Five Thousand Beringharjo Traders Prepare for New Era as BSI Prepares Digital Transformation for Iconic Yogyakarta Market
Jakarta (ANTARA) – Beringharjo Market serves as the economic heartbeat of Yogyakarta’s tourism. Every day, approximately 5,000 traders drive commercial activity in this market located in the centre of Yogyakarta. Now, as consumer behaviour shifts rapidly towards digital transactions, Beringharjo is entering a new era: bringing the power of traditional markets further into the digital economic ecosystem.
To address this challenge, PT Bank Syariah Indonesia (Persero) Tbk (BSI) has directly engaged with Beringharjo Market to socialise Market Ecosystem Solution products and services, alongside the soft launch of BYOND Merchant by BSI. This step is part of BSI’s commitment to ensuring market traders and MSME players become more adaptive, productive, and competitive amidst changing consumer behaviours. Growing alongside Danantara, BSI intends for digitalisation to extend beyond modern shopping centres and reach traditional markets—the places where millions of MSME actors drive the community’s economy every day.
“Beringharjo is a primary icon of Yogyakarta. If Beringharjo moves, the surrounding economic ecosystem moves with it. Therefore, we want to invite Beringharjo traders to continue growing in the digital economy era,” said M. Misbahul Munir, SEVP of Digital Banking at BSI.
According to Munir, the change in how the public transacts is unavoidable. Both tourists and locals are increasingly accustomed to using digital payments in their daily activities. “Buyer behaviour, especially their method of payment, is changing. Traders must also be ready to change. We must ensure that when tourists arrive at Beringharjo with smartphones in hand, traders already possess easy and practical digital payment options,” Munir emphasised.
Through BYOND Merchant by BSI, traders receive digital solutions to help manage business transactions more easily, quickly, safely, and efficiently in the palm of their hands. This service is bolstered by BSI’s merchant solution ecosystem, ranging from BSI QRIS, Soundbox, to EDC. The BYOND Merchant by BSI application is also available for download via the Google Play Store, allowing business owners to access transaction solutions more practically according to their business needs.
For BSI, the presence in Beringharjo is more than just introducing new solutions. Furthermore, this step is an effort to bring digitalisation closer to business actors and build a financial ecosystem that can accompany their business journey, from daily transactions to business expansion.
“Traders do not only need tools to accept payments. They need a partner that can accompany their business journey. From transactions and managing finances to obtaining financing and preparing for the future. This is what we want to build in Beringlarjo,” said Munir.
BSI is also educating traders that Market Ecosystem solutions mean that transactions can serve as an entry point to a wider financial ecosystem, including long-term business sustainability. This ecosystem is strengthened by various Sharia financial products and services, including Business Savings, Micro Financing, Hajj Savings, Gold Savings, Gold Installments, and Gold Pawn.
Yogyakarta is One of the Strengths of BSI’s Merchant Ecosystem
BSI’s commitment to strengthening the merchant ecosystem is reflected in the increasingly significant growth of digital transactions. As of August 2024, BSI has served more than 604,000 registered QRIS merchants across Indonesia, growing 17% (YoY). Meanwhile, the number of active merchants grew 106% annually (YoY), with total transactions reaching over 90 million transactions and a transaction value of Rp5.7 trillion.
Specifically in Yogyakarta, BSI has served more than 23,000 QRIS merchants. This growth demonstrates the increasing opportunities for business actors in Yogyakarta to utilise digital channels to expand and improve the quality of services to consumers.
The Beringharjo digitalisation initiative aligns with the spirit of Danantara Indonesia in driving Indonesia’s economic transformation and inclusive, sustainable growth. With the support of this transformation, BSI continues to strengthen digital innovation and expand public access to financial services relevant to modern developments.
Through the spirit of “Serving with All Our Heart,” BSI will continue to be closer to the community and business actors, while strengthening its role as a Financial, Social, and Spiritual Companion for the people of Yogyakarta and Indonesia.