The Future of UMKM

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In Indonesia today, if you run a hospitality, retail, and / or service business, then the refrain, "Can I pay with QRIS?" is probably a familiar question asked of your cashiers.

This is in part because of the prolific expansion of artificial intelligence (AI), the Internet of Things (IoT), machine learning (ML), and digital and virtual technology, and the fresh momentum that these advancements have made throughout the business fraternity, where many payment processes have become more streamlined.

One of the most widely adopted innovations in today’s business environment is the Quick Response Code Indonesian Standard (QRIS), the QR Payment Code introduced in January 2024 by Bank Indonesia (BI) to facilitate payment transactions throughout Indonesia. This technological advancement.

This innovation has seen the total value of QRIS transactions increase by almost 150% (149. 46% to be more precise) in comparison to the previous years IDR 31.65 trillion (USD 1,950,108,853.99).  

One of the most widely adopted innovations today is QRIS. According to Bank Indonesia (BI), as of January 2024, the total value of QRIS transactions rose by 149.46 percent compared to the previous year, reaching Rp31.65 trillion.

This impressive growth clearly shows that QRIS is becoming more popular among consumers. However, behind its convenience and efficiency, there is one important aspect that business owners need to understand. It is called the Merchant Discount Rate, or MDR.

Every merchant that accepts QRIS payments is required to pay an MDR fee to a Payment System Service Provider. So, what exactly is MDR? And how much does it cost? Let’s take a closer look in the next section.

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