Cashless or cashless payments are starting to be widely adopted in Indonesia. One cashless payment method that is increasingly mushrooming is the use of QRIS. This payment option has also been increasingly promoted since the COVID-19 pandemic.
Apart from cashless, the term contactless also suggests additional mechanisms in transactions to avoid touching in order to minimize virus transmission. When using QRIS, users only need to scan with a cellphone (HP) so they don't need to type a PIN on the merchant's EDC machine. This of course brings innovation and becomes more profitable for MSMEs.
QRIS is an abbreviation for Quick Response Code Indonesian Standard. QRIS is a combination of various types of QR from several Payment System Service Providers (PJSP) that use QR Codes. QRIS was launched by Bank Indonesia and the Indonesian Payment System Association (ASPI) on 17 August 2019 to make the transaction process using QR Codes fast, easy and secure.
QRIS can be used in all shops, traders, stalls, parking lots, tourist tickets, donations (merchants) with the QRIS logo. Although QRIS providers at merchants are different from application providers used by the public.
Merchants only need to open an account or account with one of the QRIS providers that has permission from Bank Indonesia. Furthermore, merchants can accept payments from customers or the public using QR from the application or organizer.
Users can make payments by scanning the QRIS code using a supported QRIS payment application. For example, e-money applications such as GoPay, OVO, Dana, LinkAja, to mobile banking applications that have a QR scanner feature such as Livin by Mandiri, BCA, CIMB, BNI and other banks.
Standardizing QR codes with QRIS provides many benefits, both for various merchants such as MSMEs and for ordinary people as consumers. The following are some of the benefits that MSMEs get if they make transactions using QRIS:
One of the benefits of QRIS is that it makes the transaction process faster. This is because the existence of QRIS allows customers not to have to bother carrying cash. On the other hand, sellers or merchants do not have to provide or even look for change when carrying out buying and selling transactions.
With the cashless method from QRIS, the payment process will be easier and faster as long as there is an internet connection. Customers simply scan the QRIS code via a supporting application, enter the amount to be paid, then complete the payment.
The buying and selling process can be more efficient because you don't need to register as a merchant to provide various payment systems. You only need to register once to receive income from transactions via payment applications that support QRIS.
QRIS can help customers choose various payment methods. So consumers can pay for orders according to the application they have and supports payments using QRIS. With the help of QRIS, consumers will find it easier and more comfortable to carry out buying and selling transactions.
Using QRIS as a payment method can prevent consumers and sellers from circulating counterfeit money. By implementing transactions using QRIS, both consumers and sellers will be safer because they can avoid counterfeit money.
When paying with QRIS, there is the term Merchant Discount Rate (MDR). MDR QRIS is a fee that will be borne by partners or merchants. For example, a fee is charged for regular transactions of 0.7%, educational transactions 0.6%, transactions at gas stations 0.4%, and social assistance transactions for foundations/organizations 0%.
The nominal tends to be small compared to the total transaction amount, so you can still get profits from sales made by customers. On the other hand, customers will not be charged a single penny beyond the nominal value of their purchases.
Apart from that, the MDR figure is also much smaller than the switching costs at the National Payment Gateway (GPN), which reaches 1%. So using QRIS becomes cheaper and more profitable for the business owner.
Using QRIS as a payment method will guarantee the security of buying and selling transactions. This is because the principle of payment by scanning a QR code is similar to transferring balances between accounts.
Usually, every transaction carried out using QRIS requires a PIN or code for approval by the account or account owner. If there are any unusual transactions, they can report it to the service provider because all transactions are online and recorded.
All transactions will be recorded automatically with QRIS, so you can record business finances more easily. So, the benefit of QRIS is that your business has complete data about transactions.
QRIS transaction history can be accessed in real-time so that business financial management is more efficient. That way, you as a business owner can monitor, analyze and determine future business financial strategies.
The benefits of using QRIS can minimize the risk for business owners or merchants from various types of fraud in cash transaction bookkeeping. You can also avoid mixing business and personal funds. In the long term, using QRIS also provides many benefits such as ease of recording transactions, practicality, and being able to implement and support cashless and contactless recommendations.