Indonesia to ditch Visa and Mastercard ...News

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Indonesia to ditch Visa and Mastercard
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Jakarta wants to reduce its dependence on foreign payment systems, citing sanctions on Russia The Bank of Indonesia is preparing to phase out Visa and Mastercard while introducing its own domestic payment system, Antara news agency reported on Monday, citing the regulator. Last week, Indonesian President Joko Widodo urged regional authorities to wean themselves away from foreign payment systems and start using cards issued by local banks. He argued that Indonesia needed to shield itself from geopolitical disruptions, citing the sanctions targeting Russia’s financial sector from the US, EU, and their allies over th

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