In the digital era like today, technology is growing rapidly and facilitating all aspects of human life, including in business. One of the newest technologies that can help small and medium enterprises (SMEs) in managing financial transactions is the Quick Response Code Indonesian Standard (QRIS).
QRIS has several significant benefits for small and medium enterprises. In this article, we will explain in detail the benefits of QRIS for small and medium enterprises. Before we continue, let’s take a quick look at QRIS and its types.
Overview of QRIS
QRIS (Quick Response Code Indonesian Standard) is an Indonesian national standard for digital payments using QR (Quick Response) codes. QRIS was developed by Bank Indonesia as an alternative to existing digital payment methods, such as e-wallets (QRIS.id, Gopay, Ovo, Dana, Pospay Link Aja) and also mobile banking such as BSI Mobile, BRI Mobile, Livin, BNI Mobile, BCA Mobile and Good.
Kinds and Types of QRIS
QRIS itself has several types that are tailored to the needs of businesses and consumers, namely:
This type of QRIS is a QRIS with a static or unchanging QR code. This type of QRIS QR code is usually used for transactions with the same or unchanged nominal, such as paying for parking or buying airplane tickets.
This type of QRIS is a QRIS with a dynamic or changing QR code. This type of QRIS QR code is usually used for transactions with different denominations, such as payments at restaurants or shops.
QRIS Merchant Presented Mode
This type of QRIS is a QRIS that is used by merchants or business actors to send transaction information to consumers via a QR code presented on the cashier’s screen or other device. Consumers can make payments by scanning the QR code using their digital payment application.
QRIS Customer Presented Mode
This type of QRIS is a QRIS used by consumers to send transaction information to merchants or businesses via a QR code displayed on their digital payment application. Merchants or business actors can verify transactions by scanning the QR code provided by consumers.
QRIS can also be used to conduct interbank transactions, making it easier for small and medium businesses to conduct transactions with customers from different banks.
In order to facilitate the use of QRIS, Bank Indonesia has also developed the Quick Response Indonesian Standard (QRIS) Payment application which can be used by small and medium businesses in receiving payments via QRIS.
With QRIS and its types, it is hoped that it can accelerate the digital payment process and increase business efficiency for small and medium businesses.
Benefits of QRIS for Small and Medium Enterprises
The following is a review of some of the benefits of the QRIS payment method for small and medium businesses in the community
The first benefit of QRIS is financial inclusion. Through QRIS, small and medium businesses can make it easier for consumers to make financial transactions. In a sense, consumers do not need to carry large amounts of cash, so transactions are safer and more efficient. Small and medium businesses can also expand their business reach by using QRIS as a payment method.
QRIS makes it easy for small and medium businesses to transact with consumers without location and time restrictions. Small and medium businesses can access QRIS digital payments from anywhere and at any time, thereby increasing their financial access. That way, small and medium enterprises can run their business more efficiently and effectively.
Transactions Without Physical Contact
The second benefit of QRIS is transactions without physical contact. Transactions without physical contact are very important, especially during a pandemic like today. In digital payment applications, consumers can make financial transactions without having to come into contact with payment instruments such as credit cards, cash, or EDC machines.
Small and medium businesses that use QRIS as a payment method can also minimize the risk of spreading the virus, making it safer and more convenient for consumers. In addition, QRIS also makes it easier for small and medium businesses to manage financial transactions more quickly and easily.
Financial Transaction Efficiency
The third benefit of QRIS is the efficiency of financial transactions. In digital payment applications, financial transactions can be done more quickly and easily. Small and medium businesses can carry out financial transactions more efficiently, thereby saving time and costs.
In addition, administrative costs incurred for using QRIS are also lower than traditional payment methods such as credit cards or EDC machines. This makes QRIS a more economical alternative in managing financial transactions for small and medium businesses. Low administrative costs will allow small and medium enterprises to maximize their business profits.
Strengthening Business Branding
The fourth benefit of QRIS is strengthening business branding. QRIS allows small and medium businesses to display their logo or business image on the QR code used as a payment method. That way, customers can identify businesses easily and increase brand awareness.
This will make it easier for small and medium businesses to build a positive image of their business. Customers will remember the business more easily and tend to make repeat purchases in the future.
Increase Transaction Security
The fifth benefit of QRIS is increasing transaction security. QRIS uses strong encryption technology to secure financial transaction data. Financial transaction data stored by digital payment applications using QRIS will be encrypted so that it cannot be accessed by unauthorized parties.
In addition, QRIS also makes it easier for small and medium businesses to monitor their financial transactions. Small and medium businesses can monitor real-time financial transactions through digital payment applications. Thus, small and medium businesses can easily identify and handle all kinds of problems that occur in financial transactions.
Speed up the Transaction Verification Process
The sixth benefit of QRIS is speeding up the transaction verification process. QRIS allows customers to make payments by simply scanning a QR code, so transactions can be verified more quickly. This will increase the efficiency of the transaction process and save time.
In addition, QRIS also allows customers to view transaction details in real-time. This makes it easier for customers to monitor transactions and ensure that transactions have been carried out successfully.
Attract New Customers
The final benefit of QRIS is that it can attract new customers. Customers who like to use digital payment applications will be more interested in making transactions with small and medium businesses that use QRIS as a payment method. Customers who make transactions with QRIS can also provide positive reviews and recommend the business to others.
Thus, QRIS can be an effective marketing tool to expand the business reach of small and medium enterprises. This can help small and medium enterprises to gain greater profits and increase their business growth.
QRIS is a digital payment method that can provide significant benefits for small and medium businesses. QRIS simplifies the digital payment process with a QR code that is fast and easy for consumers to use. The types of QRIS provided by Bank Indonesia can also be adapted to the needs of businesses and consumers.
In the long term, QRIS is expected to improve business efficiency and speed up the payment process, thus helping small and medium businesses increase their competitiveness in the market. In addition, the use of QRIS can also help reduce operational costs and transaction security risks, thus providing greater long-term benefits for small and medium businesses in Indonesia.