Sharia Economic Perspective on Cashless Transactions and Financial Technology in Indonesia
DOI:
https://doi.org/10.35335/ym42h215Keywords:
Islamic Economics, Cashless Society, Digital Payment, Islamic Finance, Financial TechnologyAbstract
The rapid development of financial technology and digital payment systems has accelerated the emergence of the cashless society phenomenon in Indonesia. The increasing use of e-wallets, mobile banking, QRIS, and fintech platforms has significantly transformed public transaction behavior from cash-based payments to digital financial systems. This study aims to analyze the cashless society phenomenon from the perspective of Islamic Economics by examining its compatibility with Sharia principles, as well as identifying its opportunities, challenges, and impacts on Muslim consumer behavior. The research employs a qualitative approach using descriptive analysis and library research methods. Data were collected from journal articles, books, government reports, fintech regulations, Bank Indonesia publications, and Islamic economic literature related to digital finance and cashless transactions. The findings indicate that cashless systems provide various positive impacts, including transaction efficiency, financial inclusion, financial transparency, easier zakat and charitable payments, and support for economic modernization. However, the study also identifies several challenges, such as consumptive behavior, digital debt, cybersecurity risks, data privacy concerns, and the potential existence of riba-based financial practices in certain fintech services. The study concludes that the cashless society phenomenon can align with Islamic economics when supported by ethical regulations, Sharia-compliant financial practices, and responsible digital financial behavior. Therefore, collaboration among governments, Islamic financial institutions, fintech companies, and society is necessary to develop sustainable and ethical digital financial ecosystems in the modern digital era.
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