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Mastercard looks to expand its arms in Indonesia by partnering with cryptocurrency-oriented firm Fasset

Mastercard looks to expand its arms in Indonesia by partnering with cryptocurrency-oriented firm Fasset

The rise of cryptocurrencies has brought many benefits that the traditional banking system could not provide. In addition to its many advantages, digital assets offer a transparent and fast way of payment and settlement by transfer.

In addition, it does not require any third party intervention. Therefore, people can effortlessly transact from different locations with no fees for intermediary agents.

Over the years, more and more people are embracing and embracing the use of crypto assets. As a result, several countries now have a larger part of their population exposed to cryptocurrencies. However, some countries still have gaps to fill in introducing people to the use and benefits of digital assets.

In a recent development, Mastercard, a giant in the payment processing industry, has partnered with Fasset, an Indonesian crypto gateway.

The collaboration aims to develop digital solutions that promote financial inclusion in Indonesia. Furthermore, their joint efforts would create innovative opportunities for the local economy of the country and increase the adoption of cryptocurrencies.

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Indonesia is a transcontinental country with great potential to excel in the virtual financial space thanks to its huge population.

Unfortunately, even though crypto is legal in the country, it is a commodity. This classification slightly limits the adoption of crypto by various merchants. However, some companies and individuals are already adopting digital assets.

A Fasset executive, Hendra Suryakusuma, revealed that as many as 92 million people in Indonesia are still unbanked. In his statement, the partnership between Fasset and Mastercard aims to bridge the gap.

They would guarantee residents quality digital financial services. In operations, they would strive to break down the barriers faced by digital finance in the country.

Furthermore, Indonesia would be on a fast track to guarantee its growth. Digital assets in the country would gain greater legitimacy as use cases and application areas increase.

Indonesia To Become Crypto-Friendly Through Partnership With Mastercard

According to Suryakusuma, the significant impact of increased crypto adoption would not only benefit Indonesia. Furthermore, it would spread considerably in the broader crypto space.

Crypto Market Steadily Posts Growth On Daily Chart | Source: Total Crypto Market Cap on TradingView.com

The executive explained that as Indonesia strengthens its crypto industry, other countries should use Indonesia as a benchmark. Therefore, they could change their stages of economic growth and increase their progress in digital financial services.

For its part, Mastercard made an announcement through its manager in Indonesia, Navin Jain. The official said that Mastercard fully supports Fasset in advancing financial inclusion in Indonesia. Furthermore, Jain explained that digital technologies would be made more accessible to locals through the partnership.

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Mastercard has entered the digital financial system. He ventured into NFT Markets in June by partnering with NFT Markets. This allowed Mastercard holders to make direct NFT purchases with their cards. Therefore, they would not have to buy other parts first.

Featured Image from Vecteezy.com, Chart from TradingView.com

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