Electronic Payment Instruments Research Articles

Efisiensi dan Efektivitas Penggunaan Uang Elektronika (E-Money) dalam Inovasi Pengembangan Bisnis

E-Money, or electronic money, has become a significant electronic payment instrument in the digital era, changing the way financial transactions are conducted and influencing business and the global economy. This study explores the impact of using E-Money in business development and the digital economy. His background includes the important role of E-Money in the financial transaction revolution and its impact on global markets. The research objective is to evaluate the efficiency and effectiveness of using E-Money in business innovation, as well as analyzing its impact on the digital economy. Research methods involve analysis of technology, regulations, and business impacts. The research results show that the use of E-Money provides innovative solutions for digital transactions, increases operational efficiency and reduces transaction costs. However, challenges also arise regarding security, data privacy and accessibility. In conclusion, E-Money has great potential to transform business operations and the global economy, with significant impacts on innovation, operations and policy. The integration of E-Money in business strategy can increase overall innovation and efficiency, although it is necessary to pay attention to the challenges that arise along with its use.

Business Leadership in E-Commerce in the USA: The Impact of Blockchain Technology

Due to the evolution of digital finance and the active development of cryptocurrencies, blockchain is no longer just a tool for cryptocurrency extraction or database management but a technology that has a wider range of benefits for every trader who wants to conduct transactions using electronic payment instruments (cost improvement, effective tracking and traceability, verifiable record-keeping, transparency, etc.). The impact of blockchain technology on e-commerce can be viewed through the prism of unprecedented technological capabilities, legal and regulatory issues, customer data analysis, the design of communication channels along the supply chain, and trust and security. The article investigates the effect and the direction of the impact made by changes in digital blockchain technologies on retail prices in US e-commerce during 2014-2023 based on the VECM error correction model (software package – Eviews 12). The stability of the time series of the studied variables was confirmed by the Phillips-Perron test, and the Granger causality test showed the absence of a causal relationship between the studied factors in both directions. Instead, the Johansen Juselius Joint Integration Test showed a long-term balance between the studied variables (this is what allows using the VECM model). The results of the delay test of the studied model by two criteria (AIC and SC) showed that the optimal number of delays for the studied variables is 2. When conducting validity tests of the VECM model (joint integration test, LM test, heterogeneity test, unit root test, etc.), it was found that the model does not suffer from the problem of heterogeneity or self-correlation and meets the stability conditions. The study results indicate a positive impact of changes caused by blockchain technology on e-commerce in the long run (changes in digital blockchain technology explain 44% of retail e-commerce changes), with no short-term effect. Any shock in retail e-commerce will quickly affect changes in digital blockchain technology and vice versa (from the first period).

The Influence of Non-Cash Payment Transactions on Economic Growth in 5 ASEAN Countries

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.

Monetary Policy Transmission Channels on the Performance of Nigerian Stock Market

This study examined the effect of electronic payment instruments and inflation rate in Nigeria. The objective was to study the effect of different electronic payment instruments on Nigeria inflation rate. Time series data were sourced from Central Bank of Nigeria Statistical Bulletin from 2012 to 2021. Nigeria inflation rate was model as the function of automated teller machine, point of sales, web payment, mobile payment, Nigeria interbank payment and cheque payment. Ordinary least square was used as data analysis methods. The study found that 77.4 and 62 percent variation in inflation rate in Nigeria was explained by variation in electronic payment instruments. From the findings, the study concludes that automated teller machine has positive and significant effect on inflation rate in Nigeria, point of sales has positive and significant effect on inflation rate in Nigeria, web payment has positive but no significant effect on inflation rate in Nigeria, mobile payment has positive but no significant effect on inflation rate in Nigeria, Nigeria inter-bank payment has positive and significant effect on inflation rate in Nigeria while cheque payment has positive but no significant effect on Nigeria inflation rate. the study therefore recommend that, the regulatory authorities should ensure that the application of electronic payment instruments such as Automated Teller machine and point of sales regulated to achieve price stability and low inflation and that the application of electronic payment statistics should be harmonized with the monetary policy objectives of achieving low inflation and policies should be guided to reduce the amount of electronic payment transactions.

