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Get to know QRIS Innovation and its benefits
Published on 13 Feb 2024
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Get to know QRIS Innovation and its benefits
In this digital era, innovations in the financial world continue to grow to improve the ease and efficiency of transactions. One of the latest innovations that is gaining popularity is QRIS, which stands for Quick Response Code Indonesian Standard. This article will discuss what QRIS is, how it works, and its benefits in simplifying daily transactions.
What is QRIS?
QRIS is a QR code-based payment standard system that has been adopted nationally in Indonesia and several ASEAN countries. With QRIS, users can make transactions without the need to carry physical cash or cards. Simply by using a smartphone, users can make payments by pointing the mobile phone camera at the QR code at the payment point.
How QRIS Works
The way QRIS works is very simple. Each payment point, be it a shop, restaurant, or other service provider, will have a unique QR code. Users simply open a digital payment application that supports QRIS, such as GoPay, OVO, or Dana, and then scan the existing QR code. After that, users can enter the payment amount and complete the transaction quickly.
Also Read: Cashless Transactions, Worth or Problems?
QRIS Unggul
According to Bank Indonesia's official website, https://bi.go.id/, QRIS features the characteristic UNGGUL which describes its advantages:
Universal
QRIS can accept payments from various payment applications that use QR codes. This means that people do not need to install multiple payment applications to transact.
Easy
Society: The payment process is made easy by simply scanning the QR Code and a few taps on the mobile phone screen.
Merchants: Merchants also get the convenience of only needing to display one QRIS that can be accepted by various QR payment applications.
Profit
Users: Can use any QR payment account to make payments.
Merchants: Only need to have at least one account to accept payments from various QR Code applications.
Direct
Transactions with QRIS are processed instantly. Users and merchants will immediately be notified of the transaction.
Benefits of QRIS
Ease and Speed of Transactions
QRIS allows transactions to be faster and more practical. Users do not need to take out cash or credit cards to pay. With just a few taps on the mobile phone screen, the transaction is complete.
Transaction Security
The use of QRIS also brings benefits in terms of security. By not needing to carry cash, the risk of losing or stealing physical money can be reduced. Also, digital payment apps generally come with additional security features, such as two-factor authentication.
Transaction Tracking
Users can easily track their transaction history through digital payment apps. This helps in managing personal finances and provides a clear picture of spending.
Encouraging Digital Ecosystem
QRIS also supports the growth of the digital ecosystem in Indonesia. The more businesses that accept payments through QRIS, the greater the adoption of digital payment technology in society.
Conclusion
QRIS innovation brings many benefits in transaction convenience and security. The more businesses that adopt QRIS, the greater the positive impact on society and the digital economy. With QRIS, Indonesia continues to move forward in adopting modern and efficient payment technology.
PT. ETHIS FINTEK INDONESIA
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Notes:
1. Tech-based Islamic Financing service (P2P Financing) is a civil agreement between Funder and Beneficiary, in which all risks are charged to all parties.
2. Payment failure is charged to the Funder, except for fraud case and mismanagement. Beneficiaries are imposed if fraud and mismanagement happens as in Risk Sharing terms based on Islamic Principles. There is no national institution or authority that is responsible to financing risk or payment failure or compensating on any parties including loss, failures, fees or consequences after.
3. The platform with agreement from all respective users (funders and/or beneficiaries) accesses, gains, stores, manages and/or uses users’ personal data (Data Utilization) on or in the objects, electronic devices (including smartphones or cellular phones), hardwares or softwares, electronic documents, applications or electronic systems belong to Users or managed by Users, upon the information of aims, limitations and mechanism of Data Utilization to the Users before the approvals.
4. Funders with limited knowledge on this financing are suggested not to use this service.
5. Beneficiaries are obliged to consider return rates/margin/service fee and other fees according to the ability to repay the financing.
6. Each fraud is recorded electronically in cyberspace and easily recognized by public through social media.
7. Users should read and understand this information before deciding to be a Funder or Beneficiary.
8. Government as in this case is Otoritas Jasa Keuangan (OJK) / Financial Services Authority is not responsible for violation or disobedience of users, Funder and Beneficiary (intentionally or unintentionally) against terms and conditions or agreement or attachment between the platform and Funder and/or Beneficiary.
9. Each transaction and financing activities, funding, financing or enforcement agreement regarding financing between or involves the Platform, Funder, Field Partner and/or Beneficiary should happen through escrow account and virtual account as stated in OJK regulation No. 77/POJK.01/2016 about Tech-Based Financing Services.
