Benefits of Making Transactions Using QRIS: 6 Advantages of QRIS!

Benefits of Transactions Using QRIS – For those of you who often transact non-cash, you certainly have known and may have used QRIS. However, maybe you don't know what the benefits of transactions using QRIS are. We will provide some explanations and benefits that you can feel in transacting using this system. Check out the explanation below!

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What is QRIS?

QRIS stands for Quick Response Code Indonesian Standard, a unification of payment methods that can be used by Payment System Service Providers (PJSP) using a QR Code.

QRIS was first developed in Indonesia by Bank Indonesia so that the transaction process with the QR Code can be easier, faster, and safer for both buyers and sellers to use. Payment System Service Providers who will use the QR Code must use QRIS for the non-cash transaction process.

QRIS consolidates all payment applications in Indonesia, both bank and non-bank, which are used by the public. This is done so that QRIS can be used at shops, merchants, stalls, parking lots, tourist tickets, and donations that have the QRIS logo, although the applications used by buyers and sellers are different, QRIS can be used universally.

Sellers only need to create an account or an account with one of the QRIS providers who have received official permission from Bank Indonesia. Then, sellers can accept payments from the public or buyers using QR from any application.

Where does the money used to make transactions come from?

Sources of transaction funds are in the form of deposits or debit cards, credit cards, and electronic money using storage media using servers. The use of sources of funds or payment instruments is applied based on Standard Institutions approved by Bank Indonesia.

However, QRIS has its limitations. The nominal QRIS transaction can only reach Rp. 10,000,000.00 per transaction. The QRIS provider can set a daily or monthly cumulative nominal limit for QRIS transactions made by each user.

Benefits of Transactions Using QRIS

If you are still unsure about using QRIS for daily transactions, here are the benefits of QRIS that can persuade you to try it!

1. Fast and Easy

With just a few clicks on your cellphone, you can transact easily without having to carry a dime of cash.

QRIS can also accept payments using any payment application, as long as it has the QR Code feature. So, you don't need to use many payment apps. In addition, payments with QRIS are processed instantly. Users and sellers will immediately receive transaction notifications.

2. Don't Worry, Guaranteed Safe!

Because the maker of QRIS is Bank Indonesia, all transactions using QRIS are guaranteed to be safe and protected. This is because all PJSPs or Payment System Service Providers who act as QRIS providers must have permission from Bank Indonesia and are closely monitored by Bank Indonesia.

3. Modern

Using QRIS can give customers a modern feel, which can potentially improve the quality and standards of your store. In addition, because a store only needs one QR Code, transactions become more practical, fast, and easy to do.

4. Transparent for Both Parties

Because all transactions are carried out virtually, by using QRIS, you will reduce cash management costs, avoid counterfeit money, do not use change, transactions are recorded automatically and can be viewed at any time, and money for business and personal can be managed separately easily .

5. Requirements for Organizers are Relatively Easy

Bank Indonesia issued special regulations to protect users and providers of QRIS. All QR Code operators must obtain Bank Indonesia approval to implement QR-based services and must comply with the applicable QRIS provisions

The main requirements are qualified systems and applications, the ability to identify and mitigate risks, the ability to protect customers and of course the ability to monitor transactions at merchants and customers, as well as the correct registration process.

6. International Standard

QRIS is prepared using the international standard EMV Co. This standard is prepared and adopted to support wider linkages and can accommodate country-specific needs so as to facilitate operations between providers, between instruments, including between countries. Some countries that use QRIS include Singapore, Malaysia, Thailand, India, South Korea, and others.

In the future, Bank Indonesia will cooperate with other countries to develop interoperability of QRIS with QR code standards in other countries to facilitate transactions for Indonesian citizens who are traveling abroad.

Read also: How to Use Rocket Pocket's QRIS and Virtual Account Features

These are some of the explanations and benefits of transactions using QRIS. Besides being easier and not having to bother using cash, this technology is a step towards a more advanced future and one of the ways that Indonesia has entered the ranks of countries with modern transaction and financial technology.

Well, Rocket Pocket also has a license as a QRIS organizer, you know! By using QRIS in the Rocket Pocket application, transactions made by you and your child will be faster, easier, and transparent. What's more, all transactions made by Children using Rocket Pocket will be visible and can be monitored by parents!