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Indonesia to abandon Visa, MasterCard.
As part of the new payment system launched last year, Indonesian President Joko Widodo called on Wednesday for his country to abandon the use of foreign payment networks like MasterCard and Visa and encouraged the public to adopt credit cards made by domestic banks.
At a local business gathering, Widodo emphasized that “everyone [in Indonesia] should be able to use” Indonesian-manufactured credit cards so that “we can be independent,” as he explained that the aim is to avoid risking transactions in case of a geopolitical disruption that could economically affect the country.
According to the president, the initiative “shows that Indonesia is following the pace of digital technology transformation in the economic sector.”
“Be very careful. We must remember the sanctions imposed by the US on Russia. Visa and Mastercard could be a problem, he said.
Al Mayadeen English
Indonesia is the seventh largest economy in the world.
Good Going Indonesia
Disconnect from the Collective Western Financial system .
OK, now THIS is real news. My my, the tail is finally wagging the dog. Its about time. These companies have been throwing their weight around for years. Most especially since the Corona crisis when they blocked payment processing in Canada and the US and withdrew services from Russia etal. I wonder how long it will take management there to issue contrite apologies and try to woo back customers lost to the propaganda wars.
I do wish them luck.
Promote their own cards, absolutely.
Outlaw ACCEPTANCE of V and MC? What about travelers, businessmen?
Then .. good luck with fraud. In a populous but poor country.
I guess this would be for the upper middle classes and above, that might have “credit scores”. Or is this for anyone with a verified phone now?
Great points, PD. I would imagine they will tread lightly. Nevertheless, it is apparent that we are seeing a hunger to be free of western bullying – just as we in the west are chaffing at the bit.
Ironically enough it may the developing countries who put up the stiffest resistance to the cloud of corruption that has enveloped the whole world and seeks to destroy freedom, capitalism and the Western way of life. We are really struggling in the West against powers and principalities. But poorer nations are taking the obvious steps to dismantling the power structures that few in our own culture seem willing to tackle. In truth, all of us should be boycotting the likes of Paypal, Visa and Mastercard along with all the entire cadre of idiotic woke corporations. We need to start voting with our wallets.