In the modern business environment, the Quick Response Code Indonesian Standard (QRIS) has become a crucial component, especially for small-scale businesses or MSMEs. It offers a practical, fast, and secured payment method. QRIS makes it easy for consumers to make payments using smartphones, without having to carry cash. That way, transactions between sellers and consumers can be done quickly, easily, safely, and reliably. QRIS is also a form of Bank Indonesia (BI) support for the 30 million Go Digital 2024 MSME program and a tangible form of government support for the Indonesian payment system revolution and advancing MSMEs in the digital era. So, how useful is QRIS for MSME businesses? How to register? Check out the full explanation here.
What is QRIS?
QRIS is a QR code scanning-based payment system. In accordance with its extension, QRIS is a standard form used by many Payment Service Providers (PJP). QRIS was launched by Bank Indonesia and the Indonesian Payment System Association (ASPI) on August 17, 2019. This method was developed so that the transaction process with the QR Code can be easier, faster, and safer. QRIS allows consumers to make transactions from various types of mobile banking and digital wallets by simply scanning them. This makes transactions easier and faster, thus increasing the accessibility of MSME products for consumers. Bank Indonesia stated that QRIS, which is a standardization of payments using the QR Code method from BI, can help MSMEs to upgrade. QRIS is actually prepared for MSMEs. According to BI data in May 2023, as many as 98.14 percent of QRIS outlets were MSMEs.
A series of QRIS Benefits for MSME Businesses
QRIS has a number of significant benefits in improving the efficiency, security, and market reach of MSME businesses. Here is the explanation:
Faster & Easier Transaction Process
One of the main benefits of QRIS is that the transaction process becomes faster and easier. QRIS allows MSMEs to receive payments from various e-wallet and mobile banking applications with just one QR code. This makes it very easy for both MSMEs in receiving payments and for customers in making transactions, increasing efficiency and customer satisfaction.
Transaction Security
With the QRIS system, the security of each transaction is enhanced, reducing the risk of fraud and data theft. This provides an added sense of security for MSMEs and their customers, ensuring that every transaction is done safely.
Cost and Time Efficiency
In terms of cost and time efficiency, QRIS offers invaluable benefits. By eliminating the need for complex and expensive payment systems, QRIS helps MSMEs save on operational costs and time previously spent on manual payment management. This allows MSMEs to allocate their resources to other areas of their business that require more attention.
Expanding Market Reach
Further, QRIS opens up possibilities for MSMEs to expand their market reach. With the ease and security that QRIS offers, MSMEs can now reach customers not only at the local level but also at the international level, opening up opportunities for greater business growth.
Simplify Transaction Recording
Lastly, QRIS provides advantages in terms of data analysis. It facilitates more efficient tracking and analysis of transaction data, which is crucial in business decision making. Through this data, MSMEs can understand better about customer buying behavior, market trends, and can make targeted strategic decisions.
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Overall, QRIS is becoming an essential tool for MSMEs to optimize their business operations, enhance security, and expand their market reach in an increasingly digital business ecosystem.
How to Register QRIS for MSMEs?
To register QRIS, MSME players only need to open an account or account with one of the QRIS providers that already has an official permit from BI. Furthermore, MSME players can already receive payments from the public using QR from any application organizer. Here’s how to register QRIS for MSMEs, launching from the official QRIS page:
- Open the official qris.id page
- Select QRIS List
- Fill in the supporting data needed as the main requirement for creating QRIS
- At this stage, MSME players must make a payment as an administrative fee of IDR 28,000.
- Choose one of the payment methods, QRIS, virtual account, or e-wallet. After successful payment, check your email or Whatsapp.
- Then login to QRIS.id using the username and password that has been sent via email / WA
- Complete the required data and documents (original ID card)
- After the data is successfully completed, wait for the verification process by the QRIS team within three working days.
- If the verification process has been completed, MSME players can check the estimated QRIS issuance date on the Dashboard.
- When QRIS has been published or active, log back into QRIS.id then select Download QRIS
- Select QRIS MPM Complete download, then print and print the file
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Overall, QRIS offers a significant opportunity for MSMEs to improve efficiency, security and convenience in transactions. Adopting QRIS is also not just about improving transaction efficiency, but also about leveraging technology to ensure sustainable business growth, allowing MSMEs to remain competitive and relevant in a fast-changing market. So, what are you waiting for? Register QRIS immediately to facilitate your business transactions! If there are still difficulties, Kontrak Hukum is ready to help.
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Yes, in order to make it easier for businesses to run their business, we provide a Digital Business Assistant (DiBA) subscription service for all your backoffice needs. It’s like having a complete team because with DiBA, you can enjoy unlimited consulting services, financial records and reports, taxes, and other business legality needs. Let’s run your business with ease by visiting the KH -DiBA Services page. If you have any other questions, you can also contact us at Ask KH or send a direct message (DM) to Instagram @kontrakhukum.
