Digital payment systems in MSMEs: a systematic literature review of the digital business ecosystem

Abstract

Purpose: to systematically review the role of digital payment systems in supporting the digital business ecosystem of MSMEs by identifying research trends, types of digital payment technologies, and their impacts on MSME development and performance.

Method: this study employed a systematic literature review (SLR) to analyze prior research on the role of digital payments in the digital business ecosystem for MSMEs. Data were collected from Google Scholar using Publish or Perish and analyzed through thematic and bibliometric analysis with VOSviewer.

Findings: digital payment systems play a strategic role in supporting the digital business ecosystem of MSMEs by improving transaction efficiency, expanding market access, enhancing operational performance, and accelerating digital transformation. E-wallets, QRIS, and mobile banking are the most widely adopted digital payment methods, while digital literacy, financial literacy, and technological readiness remain key factors in successful adoption.

Implications: to a broader understanding of digital payments as strategic enablers of the MSME digital business ecosystem. The findings provide insights for MSMEs, policymakers, financial institutions, and technology providers to develop strategies that strengthen digital payment adoption and support sustainable digital transformation.

Originality: this study highlights digital payments as strategic drivers of the MSME digital business ecosystem by integrating perspectives on digital transformation and business development through an SLR approach.