The Role of QRIS Merchants and Online Shopping in Accelerating Digital Financial Transformation in Indonesia (2020-2024)

Abstract

The digital finance transformation in Indonesia has accelerated since the introduction of the Quick Response Code Indonesian Standard (QRIS) in 2019 and the post-pandemic rise of online shopping. This study aims to examine the effect of public attention to “Merchant QRIS” and “Online Shopping” on digital finance transformation, proxied by Google Trends searches for the keyword “QRIS.” Weekly secondary data for the period 2020–2024 were analyzed using a quantitative approach with an explanatory research design through Partial Least Squares–Structural Equation Modeling (PLS-SEM). The results reveal that both independent variables positively and significantly affect digital finance transformation, with an R² value of 0.645 categorized as moderate. These findings highlight the importance of synergy between the supply side (merchant QRIS as payment infrastructure) and the demand side (online shopping as digital consumption behavior) in accelerating the adoption of cashless payment systems. This study contributes to the literature by employing Google Trends as a proxy for public interest, which remains rarely applied in prior research. In practical terms, regulators and e-commerce stakeholders are encouraged to strengthen collaborative strategies to optimize QRIS adoption and foster a more inclusive national digital finance ecosystem.