Allowing for greater independence and lower fees, with transactions settled locally rather than by foreign providers.
BI spokesperson Erwin Haryono said on Saturday that the central bank had been in discussion with local industries and progress stood at 90 per cent, but he declined to reveal when the domestic credit card would be launched or what it would be called.
“Let’s say I bought something in Yogyakarta with a credit card. Usually, the settlement is done overseas, but now it can be done in Indonesia,” Erwin told reporters during a forum in Yogyakarta. US sanctions forcing Visa and Mastercard to render their services inoperable for cards issued in Russia left Russian citizens unable to use their credit cards both at home and abroad, including tourists in Bali who could no longer pay for hotels, food and other services on the tropical island.BI plans to make it optional rather than mandatory for local banks to issue the domestic credit card, but Erwin said BI would ensure the scheme was competitive.
BI has embarked on various efforts to improve payment systems in the country, such as introducing its own domestic interbank system called GPN, which currently serves as the network for domestic debit cards.
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