Sosialisasi Penggunaan QRIS Sebagai Alat Pembayaran pada UMKM Mie Ayam Mama Elz

The community service program in the form of socialization is carried out in collaboration with the Owner of UMKM Mie Ayam Mama Elz, Katemas, Kudu, Jombang. This activity is motivated by the rapid development of payment instruments which has made the buying and selling process undergo many changes, one of which is payment using QRIS. This activity was carried out with the aim of providing socialization to UMKM Mie Ayam Mama Elz regarding the use of QRIS as an electronic payment instrument that can help and speed up the payment process. The method used is to hold socialization via Google Meet to UMKM Mie Ayam Mama Elz. The results of this activity add to the understanding of UMKM Mie Ayam Mama Elz owners regarding QRIS.

IMPROVEMENT OF LEGAL MECHANISMS FOR COUNTERING MONEY LAUNDERING THROUGH THE USE OF ELECTRONIC PAYMENT INSTRUMENTS

The purpose of this research is to study the current state of legal regulation to counter money laundering through the use of electronic payment instruments and on its basis to develop proposals for improving the relevant legal mechanisms. Materials and methods. To achieve the purpose of the study, the initial data were used: 1) regulatory legal acts adopted by state authorities of the Russian Federation; 2) materials of the latest judicial practice; 3) working materials of divisions of credit organizations engaged in anti-money laundering activities. The analysis and generalization of these materials made it possible to identify the actual problems in legal regulation of the institution in question in modern conditions and to develop proposals to overcome them. Study results. Current problems of improving the legal mechanisms for countering legalization (laundering) of funds and other property obtained as a result of criminal encroachments in the context of the use of electronic payment instruments are considered. The study found that creation of a legal mechanism regulating the digital assets market, as well as interpretation of regulations by judicial authorities, have a positive effect in the fight against legitimization of criminally acquired income. At the same time, the effectiveness of implementing such legislation in the field under consideration is associated with the need for careful studying the technological aspects of its application. The gradual introduction of the digital ruble will also make it necessary to improve legislation in the field of countering money laundering. The thesis is expressed that such improvement should be based directly on the characteristics of the digital ruble. Conclusions. When making amendments to the criminal legislation in order to exclude possible negative legal consequences of future law enforcement, it seems appropriate, if necessary, to use mechanisms of preliminary constitutional judicial control. The main directions of international cooperation in the field under consideration are: on the basis of regional rules creation of uniform international standards for countering money laundering, including uniform approaches to the criminal legal qualification of relevant acts, as well as formation of a legal and technical basis to implement operational information exchange between law enforcement agencies of various states on the facts of illegal using electronic means of payment.

The Effect of Electronic Payment Instruments on the Lifestyle of the Millennials in the Jabodetabek

Background: Electronic payment instrument provides easier medium of daily transaction among millennial. The ease of use of electronic payment leads to a need to investigate whether it has an impact on millennial generation lifestyle. Objective: This study aims to analyze the effect of using electronic payment instruments on millennial lifestyles. Method: Survey questionnaires were distribute in this study and resulted in 191 questionnaires to be analyzed using Structural Equation Modelling. Results: The results showed that there are positive and significant effect of convenience on activities, interests, and opinions, usefulness on activities and ideas, and the development of usage attitudes on claims and statements. Meanwhile, efficacy's effect on interest and usage attitude's impact on activities has a positive but not significant effect. Conclusion: Three manifest variables: perceived ease of use, perceived usefulness, and attitude toward using, are factors that affect the use of electronic payment instruments. The electronic payment use was also proves as millennial lifestyle. Further, factors affecting millennial activity of using such payment method are: perceived ease of use and perceived usefulness. While factors affecting millennial interest to use such payment method are attention toward using and perceived ease of use. Factors affecting millennial opinion of using such payment method are perceived ease of use, attention toward using, and perceived ease of use. This research implies that the development of electronic payment instruments should consider and improve the security, backup systems and database recovery to support the activity and interest of using electronic payment instruments. Keywords: electronic payment; lifestyle; millennial; sem; technology acceptance model

