Crypto Giant Indonesia Brings Master Card Into the Game
Indonesia is one of the strongest countries in the crypto-industry. The number of crypto investors has doubled in the past year alone to more than 12 million people. These high-adoption rates of cryptocurrencies in Indonesia have drawn the attention of everyone in the world. Fasset, a crypto firm that targets markets in the Middle East, has partnered with Mastercard to expand its financial offerings to Indonesia.
There are currently 92 million people in Indonesia without any type of banking service (that is nearly 33% of the total population in the country). This partnership aims to provide more digital banking services in the South-East Asian country and provide opportunities for people without a bank account to have access to the financial world.
The positive impact and growth that cryptocurrency adoption has, together with all the different accessibility options that provides - like different cryptocurrencies, low transaction fees from different accounts, security, transparency, and more - is set to provide Indonesia with an upper hand in the financial world. Mastercard isn't new in the crypto world. They've been accepting payments in traditional currencies (USD, Euros, Pounds, etc.) to purchase NFTs since June, ruling the need of paying only with cryptocurrencies out of the equation.
The adoption of cryptocurrency brings a lot of opportunities for countries to advance economically, together with the embracement of blockchain to solve social issues (like providing people without bank accounts the opportunity to start managing their own financial means in a more safe and secure way). The fact that Indonesia will be adopting this new financial model could serve as a wake-up call to other countries who want to compete in the race of FinTech innovation. Also, to different tech companies in the global payments industry, such as American Express, Citi Group, among others. Cryptocurrency is one of the many things that blockchain has in its network, and the fact that blockchain is 100% de-centralized brings endless opportunities for innovation (especially if it is adopted in South East Asia) – if supported by appropriate regulations by authorities.