Embracing Fintech Utilization: The Surge of e-Money and Internet User
DOI:
https://doi.org/10.51903/e-bisnis.v15i2.1835Keywords:
e-Money, fintech, internet user, economic growthAbstract
This paper discusses the relationship of electronic money transactions on Internet users in Indonesia, main of the indications of fintech utilization. This study analyzes the trends of development of the volume and value of electronic money transactions as well as the increase of internet users in Indonesia. Data were collected from 2008 to 2020. The analysis is carried out using an polinomial trend analysis. Correlation test was also conducted on the electronic money transactions and data of Internet users and its growth rate. The analysis showed that electronic money transactions and internet users growing polinomially. The strong correlation was found between internet users and GDP and also electronic money transactions. It was also found that the growth of internet users affects the growth of the value of e-money transactions, while the growth of GDP affects the growth of the volume of e-money transactions. These findings signifies the growing enthusiasm for embracing fintech in Indonesia.
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[2] Oberlo, “GLOBAL ECOMMERCE SALES (2017 – 2023),” Oberlo. [Online]. Available: https://id.oberlo.com/statistics/global-ecommerce-sales
[3] Bank Indonesia, “Responding to the COvid-19 Pandemic: Maintaining Financial System Stability, Accelerating National Economic Recovery,” 2020. [Online]. Available: http://www.bi.go.id
[4] O. Laohapensang, “Factors influencing internet shopping behaviour : a survey of consumers in Thailand,” vol. 13, no. 4, pp. 501–513, 2009, doi: 10.1108/13612020910991367.
[5] C. K. Dewi, Z. Mohaidin, and M. A. Murshid, “Determinants of online purchase intention : a PLS-SEM approach : evidence from Indonesia,” vol. 14, no. 3, pp. 281–306, 2020, doi: 10.1108/JABS-03-2019-0086.
[6] C. Xiongfei, Y. Lingling, L. Zhiying, G. Mingchuan, and A. Luqman, “Understanding mobile payment users’ continuance intention: a trust transfer perspective,” Internet Research, vol. 28, no. 2, pp. 456–476, Jan. 2018, doi: 10.1108/IntR-11-2016-0359.
[7] Bank Indonesia, “Daftar Penerbit Uang Elektronik,” 2020. [Online]. Available: https://www.bi.go.id/id/statistik/ekonomi-keuangan/ssp/Lists/Uang Elektronik Penyelenggara/Attachments/1/Daftar Penerbit Uang Elektronik.xls
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[9] N. A. Md Lukmanul Hakim, N. A. Junaidun, N. S. Mohamamd Fadzil, and M. I. Mohd Ishar, “Persepsi Pengguna Internet di Malaysia Semasa Pandemik COVID-19,” Malaysian Journal of Social Sciences and Humanities (MJSSH), vol. 6, no. 4, 2021, doi: 10.47405/mjssh.v6i4.745.
[10] M. Ltifi, “Determinants of the intention of smartphone usage by mobile internet users for m-services,” Management Decision, vol. 56, no. 11, 2018, doi: 10.1108/MD-09-2017-0869.
[11] F. Huseynov and S. Ö. Yıldırım, “Internet users’ attitudes toward business-to-consumer online shopping: A survey,” Information Development, vol. 32, no. 3, 2016, doi: 10.1177/0266666914554812.
[12] K. Wollmann et al., “The information needs of internet users and their requirements for online health information—A scoping review of qualitative and quantitative studies,” Patient Education and Counseling, vol. 104, no. 8. 2021. doi: 10.1016/j.pec.2021.01.020.
[13] L. Wang, R. Law, K. Hung, and B. D. Guillet, “Scale development of perceived eTrust in the hotel industry: The perspective of internet users,” Int J Hosp Manag, vol. 43, 2014, doi: 10.1016/j.ijhm.2014.08.005.
[14] V. Gallistl and G. Nimrod, “Media-Based Leisure and Wellbeing: A Study of Older Internet Users,” Leisure Studies, vol. 39, no. 2, 2020, doi: 10.1080/02614367.2019.1694568.
[15] Badan Pusat Statistik Indonesia, “Pendapatan Nasional Indonesia 2018-2022,” Bps-Ri, 2022.
[16] The Investopedia (2020), “Economic Growth Definition,” The Investopedia (2020). 2021.
