BMRI - QRIS transactions reach IDR21 tn as of 1H24

BMRI - QRIS transactions reach IDR21 tn as of 1H24 Bank Mandiri (BMRI) recorded that the QRIS transaction value in 1H24 had reached IDR21 tn, an increase of 350% compared to 1H23. It is recorded that more than 9 mn merchants have used Bank Mandiri's QRIS. SVP Digital Retail Banking Bank Mandiri, Yanto Masyap, said that with the trend of people increasingly making non-cash payments via QRIS services, Bank Mandiri is optimistic that QRIS transactions can reach the target of 2 times the revenue in 2023. "A series of strategies used by Mandiri to increase QRIS transactions include education and QRIS promo programs in various shopping places, restaurants, and MSMEs, as well as tourism and entertainment," said Yanto to kontan.co.id. Apart from that, for ease of QRIS transactions, Livin' by Mandiri presents multiple sources of funds, which allows customers to make QRIS payments with a choice of various sources of funds such as savings, credit cards, and paylaters. Comment : Transactional banking become as the key growth for banks. Likewise for non-interest income basis. With such improvement, QRIS and others services will strongly benefit BMRI earning in the following quarters. Maintain BUY with GGM-based TP of IDR8,100 (2.6x ’24F P/B).