The central bank has approved the collaboration, which currently covers debit card transaction processing, according to a statement coming from Mastercard.
Indonesia launched its national payment gateway system in December 2017 to ensure all debit card transactions within the country are settled using domestic infrastructure. The central bank has put a 20% limit on foreign ownership in any company that offers electronic payment services in the system.
There were 6.4 billion debit card transactions made in Indonesia in 2018, for cash withdrawals, trades, and transfers, worth USD 485.79 billion, according to data from Bank Indonesia.
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