The Number of QRIS Merchants Has Increased, but Transactions Remain Low

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Adi Ahdiat 05/07/2023 15:40 WIB

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The Number of QRIS Merchants in Indonesia Has Grown Rapidly Since the Pandemic

Number of QRIS Merchants in Indonesia (January 2020-December 2022)

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The Number of QRIS Merchants Has Increased, but Transactions Remain Low

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Number of QRIS Merchants in Indonesia (January 2020-December 2022)

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The Indonesian Standard QR Code (QRIS) is a digital payment facility provided by Bank Indonesia (BI). This facility allows merchants and consumers to conduct cashless transactions by scanning a QR code using a smartphone.

According to data from the Indonesian Payment System Association (ASPI), as of December 2022, 23.97 million merchants utilized QRIS services.

This number increased by approximately 5% compared to November 2022 (month-on-month/mom) and grew by 62% compared to December 2021 (year-on-year/yoy).

Despite the continuous increase in the number of merchants, the average volume and value of QRIS transactions per merchant remain relatively low.

ASPI recorded that throughout 2022, the average volume of QRIS transactions was 3 to 5 transactions per merchant per month.

Meanwhile, the average value of QRIS transactions ranged from Rp295,000 to Rp510,000 per merchant per month.

"This indicates that there is significant potential to increase the average volume and nominal value of transactions. This could also be influenced by the large number of inactive merchants or those who do not prioritize QRIS as their primary transaction method," stated ASPI in its report.

"Efforts are needed from Payment Service Providers (PSPs) to encourage more transactions at each registered QRIS merchant and to identify dormant (inactive) merchants, so that the average transaction volume and nominal value of QRIS per merchant can increase," it continued.

Editor : Adi Ahdiat

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."

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The Number of QRIS Merchants Has Increased, but Transactions Remain Low

The Number of QRIS Merchants Has Increased, but Transactions Remain Low

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The Number of QRIS Merchants Has Increased, but Transactions Remain Low

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