The COVID-19 Pandemic's Impact on Indonesia's Electronic Retail Payment Transactions

Abstract

This research aims to analyze the differences in the number of cash, shop, intrabank, interbank, and electronic transactions in normal conditions and at the time of the COVID-19 pandemic, and see if there is an increase or decrease in the number of transactions during the pandemic in 2020. It was an empirical study in which the survey was conducted using secondary data between, which collected from the Indonesia Central Bank (BI) Statistics Data and Financial Services Authority (OJK) Statistics Data. The data collected were analyzed with paired sample t-tests (95% significance level) by presenting several factors influencing customer perception. The research finds out that there is a statistically significant difference between the numbers of Electronic money transactions before and after COVID-19, while there are no statistically significant differences for other electronic retail payment transaction instruments, such as credit cards, debit cards, intra transfers and interbank, electronic money. The number of cash and shop transactions during the pandemic experienced a slight increase, while the number of intrabank and interbank transactions decreased during the pandemic when compared to normal conditions last year. A significant difference occurred in the number of electronic money transactions that experienced an increase of 2,117%.

Full text

The COVID-19 Pandemic’s Impact on Indonesia’s
Electronic Retail Payment Transactions
Yanuar Trisnowati
School of Business
IPB University
Bogor, Indonesia
yanuartrisnowati@apps.ipb.ac.id
Zulfikar Kesuma P
School of Business
IPB University
Bogor, Indonesia
zulfikarkesuma@apps.ipb.ac.id
Arianto Muditomo
School of Business
IPB University
Bogor, Indonesia
ariantomuditomo@apps.ipb.ac.id
Dadi Adriana
School of Business
IPB University
Bogor, Indonesia
dadiadriana@apps.ipb.ac.id
Erwin P.S. Manalu
School of Business
IPB University
Bogor, Indonesia
erwinpribadi@apps.ipb.ac.id
Rini Dwiyani H
School of Business
IPB University
Bogor, Indonesia
rinidwiyani@apps.ipb.ac.id
Abstract— This research aims to analyze the differences
in the number of cash, shop, intrabank, interbank, and
electronic transactions in normal conditions and at the time
of the COVID-19 pandemic, and see if there is an increase or
decrease in the number of transactions during the pandemic
in 2020. It was an empirical study in which the survey was
conducted using secondary data between January to March
2019 and January to March 2020, which collected from the
Indonesia Central Bank (BI) Statistics Data and Financial
Services Authority (OJK) Statistics Data. The data collected
were analyzed with paired sample t-tests (95% significance
level) by presenting several factors influencing customer
perception. The research finds out that there is a statistically
significant difference between the numbers of Electronic
money transactions before and after COVID-19, while there
are no statistically significant differences for other electronic
retail payment transaction instruments, such as credit cards,
debit cards, intra transfers and interbank, electronic money.
The number of cash and shop transactions during the
pandemic experienced a slight increase, while the number of
intrabank and interbank transactions decreased during the
pandemic when compared to normal conditions last year. A
significant difference occurred in the number of electronic
money transactions that experienced an increase of 2,117%.
Keywords— digital transactions, COVID-19, financial
technology
I. I
NTRODUCTION
A. The Covid-19 Pandemic
Corona Virus Disease 2019 (COVID-19) has been
officially announced as a pandemic event by the global World
Health Organization (WHO) with outbreak cases reaching
more than 150 people. Indonesia is one of the countries
affected by COVID-19. To date, the confirmed number of
covid-19 infections is 11,192 cases, treated 8,471 (76%), 845
(7.5%) dead and 876 (16.7%) recovered scattered throughout
Indonesia. As a further action to face the COVID-19
pandemic, governments in various countries have adopted a
social restriction policy, which has an impact on changing
people's daily behavior, which in this article will specifically
look at its impact on electronic retail payment transactions.
It has been reported that since the issuance of social
distancing instruction, people have tended to make electronic
transactions [1]. It is also said that transactions through e-
commerce increased 18.1 percent to 98.3 million transactions.
