TEMPO.CO, Jakarta - Djamin Edison Nainggolan, executive director of the Indonesian Payment System Association (ASPI), predicts that QRIS, or the Quick Response Code Indonesian Standard, will become the most popular payment method this year. Throughout 2024, he said, the number of QRIS merchants exceeded 25 million, with monthly transactions growing by more than Rp10 trillion.

"That Rp10 trillion can average three times over in a two-month period," Djamin said at the launch of the VIDA Authentication Suite at Lavva Plaza Senayan, Jakarta, on Wednesday, February 5.

The rate shows how QRIS has become the fastest-growing financial service. Djamin said QRIS only needed 33 months to reach a transaction value of Rp10 trillion since its inception in 2020, after which it took just two months to reach a steady monthly average of Rp10 trillion and over. 

Djamin said that 50 percent of QRIS users are micro, small, and medium enterprises (MSMEs). He added that the surge in QRIS users aligns with the changing lifestyle of society, which is shifting from cash or debit and credit cards to electronic money. Currently, he noted, off-cash transactions make up 73 percent per month, while cash users are projected to make up only about 30 percent.

The digital transaction trend has also contributed to a continuous increase in the number of financial service providers, which is expected to reach 100 services with over 11,000 users in 2024. Djamin predicts the trend will keep growing along with the evolving lifestyle of the people. "I believe this aligns with the current shift, where all consumer activities are now on their smartphones," he said.

QRIS is a standardized payment method mandated by Bank Indonesia (BI) for all non-cash Payment System Service Providers (PJSP). BI has set the Merchant Discount Rate (MDR) transaction fee for QRIS services at 0.3 percent for micro-enterprises, effective July 1, 2023. Initially, there were no transaction fees, meaning small businesses could use QRIS free of charge.

Merchants are required to use QRIS as outlined in Article 6 of the Governor’s Board Regulation No. 21/18/PADG/2019, which governs the implementation of the National QRIS Standard for Payments. If merchants fail to comply, Bank Indonesia will impose sanctions in accordance with BI’s regulations regarding the National Payment Gateway (NPG), payment transaction processing, and electronic money.

Andika Dwi contributed to the writing of this article

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