Kebangkitan FinTech dan Perjalanan Menuju Masyarakat Tanpa Uang Tunai: Pembayaran Seluler oleh UKM di Madura dalam Konteks Visi 2040
DOI:
https://doi.org/10.35870/jemsi.v11i6.5233Keywords:
Fintech, SMEs, Global, Digital, Madura, EconomyAbstract
This study aims to analyze the factors influencing the adoption of mobile payment systems in Madura, with a particular focus on small and medium-sized enterprises (SMEs) in the context of the rapidly developing FinTech ecosystem. The study utilizes secondary data obtained from local bank reports and global FinTech studies to identify the main determinants driving or hindering the adoption of digital payment systems. The findings reveal that security features, ease of use, and transaction efficiency are the primary drivers encouraging SMEs to switch to digital payment systems. On the other hand, challenges such as high transaction costs, limited digital infrastructure, and user authentication issues pose significant barriers to the adoption of this technology. This study also reviews FinTech adoption patterns from various developing countries to provide a comparative perspective on Madura's readiness for a cashless society. The analysis was conducted using advanced statistical approaches to identify trends and relationships between relevant variables. The results of the study underscore the importance of synergy between regulators, financial institutions, and FinTech developers in creating an inclusive, efficient, and adaptive ecosystem that meets the needs of local SMEs. These findings align with Indonesia's Vision 2040, which positions digital transformation as a key pillar in creating a resilient, inclusive, and globally competitive national economy through the strategic and sustainable utilization of financial technology innovations.
Downloads
References
Al-Sabi, S. M., Al-Ababneh, M. M., Masadeh, M. A., & Elshaer, I. A. (2023). Enhancing innovation performance in the hotel industry: The role of employee empowerment and quality management practices. Administrative Sciences, 13(3). https://doi.org/10.3390/admsci13030066.
Alwiyah, S., Evi, S., & Tahir, I. (2020). The survival of batik Madura in the digital era: A case study of small medium enterprises (SME) at Batik Madura Center. Pertanika Journal of Social Sciences and Humanities, 28, 43–57.
Anthony, B. (2023). Decentralized brokered enabled ecosystem for data marketplace in smart cities towards a data sharing economy. Environment Systems and Decisions, 43(3), 453–471. https://doi.org/10.1007/s10669-023-09907-0.
Busse, M., Bartels, A., Beutnagel, K., Fick-Haas, V., Glemnitz, M., Holzhauer, S. I. J., Plaas, E., Scharschmidt, P., & Dauber, J. (2024). Conceptualizing and reflecting co-design processes for the transformation towards insect-friendly agricultural landscapes - Experiences from transdisciplinary processes in three German landscape labs. Journal of Innovation Management, 12(3), 273–316. https://doi.org/10.24840/2183-0606_012.003_0012.
Carayannis, E. G., Dumitrescu, R., Falkowski, T., Papamichail, G., & Zota, N. R. (2025). Enhancing SME resilience through artificial intelligence and strategic foresight: A framework for sustainable competitiveness. Technology in Society, 81. https://doi.org/10.1016/j.techsoc.2025.102835.
Chen, M., Cherian, J., Li, Z., Shao, Y., & Subrahmanyam, M. G. (2022). Clientele effect in sovereign bonds: Evidence from Islamic Sukuk bonds in Malaysia. Critical Finance Review, 11(3–4), 677–745. https://doi.org/10.1561/104.00000124.
Cherkasova, L. (2023). Digitalization as an innovative component of the national and regional tourist product. Lecture Notes in Networks and Systems, 575 LNNS, 322–330. https://doi.org/10.1007/978-3-031-21219-2_34.
Costello, D. M., Hartung, E. W., Stoll, J. T., & Jefferson, A. J. (2020). Bioretention cell age and construction style influence stormwater pollutant dynamics. Science of the Total Environment, 712. https://doi.org/10.1016/j.scitotenv.2019.135597.
Das Neves, M. Y. S., Pradana, M., De Jesus Soares, E. N., Prabowo, R. R., & Utami, D. G. (2023). Knowledge management as a moderator in developing digital finance in Timor Leste. WSEAS Transactions on Systems, 22, 186–193. https://doi.org/10.37394/23202.2023.22.18.
