Let’s Get to Know QRIS Tarik Transfer Setor (TTS)!

Bank Indonesia (BI) records that QRIS (Quick Response Indonesia Standard) transaction value has grown significantly at the beginning of 2022. In February 2022, the transaction value grew by 305,49% (year-on-year) to Rp4,52 trillion. The QRIS volume transaction also grew by 268,64% (year-on-year) to 54,91 million in the same month. This increase is due to the growing trend of cashless payment at the business-to-customer level.

In February 2022, BI also recorded 15,67 million merchants/MSMEs utilizing QRIS in their payment services. This figure is targeted to rise and record up to 26 million merchants/MSMEs at the end of 2022.

What is QRIS TTS?
QRIS Tarik Transfer Setor (TTS or Withdraw, Transfer, Deposit) is an innovation derived from the QRIS system that facilitates users to withdraw and deposit cash only by scanning a QRIS code through merchants. This feature enables users to receive cash transactions from merchants with the exact amount of withdrawal from their accounts.

In addition to receiving a swift and accurate payment, QRIS enables users with the same payment app to transfer money to each other. Also, it facilitates cash withdrawal or deposit on merchants/outlets/ATMs that support this transaction.

Cashless payment system integration covers various segments in the tourism and creative economy sectors. Bank Indonesia is planning to conduct the integration of QRIS utilization, starting from ticketing, hotel and restaurant booking, and transportation. However, it should be noted that the key point remains in facilitating MSME actors to utilize a digital-based payment system. Bank Indonesia is also preparing for the MSMEs supported by the central bank following a curation process.

QRIS allows every individual to be “a walking ATM”. In the banking field, this term is more known as Digital Finance Services (LKD) agent. Everyone has the capacity to be an LKD agent with the QRIS TTS feature, aside from using the EDC machine that still relies on a debit card.

What are the Benefits of Using QRIS?
QR Code standardization on QRIS offers numerous benefits, both for merchants like MSMEs and consumers.

The QRIS benefits for payment app users are as follows:

• Quick and easy. No more hassle with carrying cash
• No need to bother thinking about whose QR is installed
• Protected, because all QRIS Payment System Infrastructure Operators (PJSP) have obtained licenses and are monitored by Bank Indonesia
  

Meanwhile, the QRIS benefits for merchants or MSME actors are as follows:

• Improved sales, given the availability of any QR-based payment
• Improved branding
• Easy and quick
• Way more practical since they can simply use QRIS only
• Reducing cash management budget
• Preventing the possibility of counterfeit money issues
• No change
• Transactions are automatically recorded and can be viewed at any time
• Funds can be allocated separately for business and personal matters
• Facilitating reconciliation to prevent potential fraud from cash transaction accounting
• Establishing credit profile information to facilitate the process of obtaining credit.