government's policy in issuing legal norms for regulating foreign digital money transaction cooperation within the jurisdiction of Indonesia? 2) How do WeChat Pay and Alipay assume legal responsibility for their operations in Indonesia related to financial sovereignty in Indonesia? This study aims to analyse the government's policy in issuing legal norms for regulating WeChat Pay and Alipay electronic money transaction cooperation and its impact on Indonesia's sovereignty. The researcher analysed laws, regulations, related policies, and literature studies by using normative juridical methods. The research findings indicate that relevant agencies need to supervise Indonesia's financial system regulations to prevent illegal financial transactions in Indonesia as they are not sufficiently prepared to anticipate the globalization of the financial system. This research recommends that the Indonesian government develop more comprehensive regulations to increase supervision of WeChat Pay and Alipay electronic money transactions to maintain Indonesia's sovereignty.

THE EFFECT OF NON-CASH PAYMENT TRANSACTIONS ON THE VELOCITY OF MONEY IN INDONESIA

This study aims to examine the effect of non-cash payment transactions on velocity of money in Indonesia. Specifically, it investigates the impact of electronic money transactions, debit card transactions, credit card transactions, and the COVID-19 pandemic on velocity of money. The research adopts a quantitative approach and utilizes time series data from 2018 to 2021 obtained from the Bank Indonesia website. Multiple linear regression analysis is employed as the analytical technique. The findings reveal that electronic money transactions do not significantly affect velocity of money in Indonesia. Debit card transactions show a negative and significant impact, while credit card transactions do not show a significant effect. Furthermore, the COVID-19 pandemic has a negative and significant influence on the velocity of money in Indonesia. Simultaneously, all the independent variables have a significant effect on the velocity of money in Indonesia. The R2 testing indicates that the independent variables explain 85.94% of the variability in the velocity of money variable, while the remaining 14.06% is attributed to other factors beyond this study.

Analysis of Factors Affecting Electronic Money Transactions in Indonesia

Electronic money is money that is a new and attractive way of payment system in Indonesia. However, cashless transactions in Indonesia still lag behind other countries in the Southeast Asian region. Currently, the increase in electronic money transactions in Indonesia has not been accompanied by a decrease in banknotes. This study aims to analyze and determine the effect of destroyed banknotes / money unfit for circulation, economic growth, the amount of time deposits, credit interest rates, and the Consumer Price Index (CPI) on electronic money transactions in Indonesia. This study uses Autoregressive Distributed Lag analysis using time series data. The results show that destroyed banknotes / money unfit for circulation has a negative and significant effect to electronic money transactions in the short run and in the long run. Economic growth has a positive effect in the short run and in the long run. The amount of time deposits has an effect in the short run and in the long run. Credit interest rates have no effect in the short run but have a negative and significant effect in the long run. And the CPI does not have a significant effect both in the short and long run.

Implementation of Fiqh Muamalah Contracts in Electronic Money (E-Money) Transactions

Money is a medium of exchange in economic activities that always changes from time to time, both in form, intrinsic value, and extrinsic value. Electronic money (e-money) is currently emerging, which is used as a means of micro-payments that can process payments more quickly, easily, efficiently, and safely. The research objective is to discuss the implementation of muamalah fiqh contracts in electronic money transactions. This type of research is qualitative research with library methods. The results of this study show that electronic money transactions in fiqh muamalah are legally permissible or permissible as long as they do not conflict with the principles of Islamic law. Muamalah fiqh contracts implemented in electronic money transactions are divided into two. The first is between the issuer and the holder of electronic money using a wadiah contract and a qard contract. Second, the publisher and organizer use ijarah, sell, and wakalah bil ujrah contracts. In conclusion, electronic money transactions (e-money) can use fiqh muamalah contracts.

DOCUMENT FLOW IN ELECTRONIC MONEY TRANSACTIONS IN THE CONTEXT OF ACCOUNTING INFORMATION SUPPORT FOR FINANCIAL SECURITY

Introduction. The formation basis of the digital economy is the transition of business entities to electronic transactions. It is necessary to revise the order of document circulation at the enterprise, since electronic transactions involve the operation of electronic means of payment and cryptocurrencies, information about which is transferred between participants of settlement operations. First of all, the method of forming and processing primary documents in cash flow accounting will undergo changes. Accounting forms information arrays for cash management, which is an element of ensuring the financial security of enterprises. The purpose of the article is to research the transformational trends in the electronic document flow of electronic money transaction systems from the accounting point of view to ensure the financial security of enterprises. Methods. In the process of carrying out scientific research, a systematic methodical approach in combination with innovative, functional methods and methodical tools of generalization, bibliographic and comparative analysis was used to realize its aim. Results. The accounting positioning of the bank statement as a primary document improved, which replaced in the conditions of electronic communication with financial institutions by information orders on the transfer of funds to the recipient and confirmation of the receipt of a payment from the electronic transaction system. The method of generating electronic invoices for payment, receipts and other supporting documents has been optimized through the recombination of data from the electronic transaction system in traditional regulated forms for informational participation in the formation and execution of electronic contractual relations and smart contracts. It is proposed to use blockchain technology in the organization of electronic document flow in electronic money transactions to ensure the financial security of enterprises regarding: fragmentation of information with the possibility of storing each of the elements with different stakeholders; optimization of document flow management, which involves automatic identification of the type and content of documents with sending to responsible persons; elimination of information barriers (oversaturation, redundancy, insufficiency, distortion of data); storing the history of data changes, which prevents financial fraud and accidental errors. The procedure for using the electronic signature system for authenticating the official responsible for monetary transactions in the electronic transaction system and obtaining stakeholder access to confidential reporting has been clarified. An information scheme and principles of a separate software module have been developed, which is a communication platform for information synchronization between electronic money transaction services and an automated system of accounting and management of transactions, and can be implemented at various enterprises to ensure their financial security. Conclusions. The need to optimize electronic document flow in the system of electronic money transactions based on author’s proposals and developments to ensure financial security in combination with cyber protection of the enterprise. Cyber protection of electronic document management against internal and external cyber threats requires further research.

Inventory control and accounting valuation of electronic money and crypto assets in electronic transactions

The monetary basis of the digital economy is electronic money and cryptographic objects that have specific characteristics, consideration of which significantly complicate accounting and control. In order to ensure the identification, inventory and valuation of crypto assets, it is necessary to optimize the methodology and organization of accounting for electronic money transactions in the digital economy. The purpose of the article is to improve the inventory control and accounting assessment methodology from the point of view of the current and future value of electronic and cryptographic money in the context of electronic money transactions. The article substantiates the possibility of a permanent automatic inventory of electronic and cryptographic money funds based on the information synchronization of crypto exchanges (electronic transactions operators) with specialized software for automation of accounting. The procedure for carrying out inventory control of electronic money and cryptocurrencies in terms of types of electronic transactions has been improved. The features of accounting valuation of crypto assets characterized by intangible nature, significant volatility, speculative nature, confidentiality, decentralization, etc. have been determined. The methodology of accounting valuation of crypto assets has been optimized with the determination of their initial and future value in the context of distinguishing types of electronic transactions, as well as the need to revalue accounting objects used as a means of circulation or as investment and financial instruments. The methodology for valuation of newly created crypto assets has been clarified in terms of taking into account the costs of labor and social insurance, electricity and utilities, and depreciation of equipment related to the maintenance of the electronic transaction system. The use of the author's proposals will contribute to reliable and timely accounting of electronic and cryptographic money funds.