As technology continues to evolve, the realm of digital transactions has witnessed tremendous growth, leading to increased convenience for society. One particular milestone in this landscape is the implementation of the Quick Response Code Indonesian Standard (QRIS).
To ensure seamless financial inclusion and progress, Bank Indonesia (BI) has taken proactive measures to promote widespread adoption of QRIS across various sectors, particularly focusing on micro, small, and medium-sized enterprises (UMKM) merchants.
Dicky Kartikoyono, the Head of BI’s Payment System Policy Department, shared insights into the current state of its utilization, which primarily remains dominant in Java Island. Despite its success in Java, there exists substantial untapped potential for the adoption beyond the island, prompting BI to intensify its efforts.
“Our survey indicates that many regions outside Java still present vast opportunities for QRIS users and merchants,” stated Dicky during the Digital Talkshow on Thursday, 27th July 2023.
One of the distinctive advantages of QRIS as a payment method lies in its non-account-based nature, enabling users to carry out transactions without requiring conventional bank accounts. Instead, the flexibility of QRIS allows transactions to be conducted using electronic money, as long as individuals possess a compatible mobile device.
To foster greater financial inclusion and harness the untapped potential, BI is diligently working to accelerate the widespread adoption of QRIS beyond Java Island. Dicky emphasized the significance of QRIS in BI’s vision for digital financial economy and inclusion. “QRIS remains at the forefront of BI’s commitment to financial inclusion. Currently, Java Island constitutes 51 percent of QRIS users, showcasing significant room for expansion,” explained Dicky.
In the second quarter of 2023, BI recorded a staggering 104.64 percent annual growth in the total nominal value of QRIS transactions, reaching an impressive Rp 49.65 trillion. During this period, the number of QRIS users climbed to 37.0 million, with an extensive merchant base of 26.7 million, predominantly comprised of UMKM merchants.
In recent developments, BI has introduced a strengthened Merchant Discount Rate (MDR) policy for the micro-business segment of QRIS, tailored to the nominal value of transactions on a progressive scale. Transactions up to Rp 100,000 will now enjoy a 0 percent MDR, while those exceeding Rp 100,000 will incur a 0.3 percent MDR.
This pivotal policy adjustment is set to be implemented swiftly, commencing as early as 1st September 2023 and no later than 30th November 2023, based on the industry’s systems’ readiness.
Additionally, BI is actively pursuing the expansion of QRIS Tuntas features, encompassing cash withdrawal, transfer, and deposit functionalities, as well as venturing into the realm of cross-border expansion to maximize its potential on a global scale. With these progressive initiatives, Bank Indonesia aims to further revolutionize digital transactions, fostering financial inclusion and growth for all.
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