Contactless digital transactions are a necessity amid rapid technological advances that continue to open new opportunities in business. In Indonesia, the QR code payment method has become increasingly popular and has accelerated since the start of the pandemic. As of January 1, 2020, the implementation of QRIS as a national QR code standard instructed by Bank Indonesia (BI) as the regulator. Thus has a positive impact on society in the availability of payment alternatives that are fast, easy, cheap, safe, and reliable.
The Purpose of QRIS
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. It’s a breakthrough in digital-based non-cash transactions from Bank Indonesia (BI) and the Indonesian Payment System Association (ASPI).
The main objective of QRIS is to create a payment system that is easier for the public and can be monitored by regulators from one door. It is to create a payment system that is efficient, effective and refers to the main principles of a payment system policy that is Cepat, Mudah, Murah, Aman, and Handal (CEMUMUAH) and has a starting point in the hygienic aspects of transactions.
The Benefit of QRIS Payment Method
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 through any supported application. It’s inseparable from the cross-platform advantages of QRIS.
5 advantages of QRIS Payment Methods:
1. Speed Up Transaction
QRIS cashless payments are fast and practical. Customers don’t have to bother carrying cash, and business owners don’t have to look for a change. Just scan the QR code through the supported application, enter the payment amount, and complete the payment. Transactions can be completed quickly as long as there is an internet connection.
2. Simplify the Transaction
The presence of QRIS also makes transactions easier for business owners Because they don’t need to register as a merchant in every available digital wallet services, since there are at least 38 officially licensed digital wallet services in Indonesia.. With QRIS, business owners only need to register once and receive payments from various supported banks or digital wallets. In addition, every transaction was recorded, making it easier to control finances.
3. More Affordable
Currently, BI is still extending the policy of free of non-cash transaction fees through the QRIS payment channel for micro-businesses that are charged to stores (Merchant Discount Rate / MDR). Last year, BI set a maximum transaction fee of 0.7 percent for QRIS, which will be borne by partners or merchants. The numbers can also be smaller if the payment transaction falls into a specific category. When compared with Total nominal transaction, this figure is obviously small. On the other hand, the buyer is not going to get charged for anything.
Merchant categories that are 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 Micro Business category (UMI), MDR will not be charged until the end of 2021.
For merchants in a specific type of transaction, the MDR fee will be lower. For example, education (0.6%) and gas stations or Public Service Obligation (0.4%). Meanwhile, non-profit transactions such as social assistance, Government to People, and People to Government will not be charged a dime for MDR.
4. Guaranteed Safe
Payment with QRIS is also guaranteed safe because the payment principle by scanning a QR code is similar to transferring balances between accounts. Every transaction usually requires a PIN or code for approval. If there are any unusual transactions, they can report them to the service provider because everything is online and recorded. On the other hand, the QRIS payment method also minimizes the circulation of counterfeit money in the community.
Using the QRIS payment method, the business owner can check the transaction history periodically because all transactions are processed and recorded automatically. That way, business owners can monitor, analyze, and determine future business financial strategies.
The presence of QRIS in the community is the answer from regulators to provide better access to digital transactions. With QRIS, business owners only need to have one QR code, and customers can use any application that supports payment transactions using QR codes. The development of technology is unstoppable. What we can do is adapt so that we can use technology to make everyday life easier.