Evaluation of E-Money Growth, Constraints, and Challenges as the Implementation of Green Finance During the Covid-19 Pandemic
Siona Vinanti (a), Stefanus Budy Widjaja Subali (b*) Dwi Hastjarja Kustijana B. (c), Yoseph Benny Kusuma (d)

a)Asosiasi Peneliti Manajemen Adat Indonesia, Surabaya
b)Management Department, Faculty of Business & Economics, Surabaya University, Surabaya.
c) Fakultas Ekonomi dan Bisnis Universitas Sebelas Maret Surakarta
d) Entrepreneurship Department, BINUS Business School Undergraduate Program, Bina Nusantara University, Jakarta Indonesia
budysubali[at]staff.ubaya.ac.id*

Abstract

One of the products from the development of digital banking is the creation of e-money (electronic money), during the COVID-19 pandemic in 2020 electronic money (e-money) is the best alternative as a means of payment. In this article, we analyze the growth, barriers, and challenges of e-money as a new payment instrument in Indonesia by bringing up empirical studies on the millennial generation. Data was collected through interviews with 2 managers of e-money issuing companies and 23 millennial e-money customers. By using qualitative methods, this study concludes that the e-money development strategy is to create innovations that can make users more secure in meeting their daily needs. Increasing promos and cashback at merchants who have collaborated with products that have been issued is also the most favorite development strategy for customers. Constraints for e-money customers include security issues, limited merchants, unstable provider network, and socio-cultural factors (the habit of using conventional cash payment methods). The challenges faced by e-money issuers are competitors of similar products.

Keywords: digital technology, financial technology, green financing, e-money

Topic: E-Business and E-Commerce