Purpose – The purpose of this paper is to determine the implications of e –money and in the economy of Indonesia and analyze the relationship of e -money with usury. Design/methodology/approach – Using monthly data (20011:1-2015:4), this paper relies on unit root test, VAR estimation, and impulse response functions Findings – The use of e -money in Indonesia has a small effect on the economic welfare of the people in Indonesia, it is because the use of e-money is still in early stages of micro-transactions. In addition, there are several recommendations related to usury. Originality/value – So far, there has not been any research on the relationship of e -money with usury. This paper uses an empirical simulation of the impact of the use of e-money 50% of base Money.