Dudko, V., & Avrutskaya, S. (2024). Using derivatives to hedge foreign exchange exposure in Russia: Academic research review. Journal of Corporate Finance Research, 18(1), 107–117. https://doi.org/10.17323/j.jcfr.2073-0438.18.1.2024.107-117.
Fatma, M., & Khan, I. (2024). Brand authenticity and consumers' willingness to pay a premium price (WPP): The mediating role of brand identification. Journal of Brand Management, 31(5), 469–481. https://doi.org/10.1057/s41262-024-00353-0.
Folkers, A. (2024). Risking carbon capital: Reporting infrastructures and the making of financial climate risks. Economy and Society, 53(3), 504–526. https://doi.org/10.1080/03085147.2024.2348316.
Foroughi, B., Huy, T. Q., Iranmanesh, M., Ghobakhloo, M., Rejeb, A., & Nikbin, D. (2024). Why users continue E-commerce chatbots? Insights from PLS-fsQCA-NCA approach. Service Industries Journal. https://doi.org/10.1080/02642069.2024.2371910.
Henriques, H., & Pereira, L. N. (2024). Hotel demand forecasting models and methods using artificial intelligence: A systematic literature review. Tourism and Management Studies, 20(3), 39–51. https://doi.org/10.18089/tms.20240304.
Kanapiyanova, K., Faizulayev, A., Ruzanov, R., Ejdys, J., Kulumbetova, D., & Elbadri, M. (2023). Does social and governmental responsibility matter for financial stability and bank profitability? Evidence from commercial and Islamic banks. Journal of Islamic Accounting and Business Research, 14(3), 451–472. https://doi.org/10.1108/JIABR-01-2022-0004.
Le-Dain, M. A., Benhayoun, L., Matthews, J., & Liard, M. (2023). Barriers and opportunities of digital servitization for SMEs: The effect of smart Product-Service System business models. Service Business, 17(1), 359–393. https://doi.org/10.1007/s11628-023-00520-4.
Lin, Y. (2022). Research on optimization of steel foreign trade financial transaction based on blockchain technology. Mobile Information Systems, 2022. https://doi.org/10.1155/2022/5759154.
McDonald, J. K., & Gibbons, A. S. (2009). Technology I, II, and III: Criteria for understanding and improving the practice of instructional technology. Educational Technology Research and Development, 57(3), 377–392. https://doi.org/10.1007/s11423-007-9051-8.
Muhammed, S., Desalegn, G., Fekete-Farkas, M., & Bruder, E. (2023). Credit risk determinants in selected Ethiopian commercial banks: A panel data analysis. Journal of Risk and Financial Management, 16(9). https://doi.org/10.3390/jrfm16090406.
Muhammedov, M., Nizamov, A., Mustafoev, G., Babakulov, B., & Yuldashev, S. (2023). The role of agriculture in shaping the prospects of socio-economic development of Uzbekistan. Scientific Horizons, 26(11), 155–165. https://doi.org/10.48077/scihor11.2023.155.
Narkhede, G., Mahajan, S., Narkhede, R., & Chaudhari, T. (2024). Significance of Industry 4.0 technologies in major work functions of manufacturing for sustainable development of small and medium-sized enterprises. Business Strategy and Development, 7(1). https://doi.org/10.1002/bsd2.325.
Papiorek, K. L., & Hiebl, M. R. W. (2024). Information systems quality in management accounting and management control effectiveness. Journal of Accounting and Organizational Change, 20(3), 433–458. https://doi.org/10.1108/JAOC-09-2022-0148.
Poliakova, A., Hamarneh, I., Jibril, A. B., & Kicova, E. (2024). The interconnections between CSR, financial management, and sustainability in service sector SMEs. Journal of Tourism and Services, 15(29), 227–247. https://doi.org/10.29036/jots.v15i29.873.
Rosário da Silva, M. V., Meiriño, M. J., Vieira Neto, J. V. N., & Ornstein, S. W. (2024). Emerging technologies in facility management in Brazil. Journal of Facilities Management, 22(4), 709–734. https://doi.org/10.1108/JFM-05-2021-0052.
