The Development of Quick Response Code Indonesian Standard (QRIS) Transactions and Their Implications for Banking Third-Party Funds in North Sumatra Province, 2019–2025

Abstract

The rapid expansion of digital payment systems has become one of the main drivers of financial sector transformation and digital economic development in Indonesia. The implementation of the Quick Response Code Indonesian Standard (QRIS) by Bank Indonesia represents a strategic initiative to create an interoperable, efficient, and inclusive national payment system. This study aims to analyze the development of the QRIS ecosystem and examine its implications for banking Third-Party Funds (TPF) in North Sumatra Province during the period 2019–2025. A quantitative descriptive research design was employed using secondary data obtained from Bank Indonesia, the Financial Services Authority (OJK), and Statistics Indonesia (BPS). The analysis utilized descriptive statistics, trend analysis, Annual Growth Rate (AGR), Compound Annual Growth Rate (CAGR), and policy analysis to evaluate the development of QRIS transactions and banking deposits.The findings indicate that the QRIS ecosystem expanded significantly throughout the observation period. QRIS transaction values increased from IDR 0.095 trillion in 2019 to IDR 40.36 trillion in 2025, while the number of merchants and users also experienced substantial growth, reflecting rapid adoption of digital payment technology. During the same period, banking Third-Party Funds increased steadily from IDR 235.30 trillion to IDR 338.40 trillion, indicating sustained banking intermediation amid digital transformation. CAGR analysis shows that QRIS transactions recorded an average annual growth of approximately 154.0%, substantially higher than the 6.25% CAGR of Third-Party Funds. Although the descriptive analysis does not establish a causal relationship, the parallel upward trends suggest that the expansion of the QRIS ecosystem has occurred alongside continued growth in banking deposits. These findings support Digital Finance Theory and Financial Intermediation Theory, highlighting that digital payment innovation can complement banking activities by increasing transaction intensity and strengthening financial inclusion. This study contributes to the literature on digital payment systems by providing regional empirical evidence from North Sumatra and offers practical insights for Bank Indonesia, OJK, commercial banks, and regional governments in strengthening digital payment infrastructure, promoting financial inclusion, and supporting sustainable digital economic development.