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Jurnal Ekonomi dan Studi Pembangunan

Abstract

This study seeks to examine the impact of digital payment systems particularly the utilization of the Indonesian Standard Quick Response Code (QRIS), on the velocity of money in Indonesia during the COVID-19 pandemic and post-pandemic periods. In addition, the research aims to explore other determinants that influence the velocity of money in both the short and long term. The variables used in this study include the volume of QRIS transactions, the volume of ATM debit card transactions, the volume of credit card transactions, the number of Electronic Data Capture (EDC) machines, interest rates, and inflation, while the dependent variable is the velocity of money. The study employs secondary data with a monthly frequency spanning from January 2020 to July 2025 obtained from official sources such as the Central Statistics Agency (BPS), the Indonesian Payment System Association (ASPI), and Bank Indonesia (BI). The analysis is conducted using the Autoregressive Distributed Lag (ARDL) approach to assess both short-term and long-term relationships among the variables. The findings reveal that in the short term, the volume of QRIS transactions, the volume of ATM debit card transactions, and the volume of credit card transactions positively affect the velocity of money in Indonesia, whereas interest rates and inflation negative effects. Conversely in the long term, the volume of ATM debit card transactions has a significant negative effect and inflation shows a significant positive effect on the velocity of money, while the volume of QRIS transactions, the volume of credit card transactions, the number of Electronic Data Capture (EDC) machines, and interest rates do not have significant effects on the velocity of money in Indonesia.

First Page

45

Last Page

56

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