The impact of Covid-19 on electronic payment system: Lesson learned from Indonesian banking

The Indonesian economy suffered a recession due to the COVID-19 pandemic, the first case of which was announced on March 3, 2020. In response to this disaster, various economic sectors carried out digital transformation, including the banking sector. This research is a case study of how Indonesian banking responded to the pandemic through various central bank policies complemented by literature review on the impact of the pandemic on the banking sector in the world, as well as the development of electronic payment systems before, during and after the COVID-19 pandemic. The central bank issued several regulations of relaxation to reduce the impact of the pandemic on the banking sector. From the perspective of society, the pandemic has actually accelerated the use of digital payment systems in Indonesia. The most widely used electronic payment instrument is electronic money, followed by RTGS transactions with data periods ranging from 2016 to 2021. ATM/Debit card transactions show relatively no fluctuating increases, while credit card transactions show a decline during the same observation period. The trend of increasing electronic transactions is expected to continue after the pandemic and will become a necessity in the Indonesian economy onwards

DAMPAK KUALITAS PELAYANAN DAN PERSEPSI MANFAAT TERHADAP KEPUASAN PENGGUNA JASA LAYANAN GO-PAY

One of the electronic payment instruments is known as electronic money (emoney). E-money is a form of digital money. E-money functions to transfer the money balance data contained in our e-money to a computer or sales information system, so that the goods we want can be purchased without spending additional cash. The purpose of this study was to determine the effect of service quality and perceived benefits partially and simultaneously on Go-Pay service user satisfaction.
 In this study, the method used is primary data, namely data taken from distributing questionnaires to Gundarma University students majoring in management class of 2017 who use Go-Pay services. The analytical tools used are Likert scale, validity test, reliability test, classic assumption test, determination, RLB, t test, and f test.
 From the results of the analysis tested, it can be concluded that service quality (X1) has no partial effect on user satisfaction of Go-Pay services, while the perceived benefits variable (X2) has a partial effect on user satisfaction of Go-Pay services. Service quality and perceived benefits simultaneously influence Go-Pay service user satisfaction. It has been emphasized that perceived benefits have a positive influence on Go-Pay service user satisfaction.

Analysis of Law no. 8 of 1999 As Legal Protection for Consumers Using Electronic Money (E-Money) at Bank Syariah Mandiri

Prospective BSM E-Money card users will not be required to register (unregistered system), which means they do not need to fill in their identity at Bank Syariah Mandiri. However, there are things that need to be considered by prospective BSM E-Money card users, namely that Bank Syariah Mandiri will not replace the balance used by irresponsible parties if the card chip is lost. This is because, in use, starter packs do not require a PIN or signature anymore. So, of course, the law needs to step in to protect electronic money users from risks that may result in major losses for electronic money users. As consumers, electronic money users can refer to legal protection in Article 1 Paragraph 2 of Law Number 8 of 1999 concerning Consumer Protection. The method used for writing this journal is a normative legal method using a qualitative approach. Given that there is no guarantee from the Deposit Insurance Agency (LPS), at least electronic card users are given equal rights and fairness, like a good relationship between ordinary bank customers and issuing banks, especially Bank Syariah Mandiri. Bank Syariah Mandiri is expected to be able to offer agreements in the use of electronic money payment instruments so that electronic money users can know their rights and obligations toward Bank Syariah Mandiri as business actors.

