New partnership to help crypto adoption in Indonesia

Mastercard, the global payments service giant, has announced that it will be partnering with United Kingdom-based cryptocurrency gateway provider Fasset. The new partnership has been set up in order to help increase the adoption of digital assets in Indonesia through the development of digital solutions.

The partnership is aiming to make accessing digital currencies and blockchain-based assets more accessible in the region, with the intention to expand opportunities in Indonesia’s economy.

The national manager for Mastercard Indonesia Navin Jain noted that the payments firm is excited to support Fasset’s aims to increase financial inclusion in Indonesia, saying that this partnership intends to help support locals in their access to digital technologies in order to make it easier for people in the country to take part in the national economy. Indonesia has a largely unbanked population, with more than 92 million people without access to funds through the banking system. Fasset’s initiative, along with MasterCard’s involvement, will offer greater access to digital and online financial services to individuals in the country.

The impact of national crypto adoption on the global market

An executive at Fasset Hendra Suryakusuma weighed in on the partnership, saying that he sees cryptocurrency adoption in Indonesia as a win for the overall cryptocurrency ecosystem. As more countries, such as El Salvador and the Central African Republic (CAR) make waves by adopting Bitcoin as legal tender, more other countries will lean towards crypto adoption. Suryakusuma noted that the implication of cryptocurrency adoption in one country, such as Indonesia, will mean other investors, regulators, and governments will see cryptocurrency as legitimate assets and their use-cases will be highlighted.

Mastercard and cryptocurrency

Mastercard is no stranger to cryptocurrency. Mastercard customers can use their Mastercard credit cards to buy cryptocurrency directly. In February 2021, the payments firm announced that it would be bringing cryptocurrency onto its network and in June the firm announced that it would be extending this offering to allow users to buy non-fungible tokens (NFTs) through NFT markets. The CEO of Mastercard Michael Miebach is bullish that cryptocurrencies – or digital assets – will be the next step in money, especially with regard to cross-border payments.