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The presence of digital payments makes it easier for consumers to shorten the transaction process both offline and online. Digitalization in the payment process has made many digital payment service providers appear and compete to attract consumers. Moreover, the Covid-19 pandemic has made digital payments even more needed, in line with the government’s recommendation to implement health protocols by reducing paper and metal exchanges.

According to a survey conducted by McKinsey in April 2020 regarding the retail industry during the Covid-19 pandemic, it was stated that 20 percent of Indonesian retail consumers hoped to be able to make transactions without having to interact with cashiers.

Unfortunately, it requires consumers to download many applications for different digital payments prepared by stores or merchants, not to mention that consumers have to top-up many applications, which will in turn drain financial allocations. In fact, consumers have difficulty remembering their last remaining balance in front of the payment cashier, which actually makes the queue even longer when the new normal is enforced.

Seeing this phenomenon, Bank Indonesia (BI) has released the Quick Response Code Indonesian Standard or commonly abbreviated as QRIS to unify QR from various Payment System Service Providers (PJSP) using one QR code. QRIS was developed by the payment system industry together with Bank Indonesia to make transaction processes with the QR Code easier, faster, and secure.

Finpay QRIS

In order to support the government’s efforts to integrate digital payment services, PT. Finnet Indonesia (Finnet) as a subsidiary of TelkomMetra which has obtained a Payment System Service Provider license from BI released the QRIS Merchant Presented Mode (MPM) feature on Finpay in October 2020.

Benefits of QRIS for Merchants

Dozens of merchants from various industries which have long collaborated with Finnet will support the QRIS Finpay feature, including e-commerce, national and regional banks, retails, and various health services such as BPJS Health and Employment.

In addition, every transaction is recorded automatically and can be viewed at any time. Therefore, the use of QRIS will help unify the reconciliation process from reliable financial management by preventing potential fraud from accounting for separate cash transactions. Merchants can also easily manage customer databases to develop loyalty programs so that businesses can be sustainable.

For consumers, with this integrated digital transaction, each QRIS merchant will have a National merchant ID (unique NMID) that can be used by consumers as additional information other than the merchant’s name to match transactions recipients at the time of payment.

Currently, dozens of merchants from various industries who have collaborated with Finnet have supported the QRIS Finpay feature. In addition, currently Finnet is also holding a business fund assistance promo for 250 selected MSMEs who join as Finpay partners. This promo will last by the end of 2020. For detailed info and merchant registration, it can be accessed on Finnet’s social media (@finpaypromo)!

Hopefully, the QRIS feature on Finpay can be enjoyed by many audiences so that it helps the government in implementing health protocols, while providing support in increasing profit potential for merchants.