Micro, Small, and Medium Enterprises (MSMEs) are the backbone of the Indonesian economy. MSMEs contribute around 60% of Indonesia's Gross Domestic Product (GDP) and absorb more than 90% of the workforce.
However, MSMEs in Indonesia still face various challenges, one of which is low financial inclusion. According to Bank Indonesia data, in 2022, only around 47.8% of MSMEs will have a bank account.
Low financial inclusion of MSMEs can hinder economic growth. MSMEs that do not have access to formal financial services will find it difficult to develop their businesses, obtain funding, and increase their competitiveness.
To overcome these challenges, the Indonesian government has encouraged the digitalization of MSMEs. Digitalization of MSMEs can increase MSME financial inclusion by providing access to digital financial services.
One of the government's efforts to encourage the digitalization of MSMEs is by developing QRIS (Quick Response Code Indonesia Standard). QRIS is the national QR code standard for digital payments in Indonesia
QRIS has several advantages that can make it easier for MSMEs to switch to digital payments.
First
QRIS can be used by various Payment System Service Providers (PJP), such as banks, e-wallets, and fintech. This gives MSMEs more choices in choosing PJP that suits their needs.
Second
QRIS can be used to accept various payment methods, such as debit cards, credit cards, electronic money, and bank transfers. This allows MSMEs to serve more customers.
Thrid
QRIS is easy to use and affordable. MSMEs only need to register with PJP and get a QRIS sticker. The costs for registering and using QRIS are also relatively affordable.
By the end of 2023, the number of QRIS merchants in Indonesia has reached more than 37 million, with more than 80% of them being MSMEs. This shows that QRIS has become an effective solution in encouraging the digitalization of MSMEs.
The following are some of the benefits of QRIS for MSMEs:
Increase efficiency
QRIS can reduce MSME operational costs, such as cash management costs and banking administration costs.
Increase competitiveness
QRIS can make MSMEs more competitive by providing options for diverse and efficient payments.
Increasing financial inclusion
QRIS can make it easier for MSMEs to accept digital payments, thereby increasing MSMEs access to formal financial services.
Increase visibility and branding
QRIS can help MSMEs to increase the visibility and branding of their business.
With its various advantages and benefits, QRIS can be a catalyst in accelerating the digitalization of MSMEs in Indonesia.
Apart from the benefits, there are several things that the public needs to pay attention to regarding the safety of using QRIS, namely:
- Make sure the QRIS merchant you use is an official merchant. You can check the validity of a QRIS merchant by looking at the QRIS logo installed at the merchant's place of business. The original QRIS logo has a standard design and cannot be changed.
- Be careful with QRIS fraud. QRIS fraud can occur in various ways, such as changing a merchant's QRIS with a fake QRIS or asking you to make a transfer to a personal account that is not the merchant's account.
- Use secure payment applications. Choose a payment application that has a good reputation and adequate security features.
- Be careful about personal data leaks. When you make a QRIS transaction, your personal data, such as account number, name, and address, will be stored in your payment application. Therefore, it is important to keep your payment apps secure by using strong passwords and enabling the two-factor authentication feature.
Tips for increasing the security of using QRIS include ensuring that the QRIS merchant used is official, being more careful about QRIS fraud, using a secure payment application, and always maintaining the confidentiality of personal data.
QRIS is a digital payment solution that has been proven effective in encouraging the digitalization of MSMEs. With its various advantages, such as ease of use, flexibility and security, QRIS has encouraged more MSMEs to switch to digital payments.
The benefits of QRIS for MSMEs include increasing financial inclusion, operational efficiency, competitiveness, and visibility and branding. MSMEs can use QRIS to increase sales and profits, as well as build a modern and professional business image.
By continuing to increase penetration and utilization of QRIS, MSMEs can become more competitive and contribute more to the Indonesian economy.