Prospect of Islamic Electronic Money in Indonesia: Case Study on the LinkAja Application

Zulfikar Hasan, Endah Dwi Jayanti, Nur Azlina, Reski Lestari, Muslim Muslim


This research conducted to see how the prospects for electronic money in Indonesia, considering the launch of new electronic money launched this year through the LinkAja application. This application has received a fatwa from the National Sharia Council of the Indonesian Ulema Council (DSN-MUI) to be a strong source of law for application in Indonesian society. The emergence of LinkAja electronic money is one of the policies of all stakeholders because the potential of sharia-based electronic money is quite large, apart from Indonesia having the world's largest Muslim population. The method that the author made is a qualitative method besides reading several journals and reading material about Islamic electronic money. The prospect of newly launched electronic money certainly has several challenges and opportunities that can be used as lessons for relevant stakeholders. Apart from the competition with the same applications as conventional-based electronic money, Indonesians are still used to conventional-based electronic money there is when compared to sharia-based systems. Complete support from the government is needed to make this electronic money develop well, apart from being protected by applicable laws and regulations. Promotion and marketing of all LinkAja management are also necessary to expand the reach not only in cities but also in villages.


Islamic Electronic Money, LinkAja, Prospect, promotion, marketing

Full Text:



Afif Muamar dan Ari Salman Alparisi. (2017). Electronic money (E-money) dalam perspektif maqashid syariah. Journal of Islamic Economics Lariba, 3(2), 76–77.

Akhter, M. U. (2015). Principles of Islamic Finance: Prohibition of Riba, Gharar and Maysir. Munich Personal RePEc Archive, 67711, 1–8.

Alda, N. L., & Wulandari, S. (2020). LinkAja Business Models Strategy Development Using BMC Approaches. International Journal of Innovation in Enterprise System, 4(02), 46–59.

Alfarizi, M., Hanum, R. K., & Hidayat, S. A. (2021). Optimizing the Use of Sharia Digital Transactions To Sup- Port Indonesia ’ S Economic Recovery. JIET (Jurnal Ilmu Ekonomi Terapan), 6(1), 122–132.

Al-Laham, M., Al-Tarawneh, H., & Abdallat, N. (2009). Development of Electronic Money and Its Impact on the Central Bank Role and Monetary Policy. Proceedings of the 2009 InSITE Conference, 6.

Al-Smadi, M. O. (2012). Factors Affecting Adoption of Electronic Banking : An Analysis of the Perspectives of Banks ’ Customers. International Journal of Business and Social Science, 67(4), 294–309.

Analita, N. S., & Wijaksana, T. I. (2020). Analisis Perbandingan E-Service Quality dan E-Trust Aplikasi Linkaja Dengan Aplikasi Dana. MENARA Ilmu, XIV(01), 98–106.

Arpan, A. F. M. (2021). Web-Based Sales and Fundraising Information System at Beri Perubahan Indonesia Foundation. International Journal of Research and Review, 8(10), 230–241.

Chiu, J. L., Bool, N. C., & Chiu, C. L. (2017). Challenges and factors influencing initial trust and behavioral intention to use mobile banking services in the Philippines. Asia Pacific Journal of Innovation and Entrepreneurship, 11(2), 246–278.

Djafri, M. T. (2017). Takyīf Fiqh Pembayaran Jasa Transportasi Online Menggunakan Uang Elektronik (Go-Pay dan Ovo). Jurnal Bidang Keislaman, 3(1), 42–49.

Fahmi, A. S. R. (2019). Potential of Sharia Financial Institutions in Supporting Indonesia’s Economic Growth. Al-Iktisab: Journal of Islamic Economic Law, 3(1), 40–52.

Fauziah, N., & Nurhasanah, N. (2020). the Effect of the Perception of Electronic Money on Consumptive Behavior of Stei Sebi Students. Jurnal Ekonomi Dan Perbankan Syariah, 8(1), 63–84.

Hasan, Z. (2019). Market Share Islamic Banking In Indonesia. IQTISHADUNA: Jurnal Ilmiah Ekonomi Kita, 8(1), 124–137.

