Financial transactions in Indonesia naturally occur every day between sellers and buyers in various places. Well, certainly in this matter, there are payment systems used by buyers or consumers to complete their transactions. When looking at most transactions in Indonesia, there are several examples of payment systems in Indonesia that are most commonly chosen for use.
Most of you may still not understand what payment systems are meant. Fortunately, this article will provide further information on what payment systems are used by most businesses in transactions in Indonesia. Here are the choices of the aforementioned payment systems.
1. Cash Payment System
One of the payment systems in Indonesia used throughout the country is cash payment. In this payment transaction, physical cash is used to pay for goods or services needed.
This system is one of the oldest systems that has been used since ancient times. Therefore, it is not surprising that this is the most popular payment method and is still favored by most Indonesians to this day.
Certainly, there are advantages and disadvantages to this system. One of its disadvantages is the risk of criminal activity when carrying cash for buying and selling transactions. Moreover, the risk of direct transactions is often that sellers do not have a chance to return excess funds from consumer payments.
Therefore, even though it is still used in some places, the cash payment system is slowly being abandoned. Many prefer to switch to more practical and easier payment methods today compared to having to carry a large amount of cash wherever they go. Therefore, cash payment systems can still be done but are limited to some places that do not serve other payment systems.
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2. Payment System Using Debit Cards
Next, which is also widely used by most people in Indonesia, is the payment system using debit cards issued by certain banks. Many like this payment system because it is considered more practical and efficient for many parties. Buyers only need to use the card when making payments, and later the funds will be withdrawn from the buyer’s savings.
Using debit card payments is considered safer for most people. Both to prevent the risk of crime and to prevent the risk of a shortage of cash when wanting to pay for goods or services. On the other hand, using a debit card means using one’s own funds without having to borrow funds from other parties. In other words, borrowing funds from a bank to make payments is not necessary.
However, this payment system still has its drawbacks. Where buyers can only make payments using debit cards if the seller collaborates with the bank in question. Therefore, buyers must get the right information first, whether the bank that issued the debit card is collaborating with the seller or not.
3. Payment System Using QRIS
Then, nowadays, there is also a payment system in Indonesia that is guaranteed to be easy and quite sophisticated. Where buyers can make buying and selling transactions and payments using the QRIS method. This method is very easy to use because it only requires using an application on a smartphone to make payments using a specific code.
Currently, most banks in Indonesia support payments using the QRIS method. However, this is as long as the buyer has a smartphone with technology to make payments with the QRIS method. Because until now there are still several types of smartphones that are not capable of being used to pay using the QRIS method.
By using this method, buyers can certainly make payments more practically and without having to carry a large amount of cash. The funds paid will also be withdrawn from the buyer’s own bank account. However, make sure to use a smartphone that supports this payment system. Also, make sure that the smartphone is well connected to the internet to avoid the risk of failure when making payments using the QRIS system.
4. Payment System Using Credit Cards
The last payment system in Indonesia is by using credit cards. However, this alternative cannot be used to make payments everywhere. Instead, it must be carefully observed whether the intended place accepts credit card payments.
Paying with a credit card means that the bank will pay for us first. Then later, when the due date arrives, the borrowed funds must be repaid to the bank. So, this type of payment actually only delays the time until the funds owned are used to buy certain products or services.
For many people, this is seen as an advantage because they can use reserve funds or pay later. However, high wisdom is needed in using this payment system so as not to make mistakes and instead get caught in complex financial problems.
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Those are some of the payment systems in Indonesia that are quite common and used by most residents in transactions in this country. Through the systems listed above, of course, business transactions can run more effectively, more optimally, and certainly more easily. So, this quite diverse payment system can also be one of the best business stimuli to be able to get a share in the market.