Digitalization, which also targets the financial and payment sectors, causes the use of debit cards will be rarely used in the near future. This is also in line with the massive development of the Quick Response Code Indonesian Standard (QRIS) in the wider community to the upper middle segment.
Bank Indonesia (BI) plans to develop the use of QRIS by increasing user transaction limits. This increase has occurred gradually since some time ago.
In 2019, when it first debuted, the QRIS transaction limit was only IDR 2 million. Then it becomes IDR 5 million and the next transaction can reach IDR 10 million. This massive development is predicted to lead to the extinction of debit cards.
“We have increased it now to Rp 5 million first and then now Rp 10 million, and it can be increased further because the response from people is very enthusiastic about this type of QRIS,” said Bank Indonesia Senior Deputy Governor Destry Damayanti in a discussion on Advancing Digital Economy And Finance. : Government And Industry Strategy On Digitalization, some time ago.
Currently, the QRIS code is easier to find in stores and outlets. Ranging from malls to traditional shopping centers. QRIS can even be used abroad, namely in Thailand. Next, the use of QRIS was extended to Malaysia, Singapore, and the Philippines.
QRIS also uses an EDC machine, which was previously used for credit and debit card transactions at various merchants.
“Yes, we currently have 19 million. So 90% of the current 19 million merchants are actually SMEs,” he said.
Destry explained that BI continues to develop the Indonesian payment system. This will provide more new opportunities and minimize barriers for players and reduce transaction costs.
To support the plan, there must be a breakthrough in terms of technology and regulations. Apart from that, it is also a matter of cooperation between institutions, especially regarding education to the community.
“And one thing I also want to emphasize, what is happening right now is there is a very strong need to make cross-border payments more efficient,” he concluded.
Furthermore, the use of the payment method using QRIS is also believed to accelerate the recovery of the tourism sector, which has fallen due to the Covid-19 pandemic. Moreover, for micro-scale tourism business actors.
In the latest development, QRIS can already be used by foreigners who come to Indonesia. Currently, two overseas payment services cooperate with local payment services.
So that when (foreign tourists) come to travel to Indonesia, they do not need to exchange their foreign currency, but can immediately use QRIS.