DEVELOPMENT OF THE REMOTE BANKING SYSTEM

In the context of innovative development of the national economy, globalization and integration of financial markets, an increase in the share of non-cash payments made using electronic payment instruments, expansion of banking service channels and transition to remote banking services (RBS) is a priority vector for the development of the payment system and the banking sector of Ukraine. Today, the economy is undergoing processes of information and financial transformation. The banking sector is most susceptible to the impact of such processes, as banks, being financial intermediaries and possessing significant material resources, are actively implementing modern financial technologies in their operations, bringing innovative financial products to the market, and transferring their operations from offices to online banking. Along with the resulting benefits for banks and their customers, this transformation is becoming one of the reasons for the growth of information risks in banking. The relevance of the topic is related to the existence of problems and imperfections in the system of remote banking services in Ukrainian banks. That is why the paper considers the essence and main features of remote banking services at the current stage of development of the banking system of Ukraine. The author analyzes the set of banking services through which bank customers can remotely perform various financial transactions. The article studies remote banking services in the United States of America, which is a leader in this area, in the countries of the European Union, as well as in modern Ukraine. The main types of remote banking are analyzed. The main types of risks are identified. The factors that hinder the development of remote banking in Ukraine and potential ways to overcome them are identified. Every year, banks strive to improve and simplify their mobile phone applications, thereby attracting more and more customers. After all, it was the complexity and distrust of Internet banking that prevented this technology from spreading properly in Ukraine. The results of the study can be used in the analysis and development of mobile applications for banks.

THE INFLUENCE OF SERVICE QUALITY AND PERCEPTION OF BENEFITS ON GO-PAY SERVICE USER SATISFACTION

One of the electronic payment instruments is known as electronic money (emoney). E-money is a form of digital money. E-money functions to transfer the money balance data contained in our e-money to a computer or sales information system, so that the goods we want are purchased without spending additional cash. The purpose of this study was to determine the effect of service quality and perceived benefits partially and simultaneously on Go-Pay service user satisfaction. In this study, the method used is primary data, namely data taken from distributing questionnaires to Gundarma University students majoring in management class of 2017 who use Go-Pay services. The analytical tools used are Likert scale, validity test, reliability test, classic assumption test, determination, RLB, t test, and f test.
 From the results of the analysis tested, it can be concluded that service quality (X1) has no partial effect on user satisfaction of Go-Pay services, while the perceived benefits variable (X2) has a partial effect on user satisfaction of Go-Pay services. Service quality and perceived benefits simultaneously influence Go-Pay service user satisfaction. This confirms that perceived benefits have a positive influence on Go-Pay service user satisfaction.

Pengaruh Uang Elektronik dan Surat Berharga Syariah Negara (SBSN) terhadap Jumlah Uang Beredar di Indonesia


 As the central bank of the Republic of Indonesia, Bank Indonesia has three main responsibilities: creating and implementing monetary policy, regulating and maintaining a seamless payment system, including cash and non-cash payments, and financial system stabilization. To achieve this goals, Bank Indonesia can use one of the sharia monetary instruments, specifically Government Islamic Securities and it is authorized to provide efficient payment instruments such as non-cash electronic money payment instruments, the development of which may have an effect on the money supply. The goal of this study was to determine the effect of electronic money and Government Islamic Securities on Indonesia's money supply. The data used in this analysis is secondary data in the form of a time series of 84 observations that includes monthly data on electronic money, Government Islamic Securities and the money supply from Bank Indonesia publications for the period January 2015 to December 2021. Using the EViews 10 program, this study technique employs the restricted VAR (Vector Autoregression)/VECM (Vector Error Correction Model) analysis method. The results of this study reveal that the variable of electronic money in the short term does not significantly affect the money supply. Electronic money, on the other hand, has a long-term positive influence on the money supply. The variable of Government Islamic Securities in the short term does not significantly affect the money supply. Meanwhile, Government Islamic Securities have a negative impact on the money supply in the long term.
 Keywords: Electronic Money, Government Islamic Securities and Money Supply.