The total transaction value increased 9.9 percent to Rp 20.7
trillion. While cash transactions on Electronic Data Capture
(EDC) that are face to face transactions decreased. In March
2020, the growth of EDC transactions was minus 20.7 percent
with a value of Rp 231 billion, then in April, transactions
decreased 45.5 percent with a value of Rp 125 billion. The
situation caused by the COVID-19 pandemic will not only
accelerate technology adoption, but will renew the focus on
four main areas of banking: the use of new technology, digital
channels for transactions, security, customer confidentiality
and trust as well as policy and compliance with banking
regulations [2].
In line with the use of transactions through mobile banking
and internet banking, banks must maximize these digital
services. From the data held by Bank Central Asia (BCA),
98% of transactions carried out by BCA customers occur
through digital banking services. The growth of transactions
through BCA mobile last year reached 99.2% per year, while
internet banking reached 10.8% [2].
B. Electronic Retail Transactions & Financial Technology
The digitalization in the economic and financial world is
changing the behavior of economic agents. Now people are
increasingly demanding financial services that are fast, cheap
and safe. Technological innovation makes financial services
in the grip no longer stop as mere jargon. Now anyone, men,
women, young and old, rich and poor, with or without a bank
account, has the same access to the world of finance [3].
Within the framework of developing payment systems in
Indonesia the digital economic and financial ecosystem is
expected to bring 91.3 million unbanked residents and 62.9
million MSMEs into the formal financial economy in a
sustainable manner through the use of digitalization in 2025
[3]. In addition to existing bank and non-bank financial
institutions, fulfilling the above expectations is also helped by
the world of financial technology (fintech) and e-commerce
which has been seen as capable of providing flexible and
aggressive solutions to encourage national financial inclusion.
Fintech comes with various types of businesses, including:
Payment Chanenel System, Peer-to-Peer (P2P) Lending,
Crowdfunding, and others. The most dominant fintech
business performer in Indonesia is payment system. Payment
system is an electronic service that replaces banknotes and
money demand as a means of payment, for example e-money
cards and bitcoin. [4]
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Fig. 1. Transaction Volume of Retail Payment Systems in Indonesia [3]
The development of electronic transactions (phone,
mobile, internet banking) is growing faster than card-based
electronic transactions (credit cards, ATM / Debit cards) in
Indonesia (Figure 1.), where electronic transactions are still
dominated by the banking industry. Vijayalakshmi's research
(2019) which states that electronic banking transactions
through ATM, NEFT, RTGS and other Cellular transactions
from SBI public banks and ICICI private bank sectors in India
have a strong relationship between banking technology with
operating profit and business per employee [5]. Ravikhumar
(2019) states that digital payments are synonyms of electronic
payments, online payments and cashless payments. In reality
digital transactions are a function of electronic fund transfers,
card payments, paper clearing, and prepaid payment
instruments. [6]
The increasing number of transactions carried out by the
people has become one of the causes of the development of
non-cash payment systems [7].
Fig. 2. Development of Fintech in Indonesia [3]
The development of fintech and e-commerce in Indonesia
is very fast with the number of fintech providers reaching 272
companies and e-commerce providers reaching 200 providers
in 2019 (Figure 2.) to provide a means of transaction and
channeling of funds in the form of loans which grows
exponentially (Figure 3., Figure 4., and Figure 5.)
At present the main sectors of FinTech companies in
Indonesia are payments (42.2%), followed by loans (17.8%),
aggregators (12.6%), and crowdfunding (8.2%). In addition,
as of June 2019, there were 9,743,679 borrower accounts and
23,988,288 transactions on P2P loans [8]
According to Aprianti (2019), the presence of a
technology-based Financial Industry (fintech) is considered to
be a complement to the banking position. However, fintech
needs collaboration from banks in order to grow and then the
collaboration can improve the quality of financial inclusion
and economic stability. [9]
Fig. 3. Fintech Payment Transactions in Indonesia (electronic money) [3]
Fig. 4. E-commerce transaction in Indonesia [3]
Fig. 5. Loans through Fintech Lending [3]
This shows the strengthening of the role of non-banks in
the provision of payment services in the Indonesian financial
industry. There is already considerable research that shows a
causal relationship between the use of electronic retail
transaction instruments and organizational profitability,
including Thirupathi (2019) which reviews the advantages
and disadvantages of non-cash transactions and that electronic
transactions help move money from person to person more
easily [7]. Thirupathi (2019) also states that the benefits of
non-cash transactions greatly help banks to avoid crowds
within banks which cause pressure on their employees. [10].
