BI Asks MSME Actors To Target Millennial Market With Digital Payment Facilities

Illustration. (Photo: Doc. Antara)

JAKARTA - Deputy Governor of Bank Indonesia (BI) Filianingsih Hendarta said micro, small and medium enterprises (MSMEs) can target the millennial consumer market by providing digital payment facilities.

"We know that in the future 79 percent of our young people will be used to digital payments, so if MSME players are not ready for digital payments, then they will not buy them," said Filianingsih at the opening of the 2023 Yogyakarta MSME Grebeg in Yogyakarta, quoted from Antara, Wednesday, July 12.

According to Filianingsih, millennials or those aged between 24-39 years are not used to carrying large amounts of cash because most of them prefer digital or non-cash transactions.

"I dare to bet that millennials if they open their wallets, the most is Rp. 20,000 because they like digital payments," he said.

Therefore, Filianingsih said BI facilitated MSME players to use the payment channel with the Quick Response Code Indonesian Standard (QRIS).

"MSMEs can access digital payments through QRIS very easily, there is no need for all kinds of tools, only stickers are affixed or twisted," he said.

In addition to helping the convenience of digital transactions, according to him, QRIS also makes it easier for MSMEs to obtain capital because payment transaction data can be used as credit scoring which encourages bank confidence to channel credit.

"MSMEs usually 'cheat' their capital and don't have collateral on how to get a loan, don't worry because through QRIS the transaction history will be 'captured' by the bank," he said.

He said BI continues to encourage the development of MSMEs to advance to class while still holding on to the three pillars, namely strengthening corporateization, increasing capacity, and increasing access to financing.

Furthermore, he said, BI is also developing a strategy to increase MSMEs to perform exports and increase the digitization of MSMEs from upstream to downstream through programs "e-farming", "e-commerce", and "e-financing support".