[17] C. Corrado, C. Hulten, and D. Sichel, “Intangible capital and U.S. economic growth,” Review of Income and Wealth, vol. 55, no. 3. 2009. doi: 10.1111/j.1475-4991.2009.00343.x.
[18] O. T. Pearce, C. I. Friday, and Q. E. Mcdonald, “Intangible Assets and Economic Growth in Nigeria: An Empirical Investigation,” Asian Journal of Economics, Business and Accounting, 2021, doi: 10.9734/ajeba/2021/v21i1130443.
[19] K. Fukao, T. Miyagawa, K. Mukai, Y. Shinoda, and K. Tonogi, “Intangible investment in japan: Measurement and contribution to economic GROWTH,” Review of Income and Wealth, vol. 55, no. 3. 2009. doi: 10.1111/j.1475-4991.2009.00345.x.
[20] V. López Ruiz, J. Alfaro Navarro, and D. Nevado Peña, “Economic growth and intangible capitals: An international panel data model applied in the 21st century,” Romanian Journal of Economic Forecasting, vol. 19, no. 2, 2016.
[21] R. Pater, Ł. Cywiński, R. Harasym, and K. Tarchalski, “Intangible capital and the economic growth in Poland,” Bank i Kredyt, vol. 49, no. 2, 2018.
[22] P. Tambe, L. M. Hitt, D. Rock, and E. Brynjolfsson, “IT, AI and the Growth of Intangible Capital,” SSRN Electronic Journal, Jul. 2019, doi: 10.2139/ssrn.3416289.
[23] J. Wang et al., “Analysis of the mechanism of the impact of internet development on green economic growth: evidence from 269 prefecture cities in China,” Environmental Science and Pollution Research, vol. 29, no. 7, 2022, doi: 10.1007/s11356-021-16381-1.
[24] I. A. Abdulqadir and S. A. Asongu, “The asymmetric effect of internet access on economic growth in sub-Saharan Africa,” Econ Anal Policy, vol. 73, 2022, doi: 10.1016/j.eap.2021.10.014.
[25] H. Haini, “Tourism, Internet penetration and economic growth,” Journal of Policy Research in Tourism, Leisure and Events, vol. 14, no. 2. 2022. doi: 10.1080/19407963.2020.1854276.
[26] H. Haini, “Internet penetration, human capital and economic growth in the ASEAN economies: evidence from a translog production function,” Appl Econ Lett, vol. 26, no. 21, 2019, doi: 10.1080/13504851.2019.1597250.
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[30] J. Madugba, B. C. Egbide, D. W. Jossy, U. T. Agburuga, and O. O. Chibunna, “Effect of electronic banking on financial performance of deposit money banks in Nigeria,” Banks and Bank Systems, vol. 16, no. 3, 2021, doi: 10.21511/bbs.16(3).2021.07.
[31] C. O. Omodero, “Fintech Innovation in the Financial Sector: Influence of E-Money Products on a Growing Economy,” Studia Universitatis Vasile Goldis Arad, Economics Series, vol. 31, no. 4, 2021, doi: 10.2478/sues-2021-0018.
[32] F. Alshubiri, S. A. Jamil, and M. Elheddad, “The impact of ICT on financial development: Empirical evidence from the Gulf Cooperation Council countries,” International Journal of Engineering Business Management, vol. 11, 2019, doi: 10.1177/1847979019870670.
[33] A. Amaluddin, “The dynamic link of electricity consumption, internet access and economic growth in 33 provinces of Indonesia,” International Journal of Energy Economics and Policy, vol. 10, no. 4, 2020, doi: 10.32479/ijeep.9249.
[34] A. C. Chapuzet, “Internet Consumption and Economic Growth in Malaysia’s Post-Covid 19 Economic Recovery Efforts,” Tamansiswa Accounting Journal International, vol. 5, no. 1, pp. 1–5, Apr. 2022, doi: 10.54204/TAJI/Vol512022001.
[35] W. ; N. Suhendry, “Faktor-faktor yang mempengaruhi penggunaan e- money di Kota Pontianak,” Jurnal Equilibrium Manajemen (JEM)., vol. Volume 4 N, 2018.
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Published
2024-04-01
How to Cite
Dwi Eko Waluyo. (2024). Embracing Fintech Utilization: The Surge of e-Money and Internet User. E-BISNIS: JURNAL ILMIAH EKONOMI DAN BISNIS, 15(2), 403–412. https://doi.org/10.51903/e-bisnis.v15i2.1835
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