Research on the Legal Regulation Path of Digital Currency Electronic Payment and Its Improvement from Anti-Money Laundering Perspective

With the rapid development of Internet information payment technology, digital currencies are widely used, and digital currencies with blockchain as the underlying technology can be used as a monetary policy tool to serve national economic policies. Under the principle of adhering to steady development, operational safety and risk control, China has launched digital currency electronic payment with equivalence and legalization with traditional legal currency, featuring controlled anonymity, loose coupling of accounts and support for dual offline payments, which combines the advantages of both physical RMB and electronic payment instruments. However, precisely for this reason, China’s existing Anti-Money Laundering (AML) legal system, which mainly regulates and protects traditional currencies, can hardly adapt to the changes of money laundering crimes in the Internet environment in terms of the subject scope, object standards, subjective mentality and behavioral patterns. Taking into account the existing legal norms and the needs of AML regulation of digital currency, money laundering crimes should be incorporated into the section of “obstruction of justice”, the scope of predicate crimes of money laundering crimes should be expanded, the AML obligations of specific non-financial institutions should be improved, and international cooperation should be strengthened, so as to promote the healthy development of China’s digital economy.

Affecting Factors Social Influence and Intention to Use on Gopay in Indonesia

This study aims to determine the effect of using Gopay e-money in Indonesia, which is influenced by perceived usefulness, perceived ease of use, compatibility, personal innovation, individual mobility, intention to use, and social influence. The development of information technology and current payment systems has encouraged the development of an electronic payment instrument known as Electronic Money. E-Money is very safe to use. Electronic money is divided into electronics money is divided into two types. First, chip-based electronics money in the form of cards, such as e-Money, Flazz, and Brizzi. The second type server-based electronics money. This type of electronic money is usually in the form of applications such as Gopay, OVO, Shoppe Pay, Dana, and LinkAja, where this electronic money makes transactions easier. Develop the previous research model by adding social influence variables. Data processing method using SEM. The study results show that all hypotheses are supported except for perceived ease of use on intention to use.

Time is Money: A Survey of the Social Cost of Payment Instruments

The number of payment transactions in Hungary has increased by almost one and a half times over ten years. The use of electronic payment instruments has grown dynamically, while only a moderate increase in cash use was observed. The analysis shows the evolution of the payments market and quantifies the social costs attached to the use of payment instruments. The value of the latter was HUF 832 billion in 2019, representing real growth of 20 per cent over 10 years, mainly due to the costs of developing the acquiring infrastructure and the significant increase in the number of transactions. The real cost per transaction has fallen by 10 per cent for cash, by one half for cards and by one sixth for credit transfers, reflecting the improved efficiency. As electronic payment is now available in most retail payment situations, the cost per transaction is expected to decrease further in the coming years as volume increases.

Halal Haram Cryptocurrency

The invention of the computer which was originally a calculating machine (Difference Engine no. 1) which was discovered by Charles Babbage (1791-1871) is something very famous in the history of computer development and is the first automatic calculator. With the very rapid development of the digital world, in 1983 an American cryptography expert David Chaum used cryptographic electronic money called e-cash, and in 1995, he implemented it through Digichash, which became the initial form of collaboration between the digital world of computers and Money, which is a cryptographic electronic payment instrument that requires user software to pull notes from the bank and designate a specific encrypted key before it can be sent to the recipient. And in 1996, the NSA, namely the United States National Security Agency, which was founded by President Harry S. Truman on November 4, 1952, had the task and function of collecting and analyzing communications from other countries, as well as protecting information belonging to the United States. The agency published a paper entitled How to Make a Mint: The Cryptography of Anonymous Electronic Cash, describing the Crypto currency system that first published it on the MIT mailing list, later in 1997, in the journal The American Law Review (Vol. 46, Issue 4). It was these researches that eventually led the developers to start developing what is known today as blockchain which is basically a distributed open ledger to record transactions between two parties efficiently and in a verifiable and permanent way. The discovery of Bit coin in 2009 which was declared as electronic money was developed by an institution or individual who has the initials Satoshi Nakamoto, the technology used is using a peer to peer network without centralized storage so that verification can be done anywhere in the world anywhere that dedicates a computer, to do this or it is called mining. Since 2009 other coins and tokens have started to appear, as we can see on CoinMarketcap which has more than 6000 coins and tokens. The utilization and use of this technology is still being debated from the point of view of Muslims in Indonesia, as stated by Yenny Wahid in the activities carried out by the Islamic Law Firm (ILF), this is due to the uncertainty of the asset value which can change at any time.