Hasan, Z. (2020a). Economic Globalization: Impacts On Indonesian Import-Export Statistics. Al-Amwal : Jurnal Ekonomi Dan Perbankan Syari’ah, 12(2), 139.

Hasan, Z. (2020b). How Important are Human Resources in Supporting Sharia Banking Performance in Indonesia? INFERENSI: Jurnal Penelitian Sosial Keagamaan, 14(2), 181–200.

Hasan, Z. (2020c). The Impact Of Covid-19 On Islamic Banking In Indonesia During The Pandemic Era. Journal of Entrepreneurship and Business, 8(2), 19–32.

Hasan, Z. (2021). Appreciative Inquiry Analysis Through SOAR Approach In The Lens Of Shariah In Facing Industry 4.0 On Indonesia’s Islamic Banking. IQTISHADIA: Jurnal Ekonomi Dan Perbankan …, 8(110-124).

Hasan, Z., Rosiana, M., & Putri, N. (2021). Islamic Banking in Indonesia and Globalization in Era 4 . 0. Management Research Journal, 10(2), 103–111.

Kabir, M. A., Saidin, S. Z., & Ahmi, A. (2015). Adoption of e-Payment Systems: A Review of Literature. Proceedings of the International Conference on E-Commerce (ICoEC) 2015, October, 112–120.

Kalsum, U. (2014). Riba dan Bunga Bank Dalam Islam (Analisis Hukum dan Dampaknya Terhadap Perekonomian Umat). Jurnal Al-’Adl, 7(2), 67–83. U Kalsum - Al-’Adl, 2014 -

Khan, A. G. (2016). Electronic Commerce: A Study on Benefits and Challenges in an Emerging Economy. Type: Double Blind Peer Reviewed International Research Journal Publisher: Global Journals Inc, 16(1).

Lane, J. (2011). A descriptive analysis of qualitative research published in two eminent music education research journals. Bulletin of the Council for Research in Music Education, 188, 65–76.

Lin, L & Shiqian, W. (2018). Factors Influencing The Behavior Intention of E-Banking Transactions Through Mobile Phones in China. Journal of Internet Banking and Commerce, 23(1), 1–11.

Mahdi Igamo, A., & Aulia Falianty, T. (2018). Sriwijaya International Journal Of Dynamic Economics And Business The Impact of Electronic Money on The Efficiency of The Payment System And The Substitution of Cash In Indonesia. Sijdeb, 2(3), 237–254.

Mezmir, E. A. (2020). Qualitative Data Analysis: An Overview of Data Reduction, Data Display and Interpretation. Research on Humanities and Social Sciences, 10(21), 15–27.

Muslichah, I., & Sanusi, S. (2019). The effect of religiosity and financial literacy on intention to use Islamic banking products. Asian Journal of Islamic Management (AJIM), 1(2), 85–92.

Ozili, P. K. (2021). Financial inclusion and legal system quality: are they correlated? Journal of Money and Business, 1(2), 84–101.

Pambudi, S. A., & Mubin, M. K. (2020). Analysis The Effect of Electronic Money Use on Velocity of Money: Evidence from Indonesia. Jurnal Ilmu Ekonomi Terapan, 5(1), 42.

Personal, M., & Archive, R. (2018). Qualitative Research Methodology in Social Sciences and Related Subjects. Journal of Economic Development, Environment and People, 7(85654), 23–48.

Piter Nainggolan. (2016). Pengendalian Dalam Pengolahan Data Transaksi Melalui Automated Teller Machine Pada PT. Bank Mandiri (Persero). Jurnal Akuntansi Bisnis, 3(1), 23–41.

Prayidyaningrum, S., & Djamaludin, M. D. (2016). Theory of Planned Behavior to Analyze the Intention to Use the Electronic Money. Journal of Consumer Sciences, 1(2), 1.

Rasbin, Ikhsan, M., Gitaharie, B. Y., & Affandi, Y. (2021). Real exchange rate misalignments: The case of the indonesian rupiah. Buletin Ekonomi Moneter Dan Perbankan, 24(3), 441–464.

