The utilization of electronic money instruments as a means of payment has shown a significant upward trend in recent years. Nevertheless, this increase has not been accompanied by corresponding growth in Indonesia’s economy, which has remained relatively stagnant and sluggish. This study aims to examine the effect of electronic payment transaction values on Indonesia’s economic growth during the period 2021–2024. The analysis employs panel data regression using the Fixed Effect Model (FEM), processed through EViews 12 software. The variables used in this study include Gross Regional Domestic Product (GRDP) per capita as the dependent variable, while the independent variables consist of the transaction values of electronic money, ATM (debit) cards, and credit cards. The findings indicate that the transaction values of electronic money and credit cards have a positive and statistically significant effect on GRDP per capita. In contrast, the transaction value of ATM (debit) cards and Consumer Price Index shows a negative but statistically insignificant effect. Collectively, the transaction values of electronic money, ATM (debit) cards, and credit cards exert a positive and significant influence on GRDP per capita.
Keyword: ATM (debit) cards, Consumer Price Index, Credit cards, Economic growth, Electronic money, Panel data
