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Post: Indonesia Central Bank prepares to phase out Visa and Mastercard


Bank cards of international payment systems VISA and MasterCard. archive photo

The Central Bank of Indonesia said it will introduce an internal system to replace Visa and Mastercard.

MOSCOW, March 20 – RIA Novosti. The Central Bank of Indonesia (central bank) said it will replace Visa and Mastercard with a local payment system, which will provide more independence and lower fees. ANTRA.

Earlier, Indonesian President Joko Widodo urged regional authorities to abandon the Mastercard and Visa payment networks and use credit cards issued by local banks. According to Widodo, Western payment systems must be rejected in order to protect payments from possible foreign policy consequences.

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“The central bank is in talks with local businesses and the progress is about 90%,” regulatory spokesman Erwin Haryono commented on the initiative on Monday.

Hariono added that the national credit card will have many advantages, including lower fees. Also, according to him, “offshore settlements and dependence on foreign payment networks such as US Visa or Mastercard will no longer be necessary.”

Also earlier, Dodit Proboyakti, board member of the Indonesian Credit Cards Association (AKKI), told RIA Novosti that Indonesia will apply the experience of Russia and the Mir payment system to promote its own national payment system.

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Source: Ria

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