Two Years of QRIS: Revealing the Experience of Transactions via "Mobile Banking" and Digital Money

Two years into its initial journey, the QRIS feature began to show tremendous adoption growth as reviewed DailySocial in writing first part. This is validated by data distributed by Bank Indonesia (BI) regarding the increase in transactions over the past year.

In addition to the increase in transactions, we also saw a trend of enthusiasm from users which highlighted various issues related to the adoption of QRIS in the field. This issue was revealed through a mini survey that we conducted with 65 respondents. Although it does not represent the majority of digital payment service users in Indonesia, this survey is still in line with its main spirit, which is to highlight issues that can be room for improvement for stakeholders.

In this second part, DailySocial revealing other issues that highlight in more detail from the user's perspective, such as product categories that are often purchased to which payment platforms are preferred for conducting transactions using the QRIS method.

QRIS in its use

In the previous article, one of the challenges of adopting QRIS is the limited number of merchants who accept payments using this method. It is not surprising that most respondents admitted to making more transactions for purchases food and drink (95,2%). In other categories, QRIS transactions are also used to purchase basic necessities (35,5%), donations (17,7%), and transportation services (11,3%).

Of the 93,8% of respondents who have made transactions using the QR Code method, as many as 33,3% of them spent IDR 50.000-IDR 300.001 to transact. Then followed 22,7% of respondents spent above IDR 1 million, IDR 500.001-IDR 1.000.000 (21,2%), IDR 300.001-IDR 500.000 (18,2%), and under IDR 50.000 (4,5%).

If QRIS transactions can be used for broader categories, for example a wider variety of public transportation, street vendors and markets, of course adoption will increase more rapidly. The reason is, many consumers in this segment still make transactions using cash rather than payment methods that are not yet familiar.

mobile banking versus digital money

One of the interesting facts we gathered from this survey is how users feel more comfortable making transactions using the QRIS method via the application mobile banking (58,1%) than digital money (e-money).

If broken down by platform brand, application mobile banking (28,8%) still outperforms e-money, such as OVO (27,1%), GoPay (25,4%), and ShopeePay (15,25%). What is the reason?

According to the elaboration results of a number of respondents, the application mobile banking is automatically connected to savings so they no need top up and incur administrative costs. No need to bother downloading the application e-money one by one, moreover top up to multiple platforms (if using more than one).

Interestingly, the presence of digital banks is also considered to provide a strong reason why QRIS transactions are more popular in applications mobile banking. According to respondents, the pocket feature in the application makes it easier to allocate a budget that can be devoted to transactions, such as food snacks or transportation, without disturbing other budgets.

Meanwhile, other respondents assessed QRIS transactions through e-money offering a value proposition that one might not otherwise have mobile banking, namely payment with points or rewards. For example, the OVO application. By experience Also, digital wallets are considered superior because of the process loginit's faster than that mobile banking.

"Another reason is that users are used to using it e-money. Merchant who received QRIS from e-money there are also more. Apart from that, QRIS is more suitable for transactions with a nominal value of under IDR 500 thousand and e-money considered suitable for these needs," said a number of respondents.

Educational efforts

This elaboration seems to adequately answer why as much 68,8% admitted to getting information about QRIS from the payment platforms they use every day. Temporary 60,9% answered from merchant where they transact. Payment platforms and merchants can be the main means for educating on the use of QRIS.

According to BCA Digital CEO Lanny Budiati, one of the efforts to increase awareness among users is through attractive promos which can only be obtained when making transactions at merchant with the QRIS method. Company data records that around 10% of total BCA Digital customers have made transactions with QRIS with a total volume reaching IDR 1 billion since the blu application was released on July 2 2021.

"We continue encouragement customers to enjoy the convenience of transactions with QRIS. We also prepare educational content on various social media channels regarding how to use it and its benefits. In the future, BCA Digital will continue to encourage appropriate QRIS development The roadmap from Bank Indonesia and the Indonesian Payment System Association (ASPI)," explained Lanny to DailySocial.

Meanwhile, the President Director of Neo Commerce Bank, Tjandra Gunawan, believes that all kinds of new technology will certainly take a long time to encourage adoption. He admitted that he was optimistic that QRIS adoption would be quickly absorbed considering payment trends cashless increasingly mushrooming in the last year. Plus, more and more merchant and financial applications that provide QRIS features.

"Neo Commerce Bank will be active in providing financial education to the public, not only familiarizing with the QRIS feature, but also a safe and comfortable digital lifestyle," he said to DailySocial.