The effect of peer-to-peer lending and electronic money on economic growth in Indonesia with internet penetration as a moderating variable
DOI:
https://doi.org/10.33021/jaaf.v10i1.6396Keywords:
fintech, economic growth, internet penetration, P2P lending, electronic moneyAbstract
Indonesia's digital finance, particularly peer-to-peer fintech lending and electronic money, is growing rapidly and has a significant impact on the country's economic development. This study aims to examine how P2P fintech lending and electronic money influence Indonesia's economic growth, with internet penetration serving as a moderating factor. A quantitative method was employed using the autoregressive distributed lag (ARDL) approach, analyzing quarterly data from 2018 to 2025 collected from OJK, BI, BPS, and APJII. The findings show that P2P fintech lending and electronic money positively and significantly impact economic growth. However, internet penetration does not fully enhance this relationship: its interaction with P2P fintech lending is negative in the short term but positive over the long term, while its interaction with electronic money is negative but not statistically significant. These results indicate that the adoption of digital technology in Indonesia is still mainly driven by consumption. Therefore, increasing financial and digital literacy is essential to maximize the contribution of digital finance toward sustainable economic growth.
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