Transformasi Cashless Society Dan Dinamika Permintaan Uang: Implikasi Terhadap Stabilitas Moneter Dan Perilaku Ekonomi Masyarakat

Abstract

The shift toward digital payment systems is changing how people use cash and non-cash instruments. This change concerns not only transaction efficiency and convenience but also how people perceive and demand money. From an Islamic macroeconomic perspective, the rise of a cashless society needs to be examined critically so that it remains consistent with the principles of justice, balance, and sharia values. This study examines the transformation toward a cashless society and the demand for cash, together with its implications for monetary stability and economic behavior, within an Islamic economic framework, focusing on the Blitar area, specifically Nglegok District. The study uses a descriptive qualitative approach with a case study design. Primary data were collected through observation and interviews with the owners of micro and small businesses, while secondary data were drawn from official institutions, scholarly journals, and relevant books. The findings show that the transformation of digital payments at the micro-enterprise level is gradual and has not yet made digital payments the dominant means of payment; instead, it creates a pattern of coexistence between cash and non-cash payments (hybrid payment). Business  owners view digital payments with an open yet cautious attitude, reflected in simple mitigation strategies such as verifying transfer notifications and keeping manual records to avoid fraud. The change in payment methods also influences cash-holding preferences: the transaction motive (consistent with the Baumol–Tobin theory) remains the main reason for holding cash for daily needs, although the need for small change has declined. At the macro level, these findings are consistent with the continued growth of broad money (M2) amid the surge in QRIS transactions, which confirms that payment digitalization is a gradual process of substitution rather than the complete elimination of the functions of cash, so monetary policy needs to keep taking money-holding behavior into account. Therefore, stronger regulation, better financial literacy, and closer supervision of digital payment systems are needed so that the transformation toward a cashless society delivers sustainable economic benefits that are in line with the principles of economic stability and sharia.