This aspect is very relevant to the social distancing policy
adopted by various governments in the COVID-19 pandemic
situation.
2020 International Conference on Information Management and Technology (ICIMTech)
505
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Electronic Transactio
n
Growth Jan 2019 - Mar 2020
N
orma
l
P
andemic
ATM/Debit Cash Withdrawal Volume
ATM/Debit Purchase/Shop Volume
ATM/Debit Intrabank Transfer Volume
ATM/Debit Between Bank Transfer Volume
Kartu Kredit Cash Withdrawal Volume
Kartu Kredit Purchase/Shop Volume
e-Mone
y
Volume
Pandemic
Social Distancing Policy
Impacts to People
(spending behavior)
Cash Reserve
Cashless Transaction
The impact of the application of social distancing is very
influential on the growth rate of transactions in the pandemic
period which is known to be very different compared to the
period before the pandemic. All types of electronic retail
transactions experienced negative growth during the
pandemic that began in Indonesia starting from the
announcement of the first COVID-19 case in Indonesia on
March 2, 2020, as can be seen in Figure 6.
50, 00
40, 00
30, 00
20, 00
10, 00
-
(10,00)
(20,00)
(30,00)
(40,00)
retail transactions before and during the COVID-19 pandemic
in Indonesia. COVID-19 pandemic phenomena in Indonesia
that led to social restrictions, which then reduce household
spending and household spending that affect electronic retail
spending. The effect of this social restriction policy has an
impact on people's aggregate spending [14] as found in
Sweden and Denmark, while on a broader scale in relation to
the influence of the pandemic on aggregate spending
explained Dunn (2020) that disruption of COVID-19 among
others resulted in a delay or cancellation of investment, and an
increase in cash reserves [15]. The direct effect of social
restrictions on aggregate spending is due to the policy of
limiting working hours, termination of temporary
employment, deduction of wages and incentives, reduction of
temporary operations, so that the availability of funds for
expenditure is greatly decreased [15] [16]. A rational
explanation of the effect of social restrictions on aggregate
spending, both in the form of increased cash reserves, cash
expenditure and non-cash expenditure (electronic retail) can
be illustrated as Figure 7 below ( [14] [15] [16] [17]
processed).
Fig. 6. Comparison of Electronic Transaction Growth Rates for Normal and
Pandemic Periods
C. Proposition of COVID-19 Pandemic Impact on Economy
COVID-19 was triggered by a new virus which as of this
writing the drug and vaccine have not yet been found. The
dynamics of the disease are such that, without a non-
pharmaceutical intervention (NPI), the impact of this
pandemic will exceed the capacity of the national health care
system. Therefore, the government chose to impose a BOP on
the spread of the COVID-19 pandemic.
Efforts to prevent the spread of the COVID-19 pandemic
through the NPI, such as the imposition of social restrictions,
significantly reduce labor supply and prevent most sectors of
the economy from having normal activities (travel,
entertainment, retail spending, etc.), will result in output costs
and can cause a significant decrease in output. It will be found
that many people lose their income temporarily by having to
finance their fixed costs (e.g. consumption for households,
wages for employees for the company) [11]. The impact of
social restrictions was found to have a significant effect on
household spending in China which declined in the range of -
40% for good and services, the range fell by 60-70% in food,
entertainment and travel spending [12].
To contain the decline and encourage growth, the
Indonesian government through the Ministry of Finance has
issued a COVID-19 Emergency Policy Package, which
includes Tax Incentives and Relaxation, Additional 2020 State
Budget Expenditures for health needs, Social Safety Net,
Industrial Support and Industrial Support for Economic
Recovery. As for the financial sector, through Indonesia
Central Bank, the Financial Services Authority and the
Indonesia Deposit Insurance Corporation, the Indonesian
government has drawn up specific policies to be implemented
by Bank Indonesia, OJK, LPS and financial institutions under
OJK arrangements, namely Pension Funds, Banking,
Insurance and Multifinance [13].
