Flip Starts Presenting QRIS Payment Feature

Recently, startups fintech Flip is starting to release the QRIS payment feature. This new capability allows app users to make payments across a variety of merchant, including retail offline, using the balance you have.

In presenting QRIS services, Flip utilizing a license belonging to DutaMoney (PT Duta Teknologi Creative) which has been registered as a QRIS organizer with Bank Indonesia since October 2023. It is known that DutaMoney is also a backend behind the Balance service in the Flip app.

To DailySocial.id, Head of Marketing Flip Andri Rahmad Wijaya said, "In recent years, loyal users have continued to recommend Flip to provide QRIS services to make their transactions easier on one financial platform. Therefore, Flip is proud to fulfill these needs and input by providing the QRIS feature on Flip to help Flip users transact easily."

Andri also explained that in this initial phase the QRIS service on Flip is still being optimized along with the company's efforts to continue to listen to user criticism and suggestions. Even though it is still focused on B2C, Flip does not rule out the possibility that QRIS services will also be available as part of Flip for Business.

Bank Indonesia released data that throughout 2023 QRIS transactions reached 229,96 trillion Rupiah. This achievement increased by 130,01% compared to the previous year. The number of QRIS users has reached 45,78 million accounts, in total merchant reached 30,41 million with the majority coming from MSMEs.

Lastly, Flip has closed additional rounds for $55 million series B funding in mid-2022. Overall, Flip has raised approximately $120 million in total funding.

Starting from a free interbank transfer service, now Flip has transformed into a financial application with various features. For consumers, apart from QRIS and free transfers, Flip also provides services e-money, remittances, PPOB, and features Asking for money (payment link). They also run a business model freemium via the Flip Plus service, to accommodate users with high transfer intensity.

Meanwhile for B2B, Flip for Business has also been launched by providing solutions to make it easier for partners to manage business transactions. The main service helps businesses to make domestic and international money transfers, can be accessed via the dashboard or connected via the Open API provided.

The less good news is, earlier this year Flip announced that it had do layoffs to a number of employees. Flip Co-founder & CEO Rafi Putra Arriyan said that global economic conditions were still uncertain, so the mastermind behind this decision was taken.

This difficult decision was also based on considerations of the long-term sustainability of Flip's business. From the latest data revealed, Flip has more than 400 employees with the majority of the team engineer and operational.

So far Flip has served 13 million users (B2C) and 1000 business users (B2B). The monthly transactions have reached billions of Rupiah. Flip has connected with more than 100 banks and its international transfers can be connected to more than 50 countries.