Indonesia to launch domestic credit card system. - Finance Ppl

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Indonesia has announced that will be introducing its own domestic credit card payment system and is preparing to phase out dependency on foreign payment networks like visa & MasterCard.

The announcement was made by Mr. Erwin Haryono ,the Spokesperson of Bank Indonesia-the central bank of Indonesia. He mentioned that the central bank has been in discussion with Local industries and the initiative is in progress. The Name of domestic credit card and date of launch has not been announced yet, though.

Previously, Indonesian president Mr. Jokovi, during his speech in an Investment forum in Jakarta on 3rd February 2023, urged regional administrations to start using cards used by domestic banks and gradually phase out using foreign payment networks, to promote country’s independence in financial transaction & shield the economy from possible geopolitical fallout and consequent disruption in economic transactions.