The propositions built in this study focus on capturing and
describing in general, non-cash transactions or electronic
Cut employee
pay/incentives
Reduce Working Hours
Reduce Shop/Retailer/
Mall Operating Hours
ATM
Withdrawal
Credit
Card
Debit
Card
e-Money/
e-Wallet
Aggregate Spending
Fig. 7. Effects of Pandemic on Spending Aggregate
This proposition raises research questions synthesized
from Figure 6 above and will be tested on data on electronic
retail transactions in Indonesia, namely 1) Does the social
restriction cause a decrease in electronic retail transactions as
indicated by the declining use of Card-Based Payment
Instruments (APMK)?; (2) Does people's concern over
uncertainty conditions cause the desire to hold large cash
resulting in increased ATM cash withdrawals? (3) What is the
impact of social restrictions on shopping transactions, credit
transfers and debit transfers using APMK?
Departing from the research proposition questions, the
research objectives can be formulated, namely to capture and
describe in general the development of electronic retail
transactions consisting of the use of ATM cards for ATM or
Debit transactions, shopping transactions, intra-bank
transactions and inter-bank transactions, and electronic money
when before and after the COVID-19 pandemic in Indonesia
and see how much increased the number of ATM or debit
transactions, shopping transactions, intra-bank transactions
and interbank transactions, and electronic money during a
pandemic.
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D. Hypothesis
To determine the growth of retail electronic transactions
before and after COVID-19., the researchers propose the
hypothesis as follows:
•Ho1: there is no significant difference in the number of
ATM / debit transactions before and after COVID-19.
•Ho2: there is no significant difference in the number of
shopping transactions before and after COVID-19.
•Ho3: there is no significant difference in the number of
Intrabank Transfer transactions before and after COVID-19.
•Ho4: there is no significant difference in the number of
Interbank Transfer transactions before and after COVID-19.
•Ho5: there is no significant difference in the number of
electronic money transactions before and after COVID-19.
II. M
ETHODS
A. Population and Sample
The population and sample in this study are the number of
transactions and the nominal amount of the use of electronic
payments made by the Indonesian people in the normal period
of January to March 2019 and the pandemic period, which is
January to March 2020. The use of electronic payments is
transactions using ATM/Debit cards cash, shopping, interbank
and interbank transfers and transactions in the use of
electronic money. The data used in this study are secondary
data sourced from monthly publications of Bank Indonesia
(BI) and the Financial Services Authority (OJK) in the period
January 2019 to December 2019 and the period January 2020
to March 2020. The data is in the form of ATM card
transaction value data/debit (Cash), shopping transactions
(Shop), intra-bank transfer transactions (Intra) inter-bank
transfer transactions (Inter) and electronic money (Elec) are
obtained from the publication of Payment System Statistics
(SSP) issued by BI and OJK.
B. Methodology
The research method used in this research is the Event
Study Methodology (ESM). This method is used to look more
closely at the reaction of the Indonesian people to the use of
electronic transactions as seen from the use of ATM / debit
card transactions (Cash), shopping transactions (Shop), intra-
Fig. 8. ATM / Debit and Electronic Money Transactions (data source: Bank
Indonesia - processed)
The use of ATM / Debit when shopping transactions
increased by 19.23% yoy in January 2020 and 28.26% in
February, in March shopping transactions decreased by 3.7%
yoy. Intrabank and interbank transfer transactions experienced
an average decline of 8% in January to March 2020 when
compared to transfer transactions in 2019.
Indonesian people in 2020 use more electronic money
compared to 2019, this is seen with a sharp increase of 66.79%
yoy in January 2020 and an increase of 46.60% yoy in
February 2020. Changes in people's behavior that has changed
along with technological advances in finance and as the
government's success in the National Non-Cash Movement
program. The more electronic money created by banks and
other financial institutions, the easier it is for people to use it
as a means of payment.
Data analysis conducted on ATM / Debit (cash)
transactions, shopping (shop), intra bank transfers (intra),
interbank transfers (inter) and electronic money transactions
(elec) in the period January 2019 - March 2019 and the period
January 2020-March 2020 by pairing sample t-tests using
SPSS software with the results as in table 1.
Decision making guidelines Paired Sample T Test is based
on the significance value (Sig.), I.e. if the Sig. (2-tailed) <0.05,
then H0 is rejected. Conversely, if the value of Sig. (2-tailed)>
0.05, then H0 is accepted [14].
