Digital Payments and the Growth of Fintech Services As Part of the Digital Business Ecosystem

Abstract

The rapid digitalization of Indonesia’s economy has spurred significant growth in financial technology (fintech) and digital payments, reshaping the national business ecosystem. This study applies a systematic literature review to analyze the development of key fintech segments payments, lending, wealth management, and insurtech and their integration with e-commerce, logistics, and online transportation. Findings indicate that digital payments function as a gateway to broader financial services by improving transaction efficiency, supporting financial inclusion for MSMEs, and fostering customer loyalty through personalized programs. Case studies of e-wallets illustrate practical synergies in platform integration and service innovation. However, challenges persist, including regulatory uncertainty, cybersecurity risks, limited digital literacy, and infrastructural gaps in rural areas. The study underscores fintech’s role in building a resilient digital ecosystem while offering insights for policymakers and practitioners to promote inclusive, secure, and sustainable growth. Future research should investigate adoption in underserved populations, long-term MSME impacts, and the use of AI and blockchain to strengthen security and trust.