Indonesia ready to bypass Visa and Mastercard – mediaApril 25, 2023
The Bank of Indonesia is launching its own domestic card payment system in May as part of a strategy to reduce dependency on foreign systems and protect transactions from geopolitical fallout. Central bank Governor Perry Warjiyo announced the country is officially launching physical domestic cards in close cooperation with the government and the Indonesian Credit Card Association (AKKI). President Joko Widodo earlier urged regional authorities to wean themselves off foreign payment systems and start using cards issued by local banks. Indonesian Credit Card Association board member Dodit Proboyakti recently told RIA Novosti that Jakarta would apply Russia’s experience with its Mir payment system to promote the domestic financial network.