The COVID-19 pandemic has encouraged the use of digital technology for various economic and financial transactionsJakarta (ANTARA) - Deputy Governor of Bank Indonesia (BI), Doni P. Joewono, has revealed that the number of partner merchants utilizing the Quick Response Code Indonesian Standard (QRIS) reached 13.6 million as of late December 2021.
Meanwhile, throughout 2021, transactions performed using QRIS reached a value of Rp27.7 trillion, a growth of 237 percent year on year.
"The COVID-19 pandemic has encouraged the use of digital technology for various economic and financial transactions," Joewono said at the 'International Seminar on Digital Financial Inclusion,' which was monitored here on Wednesday.
He noted that the development of financial technology, digitization of financial products and services, and online business activities have also helped micro, small, and medium enterprises (MSMEs) that have been most affected by COVID-19 to maintain their income and workforce.
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A BI survey in 2021 showed that 20 percent of MSMEs have successfully mitigated the impact of the COVID-19 pandemic by digitalizing their business and utilizing online marketing, he said.
"MSMEs are at the center of economic instability because many MSMEs are most affected by restrictions on community activities. The impact of the pandemic on vulnerable groups and MSMEs, especially women and youth, may last longer than expected," he added.
According to BI data, in 2021, as many as 77.95 percent of MSMEs experienced the negative impact of the COVID-19 pandemic, where their income decreased yet their operational expenses increased, Joewono said.
To this end, the Indonesian government, just like governments in other counties, has continued to make efforts for mitigating the impact of the pandemic by increasing social security programs, including for MSME players, he added.
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"The COVID-19 crisis shows that countries with advanced social security systems and payment infrastructure, as well as broad access to digital finance, are better prepared to make effective social security payments," the BI deputy governor said.
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Translator: Sanya Dinda, Raka Adji
Editor: Fardah Assegaf
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