Mastercard seeks to expand its weapons in Indonesia as it partners with the crypto-oriented corporate phase
The rise of cryptocurrency provided many benefits that the traditional banking system could not offer. In addition to the many benefits, digital assets provide a seamless and fast means of payments and settlement through transfers.
Also, it does not require any interference from third parties. Therefore, people could easily complete their transactions from different locations at no cost to intermediaries.
As the years have passed, more people are embracing and using the use of cryptocurrencies. As a result, several countries now have a larger number of the population with crypto exposure. But some countries still have holes to bridge when it comes to introducing people to the use and benefits of digital assets.
In a recent development, Mastercard, a giant in the payment processing industry, is collaborating with Fasset, an Indonesian cryptocurrency.
The collaboration is aimed at developing digital solutions that will drive economic inclusion in Indonesia. In addition, their joint efforts will create innovative opportunities for the local economy in the country and increase crypto-adoption.
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Indonesia is a transcontinental country with great potential to excel in the virtual economic space through its huge population.
Unfortunately, although crypto is legal in the country, it is a commodity. This classification places a small restriction on cryptoadoption of multiple sellers. However, some companies and individuals are already embracing digital assets.
A leader at Fasset, Hendra Suryakusuma, revealed that Indonesia still has up to 92 million of the population without a bank. In its statement, the partnership between Fasset and Mastercard aims to bridge the gap.
They want to ensure that citizens receive high quality digital financial services. In the operations, they would strive to force down barriers that digital finance has previously faced in the country.
In addition, Indonesia will be on a fast track to guarantee its growth. Digital values in the country will gain greater legitimacy as the use cases and areas of use increase.
Indonesia to become crypto-friendly through Mastercard partnerships
According to Suryakusuma, the significant impact of increased cryptoadoption will not only be profitable for Indonesia. In addition, it would spread to the wider crypto space.
The leader explained that when Indonesia improves its crypto industry, other countries will have to use Indonesia as a reference. Therefore, they can change their steps in economic growth and increase the progress in digital financial services.
For its part, Mastercard issued an announcement through its Indonesian manager, Navin Jain. The manager stated that Mastercard gives its full support to Fasset to promote Indonesia’s financial inclusion. In addition, Jain explained that digital technologies would be made more accessible to local people through the partnership.
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Mastercard has made its mark in the digital financial system. It ventured into the NFT markets in June by collaborating with NFT marketplaces. This allowed Mastercard holders to make direct purchases of NFTs using their cards. Therefore, they do not need to buy other coins first.
Featured image from Vecteezy.com, chart from TradingView.com
