The Impact of Cashless Transactions on Cash Demand at the Regional Level in Indonesia
DOI:
https://doi.org/10.24843/JEKT.2026.v19.i02.p03Keywords:
cash demand, digital payments, debit card, electronic money, regional disparityAbstract
Penelitian ini mengkaji pengaruh transaksi non-tunai—yang mencakup penggunaan kartu debit, kartu kredit, dan uang elektronik—terhadap permintaan uang tunai di Indonesia dengan menggunakan data panel tingkat kabupaten/kota untuk periode 2019 hingga 2024. Dengan menerapkan model Two-Way Fixed Effects (TWFE), hasil penelitian menunjukkan bahwa transaksi menggunakan kartu debit dan kartu kredit secara signifikan menurunkan permintaan uang tunai di tingkat nasional, yang mengindikasikan peran keduanya sebagai substitusi terhadap uang tunai. Sebaliknya, penggunaan uang elektronik hanya menunjukkan pengaruh yang signifikan secara statistik di wilayah Jawa, yang mencerminkan adanya disparitas regional dalam adopsi pembayaran digital. Di wilayah Jawa, uang elektronik berfungsi sebagai substitusi uang tunai, sedangkan di luar Jawa, kartu debit lebih berperan dalam menurunkan penggunaan uang tunai. Temuan ini menegaskan pentingnya kebijakan yang disesuaikan secara spasial untuk mendorong adopsi sistem pembayaran digital yang lebih luas dan efektif di seluruh wilayah Indonesia.
This study investigates the impact of non-cash transactions—including debit card, credit card, and electronic money usage—on cash demand in Indonesia using district-level panel data from 2019 to 2024. Employing a Two-Way Fixed Effects (TWFE) model, the findings reveal that debit and credit card transactions significantly reduce cash demand at the national level, indicating their role as substitutes for cash. In contrast, electronic money usage shows a statistically significant effect only in Java, reflecting regional disparities in digital payment adoption. While electronic money functions as a substitute for cash in Java, debit card transactions remain more influential in reducing cash usage in non-Java regions. These results underscore the importance of spatially adaptive policies to support broader and more effective digital payment adoption across Indonesia.
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