Bank Indonesia to Double the Use of the Quick Response Indonesia Standard (QRIS) Among Small Businesses

The QRIS System Is Part of Its Bid to Boost Cashless Payments

As part of its bid to boost the system of cashless payments in the country, Bank Indonesia (BI) aims to double the use of its Quick Response Indonesia Standard (QRIS) System.

BI is hoping that this approach will help to speed up the country’s economic recovery. The central bank is aiming to increase the use of the QRIS to 12 million small and medium enterprises and microbusinesses. This is an increase from last year’s 5.8 million figure. This is part of the ongoing efforts to aid in the COVID-19 recovery.

By digitalising the small and medium and micro enterprises in the country, Indonesia is hoping that this will help them advance ahead. Cashless payment methods are one approach to speeding up the economic recovery process.

The small and medium and micro enterprises in the country make up about 60% of the overall Gross Domestic Product (GDP). Most of the local labour force resides within these enterprises and they have been hit hard by the pandemic. The sooner they can get back on their feet, the sooner businesses can begin to thrive once again.

 

Success Lies in the Synergy

For the small and medium and micro-enterprises to succeed, it is important that there is a synergy between all parties involved. These include the stakeholders, the digitalisation process, the innovative and the creative process. Adopting the Quick Response Indonesia Standard system is one way to ensure these enterprises continue to remain a source of growth for the country’s economic recovery.

BI is also encouraging greater collaboration between financial technology companies and banking institutions in a bid to further digitalise payment systems. BI is committed to such developmental programs and continued support for these enterprises.

 

Keeping Your Accounting Records on Track

Systems like the Quick Response Indonesia Standard system require proper accounting management systems to ensure optimal success. Accounting services in Indonesia are available to help ease the burden of maintaining perfect financial records.

Small and medium and micro enterprises will benefit from this type of service because keeping tabs on your accounts can be a tedious process when your resources are limited. It will make your job a lot easier to keep track of your accounts when tax time comes. It is best to let the professionals handle this time-consuming task for you. This way, you can allocate your resources to where they are needed most: Your business.

For more information about the accounting services we offer, contact the 3E Accounting team to see how they can help.