In today’s modern era, digital transactions have become a necessity in the midst of rapid technological advances that continue to open up new opportunities in business. In Indonesia, the QR code payment method has become increasingly popular and has been accelerated since the beginning of the pandemic. As of 1 January 2020, the implementation of QRIS as a national QR code standard was instructed by Bank Indonesia (BI) as a regulator, so that it had a positive impact on the community in the availability of fast, easy, cheap, safe, and reliable payment alternatives.
QRIS (Quick Response Code Indonesian Standard) is a national QR code standard to facilitate digital payments through server-based electronic money applications, digital wallets, or mobile banking. This is a digital-based non-cash transaction breakthrough from Bank Indonesia (BI) and the Indonesian Payment System Association (ASPI).
The main goal of QRIS itself is to create a payment system that is easier for the public and can be monitored by regulators from one door. This is to create a payment system that is efficient, effective and refers to the main principles of payment system policies, namely fast, easy, cheap, safe, reliable and based on the hygienic aspect of transactions.
The presence of the QRIS payment method in the community will also facilitate cashless transactions between customers and business owners. Using QRIS, business owners only need to provide one QR code, and customers can pay via any supported app. This is inseparable from the advantages of the QRIS platform.
The advantages of the QRIS payment method are as follows:
Speed up Transactions
QRIS cashless payments are fast and practical. Customers don’t have to bother carrying cash, and business owners don’t have to look for change. Just scan the QR code through a supported app, enter the payment amount, and complete the payment. Transactions can be completed quickly as long as there is an internet connection.
The presence of QRIS also makes it easier for business owners because there is no need to register as a merchant in every available digital wallet service, because there are at least 38 officially licensed digital wallet services in Indonesia. With QRIS, business owners only need to register once and accept payments from various supported banks or digital wallets. In addition, every transaction is recorded, making it easier to control finances.
Currently, BI is still extending the policy of free non-cash transaction fees through the QRIS payment channel for micro-business actors who are charged to stores (Merchant Discount Rate or MDR). Last year, BI set a maximum transaction fee of 0.7 percent for QRIS to be borne by partners or merchants. The number can also be smaller if the payment transaction falls into a certain category. When compared to the total nominal transaction, this figure is clearly small. On the other hand, the buyer will not be charged anything.
Merchant categories included in the regular transaction type and subject to a maximum MDR transaction fee of 0.7 percent are Small Business (UKE), Medium Business (UME), and Large Business (UBE). As for the category of Micro Enterprises (UMI), the MDR will not be imposed. For merchants with certain types of transactions, the MDR fee will be lower. For example education (0.6%) and gas stations or Public Service Obligations (0.4%). Meanwhile, non-profit transactions such as social assistance are not charged a penny for MDR.
Payments with QRIS are also guaranteed to be safe because the principle of payment by scanning a QR code is similar to transferring balances between accounts. Each transaction usually requires a PIN or code for approval. If there is any unusual transaction, they can report it to the service provider because it is all online and on record. On the other hand, the QRIS payment method also minimizes the circulation of counterfeit money in the community.
By using the QRIS payment method, business owners can check transaction history periodically because all transactions are processed and recorded automatically. That way, business owners can monitor, analyze, and determine future business financial strategies.