In this article, the relationship between innovations in the payment systems and financial intermediation is explored. By focusing on excess reserves and currency demand we provide evidence on the extant transmission mechanism. In this direction, a generalised method of moments (GMM) and vector error correction model (VECM) techniques are applied to a data set collated for Indonesia. We find that financial intermediation is affected by currency demand while we observe a limited role of excess reserves affecting financial intermediation. Credit card payments are found to have a statistically significant effect on currency demand, whereas debit card payments only influence financial intermediation in the long run. In addition, the real-time gross settlement (RTGS) exerts an upward pressure on excess reserves. The findings are of great importance as they provide support to policies that favour payment migration to an electronic platform, particularly that of card-based payment systems. JEL Classification: E42, E58, N25, G21

中文翻译：

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衡量支付系统创新对金融中介的影响：来自印度尼西亚的新颖经验证据

本文探讨了支付系统创新与金融中介之间的关系。通过关注超额准备金和货币需求，我们提供了有关现有传导机制的证据。在这个方向上，将广义矩量法（GMM）和矢量误差校正模型（VECM）技术应用于为印度尼西亚整理的数据集。我们发现金融中介受到货币需求的影响，而我们发现超额准备金影响金融中介的作用有限。人们发现，信用卡付款对货币需求具有统计学上的显着影响，而从长远来看，借记卡付款仅影响金融中介。此外，实时总结算（RTGS）对超额准备金施加了上行压力。这些发现非常重要，因为它们为支持将付款迁移到电子平台（尤其是基于卡的支付系统）的政策提供了支持。JEL分类：E42，E58，N25，G21