Rizvi, S. A., Juhro, S. M., & Narayan, P. K. (2021). Understanding market reaction to covid-19 monetary and fiscal stimulus in major asean countries. Buletin Ekonomi Moneter Dan Perbankan, 24(3), 313–334.

Roshan Lal, D., & Rajni Saluja, D. (2012). E-Banking: the Indian Scenario. Asia Pacific Journal of Marketing & Management Review_________________________________________ ISSN, 1(4), 2319–2836.

Salvador, J. T. (2016). Exploring Quantitative and Qualitative Methodologies: A Guide to Novice Nursing Researchers. European Scientific Journal, ESJ, 12(18), 107.

Saragih, M. E. & I. H. (2021). Pengaruh E-Service Quality Terhadap Minat Beli Ulang Konsumen Linkaja. E-Proceeding of Management, 8(227), 250–255.

Setiawardani, W., Robandi, B., & Djohar, A. (2021). Critical Pedagogy in the Era of the Industrial Revolution 4.0 To Improve Digital Literacy Students Welcoming Society 5.0 in Indonesia. PrimaryEdu - Journal of Primary Education, 5(1), 107.

Soemitra, A., Irawan, D., & Fitrah, R. (2021). Electronic Money in Islamic View: Literature Study. International Journal of Engineering Technology Research & Management, 05(08), 58–67.

Sudarwati, S., & Yani, B. A. (2021). Analysis of Customer’s Decision to Choose Sharia Banking in Surakarta. Journal of Islamic Economic Laws, 4(1), 61–77.

Suharni. (2018). Uang Elektronik (E-Money) Ditinjau Dari Perspektif Hukum Dan Perubahan Sosial. Spektrum Hukum, 15(1), 15.

Syaparuddin. (2017). Measuring The Accomodation of Sharia Principles in Determining the Pricing of Consumer Financing Products of BSM (Sharia Mandiri Bank). Al-Ulum, 17(1), 1–19.

Usman, R. (2017). Karakteristik Uang Elektronik Dalam Sistem Pembayaran. Yuridika, 32(1), 134.

Verdinelli, S., & Scagnoli, N. I. (2013). Data display in qualitative research. International Journal of Qualitative Methods, 12(1), 359–381.

Wady, M. R., & Kurniawan, R. R. (2018). Fiqh Muamalah Overview of Electronic Money Products at Linkaja Shariah. Jurnal Ekonomi Dan Perbankan Syariah, 6(1), 90–106.

Wicaksono, P. T., Tjen, C., & Indriani, V. (2021). Jurnal Akuntansi dan Auditing Indonesia Improving the tax e-filing system in Indonesia : An exploration of individual taxpayers ’ opinions. 25(December).

Zaki, I., Hamida, G., & Cahyono, E. F. (2020). Potentials of Implementation of Sharia Principles. Amwaluna: Jurnal Ekonomi Dan Keuangan Syariah, 4(1), 96–111.

Zulfikar. (2020). Challenges of Islamic Banking in Indonesia in Developing Products. The Journal of Management Theory and Practice (JMTP), 1(3), 35–42.

Zulfikar Hasan, S. (2021). The Impact of Gross Enrollment Ratio ( GER ) of Tertiary Education in Indonesia on the Literacy and Inclusion Index : A Case Study Of Islamic Finance in Indonesia. Al-Amwal : Jurnal Ekonomi Dan Perbankan Syari’ah, 13(2), 203–214.

Zulfikar, A. A., & Sasnifa, P. (2020). Transaction in non-cash payments through Ovo application: an Islamic judgment study by the Mazhab Syafi’i. Ulul Albab: Jurnal Studi Dan Penelitian Hukum Islam, 3(2), 219.


Creative Commons License
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.



Editorial Office:

Faculty of Islamic Economics and Business, Universitas Alma Ata

Jl. Brawijaya No.99, Jadan, Tamantirto, Kec. Kasihan, Kabupaten Bantul, Daerah Istimewa Yogyakarta 55184

Lisensi Creative Commons
JESI by is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.