Jakarta, 9 May 2022 -- The digital transformation carried out by financial service institutions makes it easier for people to carry out various transactions. One of the conveniences of digital payments that is now often used is Quick Response Code Indonesian Standard (QRIS). Â
People are more comfortable using QRIS, which is easier because it is able to reach various merchants with integrated mobile banking and digital wallet applications.
PT Bank Negara Indonesia (Persero) Tbk (BNI) posted a rapid growth in QRIS transactions in line with increasing public consumption. The company recorded that it had acquired more than 1.6 million QRIS merchants. BNI's QRIS has the advantage of a back end system, so that it is able to process transactions faster, as well as a wider range of merchants.
As for the volume of BNI's QRIS transactions, it reached IDR 297 billion as of March 2022, a significant increase from the initial optimization of QRIS use in August 2021 which was recorded at Rp 14.9 billion. BNI's total monthly QRIS transactions as of March 2022 were recorded at 1.5 million, up from August 2021, which was recorded at 140 thousand.
Researcher from the Institute for Development of Economics and Finance (Indef) Nailul Huda revealed, transactions via digital are indeed experiencing a significant increase, including the use of QRIS by banks. Various national banks have started to aggressively adopt QRIS in all their transactions.
“In the past, QRIS was like being controlled by a digital wallet. However, I think the competition can be very tight between banking and digital wallets, considering that the current banking technology has also led to cashless," said Nailul.
In fact, according to him, consumer confidence in electronic transactions is higher in banking than in digital wallets. Meanwhile, competition will also occur between banks that provide QRIS services.
"As trust is almost the same, between banks usually launch promo wars: for every transaction and for every new account opening via application," he explained.
In the meantime, in his opinion, the achievement of BNI’s QRIS transactions can have an impact on the company's business growth.Â
"If BNI can compete and adapt to this financial digitalization, I think transactions via BNI's digital services will increase and BNI will be considered as one of the most adaptive banks. Transactions will have higher growth," he said.
Furthermore, Nailul said, banks need to increase the value and volume of QRIS transactions to support the cashless society movement.
“The impact on society is that transactions are more efficient by using cashless products like QRIS. The economy will be faster so that money circulation will be faster," said Nailul.
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