Perlindungan Hukum Bagi Pemegang Kartu E-Money Sebagai Alat Pembayaran dalam Transaksi Non Tunai

Technological developments have brought changes to payments in the form of cash in the form of conventional metal and paper, which have now developed in the form of electronic payment instruments. One means of payment with an electronic or non-cash system is by using an E-Money card. Through Bank Indonesia Regulation Number 20/6 / PBI / 2018, regulations have been stated regarding the application of consumer protection principles which also regulate the financial loss compensation mechanism but have not clearly and in detail how the compensation mechanism is. In this case there is a blur of norms by the ambiguity of this regulation which causes different interpretations between one institution and another. There are two focuses on this research, about investigation of the legal regulatory mechanism against fund card (E-money) owners in conducting digital transactions and the legal protection mechanism in the event of financial loss due to loss of fund card (E-Money). The research method used in this paper is the normative legal research method, namely researching legal principles and examining written regulations. In conclusion, compensation for E-Money can only be done if it is the damage of the issuer. Banks as electronic money issuers are not responsible for the losses of E-Money owners where this rule violates consumer protection principles.

Impact assessment of European policies for combating payment card fraud on the Stakeholders

The security of non-cash payment instruments is a key factor for the economic stability of the European Union. Crime with electronic payment instruments and related illegal activities affect the Digital Single Market and the financial interests of the European Union. Organized crime groups generate € 1.44 billion a year in the Community from payment card fraud, with illegal proceeds reinvested in illegal activity and not recovered. The current scientific article aims to assess an ex-post impact of European policies for combating payment card fraud and counterfeiting on the stakeholders, in particular payment process participants. The goal is to establish the policy efficiency by analyzing the cost and benefits of the specific policy for the participants. A methodology has been developed, based on a multidisciplinary approach. The following scientific methods are used: case study; research and review of legal and other documents; content analysis of strategic and annual reports and assessments; analysis of qualitative indicators and secondary analysis of empirical data. The results of the survey show that the cost of crime prevention and control measures is high, but responsibility for costs is shared between the public and private sectors, and consumers. Strengthening cooperation between stakeholders will lead to higher policy benefits and lower costs.

ОЦІНОЧНІ ПОКАЗНИКИ СТАНУ РОЗВИТКУ КЛІЄНТСЬКОЇ БАЗИ РИНКУ ЕЛЕКТРОННИХ ЗАСОБІВ ПЛАТЕЖУ В УКРАЇНІ

As a result of the rapid development of IT technologies, a new stage of development of the financial services market has begun, which is characterized by extremely high dynamics of financial flows. In Ukraine, an integral part of the development strategy of banking and other credit and financial institutions was the development and implementation of high-tech financial instruments and products to dynamically develop the domestic financial services market and ensure financial flow management in e-business systems, especially electronic payment market. The high dynamics of the payment card market is due to the fact that since 2000 the popularity of electronic payment instruments in Ukraine has grown rapidly due to the convenience and efficiency of their use by consumers, and close connection with the development of the relevant infrastructure. However, since 2015, due to the occupation of Crimea and Donbass by the Russian Federation, as well as the beginning of the reform of the banking system of Ukraine, the number of banks participating in payment systems has decreased, primarily due to loss of territory and reduction in the number of banks and the number of electronic payment holders. The same dynamics was observed for electronic means of payment in circulation. The development of the market of electronic payment systems and their instruments in Ukraine was influenced by a number of factors, in particular transactions with bank payment cards, are extremely profitable for banks, because, on the one hand, expand the range of bank services, making it more attractive to customers; on the other hand they are a powerful source of resources in both foreign and national currencies, and provides intensification of the bank's activities, which ultimately leads to a reduction in the bank's costs, primarily for staff salaries and rent. An important factor hindering the development of electronic payments in Ukraine is the high level of cash use in payments in the country's economy. Keywords: plastic card, electronic payment means, banks which are the participants of card payment systems, operations with payment cards, indicators of the electronic payment means market