S.S., S., Mandal, S., & Alphonse, P. J. A. (2024). LIO-PAY: Sustainable low-cost offline payment solution. Electronic Commerce Research and Applications, 67. https://doi.org/10.1016/j.elerap.2024.101440.
Sendra-Pons, P., Garzón, D., & Revilla-Camacho, M. Á. (2024). Catalyzing success in equity crowdfunding: Trust-building strategies through signaling. Review of Managerial Science, 18(9), 2699–2721. https://doi.org/10.1007/s11846-024-00734-4.
Steenhuis, H. J., Fang, X., & Ulusemre, T. (2024). High technology, performance and price: The case of additive manufacturing through desktop 3D printers. Technology Analysis and Strategic Management, 36(6), 1295–1309. https://doi.org/10.1080/09537325.2022.2090330.
Ventura, M. A. de A., & Silva e Meirelles, D. (2024). Business model structuration in Industry 4.0: An analysis of the value-based strategies of smart service providers in Brazil. Journal of Manufacturing Technology Management, ahead-of-print, 134–158. https://doi.org/10.1108/JMTM-12-2023-0548.
Wicaksono, T., Illés, C. B., & Dunay, A. (2023). Enhancing collaborative apparel consumption model: Quality-driven insights from customers and industry professionals. Journal of Open Innovation: Technology, Market, and Complexity, 9(2). https://doi.org/10.1016/j.joitmc.2023.100077.
Xie, H., & Shi, Y. (2022). A big data technique for internet financial risk control. Mobile Information Systems, 2022. https://doi.org/10.1155/2022/9549868.
Xue, J., Li, G., & Ivanov, D. (2025). Digital transformation in the blockchain era: Balancing efficiency and resilience in operations management. International Journal of Production Economics, 282. https://doi.org/10.1016/j.ijpe.2025.109525.
Yao, T., & Song, L. (2023). Can digital transformation reduce bank systemic risk? Empirical evidence from listed banks in China. Economic Change and Restructuring, 56(6), 4445–4463. https://doi.org/10.1007/s10644-023-09560-2.
Yudaruddin, R., Nugroho, B. A., Mardiany, F., Zhikry, H., Pebiansyah, F., Yuli, S., & Santi, E. N. (2024). Liquidity and credit risk in Indonesia: The role of FinTech development. SAGE Open, 14(2). https://doi.org/10.1177/21582440241245248.
Zhang, N., Liu, R., Zhang, X. Y., & Pang, Z. L. (2021). The impact of consumer perceived value on repeat purchase intention based on online reviews: By the method of text mining. Data Science and Management, 3, 22–32. https://doi.org/10.1016/j.dsm.2021.09.001.
Downloads
Published
Issue
Section
License
Copyright (c) 2025 Fadali Rahman; Abdul Hadi; Abdillah Setiyawan
This work is licensed under a Creative Commons Attribution 4.0 International License.
Authors who publish with this journal agree to the following terms:
1. Copyright Retention and Open Access License
Authors retain copyright of their work and grant the journal non-exclusive right of first publication under the Creative Commons Attribution 4.0 International License (CC BY 4.0).
This license allows unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
2. Rights Granted Under CC BY 4.0
Under this license, readers are free to:
- Share — copy and redistribute the material in any medium or format
- Adapt — remix, transform, and build upon the material for any purpose, including commercial use
- No additional restrictions — the licensor cannot revoke these freedoms as long as license terms are followed
3. Attribution Requirements
All uses must include:
- Proper citation of the original work
- Link to the Creative Commons license
- Indication if changes were made to the original work
- No suggestion that the licensor endorses the user or their use
4. Additional Distribution Rights
Authors may:
- Deposit the published version in institutional repositories
- Share through academic social networks
- Include in books, monographs, or other publications
- Post on personal or institutional websites
Requirement: All additional distributions must maintain the CC BY 4.0 license and proper attribution.
5. Self-Archiving and Pre-Print Sharing
Authors are encouraged to:
- Share pre-prints and post-prints online
- Deposit in subject-specific repositories (e.g., arXiv, bioRxiv)
- Engage in scholarly communication throughout the publication process
6. Open Access Commitment
This journal provides immediate open access to all content, supporting the global exchange of knowledge without financial, legal, or technical barriers.