TABLE I. P
AIRED SAMPLE T
-
TEST ELECTRONIC
I
NDONESIAN
R
ETAIL
T
RANSACTIONS
bank transfer transactions (Intra) interbank transfer
transactions (Inter) and electronic money (Elec) at the time of
the COVID-19 pandemic. Data analysis technique will use
paired sample t-test at a significance level of 95% where the
technique is used to determine whether there are differences
in the average of two free samples (the same sample but has
two different data). Paired Sample T Test The test is a test used
to compare the difference between the two means of two
paired samples with the assumption that the data is normally
distributed. Paired samples come from the same subject, each
variable is taken when different situations and circumstances.
[14].
III. R
ESULTS AND DISSCUSSIONS
The number of ATM / Debit transactions conducted by
Indonesians in the form of ATM / debit increased by 4.75%
yoy in January 2020 and decreased in March 2020 by -0.57%
yoy (Figure 6).
Based on table 1 Paired sample t-test of Indonesian
electronic retail transactions, then by reference to the decision
making guidelines based on the significance value can be seen
in Table 2.
Transaksi ATM/Debit dan Uan
g
Elektronik (Juta)
500
400
300
200
100
-
Tunai Belanja Transfe r
Transfer
Uang
Intrabank Antarbank Elektronik
Correlation Sig.
Cash19-Cash20 0,8650,069
Shop19-Shop20 -0,290 0,405
Intra19-Intra20 0,811 0,135
Antar19-Antar20 0,507 0,067
Elec19-Elec20 -0,664 0,020
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TABLE II. T
EST
R
ESULTS
H
yp
othesis Si
g
. Result
Hypothesis 1 0,069 Ho accepted
Hypothesis 2 0,405 Ho accepted
Hypothesis 3 0,135 Ho accepted
Hypothesis 4 0,067 Ho accepted
Hypothesis 5 0,020 Ho rejected
From the results of data analysis, it was found that Ho was
rejected in Hypothesis 5, while in Hyphotesis 1,2,3 and 4 it
was found that Ho was accepted.
TABLE III. P
AIRED
S
AMPLES
S
TATISTICS
where social distancing policies were implemented, public
payment behavior in general has not changed, but the use of
electronic money for spending needs has increased. Increased
use of electronic money is expected to increase in spending
through online applications using server-based electronic
money such as LinkAja, GoPay, OVO, DANA, etc. Empirical
evidence with statistical tests is in line with the opinion that
Ulya (2020) which states that during the pandemic e-
commerce transactions increased [1]. Further research can be
done to see whether the changes in banking behavior above
only occur in the short term or are long-term and become a
new habit from consumers.
REFERENCES
Mean
Pair 1 Cash19 251.424.216,0
Cash20 258.289.658,3
Pair 2 Shop19 25.301.744,0
Shop20 27.411.541,0
Pair 3 Intra19 220.022.647,0
Intra20 208.171.911,0
Pair 4 Antar19 109.224.224,3
Antar20 97.885.471,0
Pair 5 Elec19 6.914.867,67
Elec20 153.362.376,0
The results of the analysis show that there are only
differences in the nominal amount of electronic money
transactions before the emergence of the COVID-19 outbreak
in January-March 2019 and during the pandemic in January-
March 2020. This is indicated by the value of sig. 0.002 which
is smaller than the value of α 0.005. Other electronic retail
payment instruments, namely the use of ATMs / Debits in
cash transactions, shopping, intrabank and interbank transfers,
do not show any difference in transactions, this is indicated by
the value of sig. which is greater than the value of 0.005.
The average cash usage during the pandemic experienced
an increase of 2.73%. During the pandemic the number of
public spending transactions increased by 8.34%. The average
number of intrabank and interbank transactions during the
pandemic decreased by 5.39% for intabank transactions and a
decrease of 10.38% for interbank transactions. Significant
changes occurred in the average number of electronic money
transactions which increased by 2,117% during the COVID-
19 pandemic.
IV.
CONCLUSIONS
This study successfully proved that the use of ATM / Debit
cards in cash transactions did not experience a statistically
significant change between the period before and after the
COVID-19 pandemic, while the electronic money
transactions experienced statistically significant changes in
the period before and after the COVID-19 pandemic. This
answers the research question that during the pandemic period
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