Mercuryo has launched fiat-to-crypto on-ramp services for major banks and payment providers in Indonesia, enabling consumers to convert local currency into 40 different digital tokens, thereby enhancing financial inclusion in the region.
Points
- Mercuryo launches fiat-to-crypto services in Indonesia.
- Partners with major banks and payment providers like BRI, BNI, QRIS, and OVO.
- Enables conversion of Indonesian Rupiah into 40 digital tokens.
- Aims to enhance financial inclusion and support unbanked populations.
Mercuryo, the payments infrastructure platform, has launched fiat-to-crypto on-ramp services for four major banks and payment providers in Indonesia. This significant development enables Indonesian consumers to convert their local currency, the Indonesian Rupiah （IDR）, into 40 different digital tokens, including Bitcoin, Ethereum, and Tether.
Mercuryo’s on-ramp services, known as alternative payment methods （APMs）, are now available through Bank Rakyat Indonesia Tbk （BRI）, PT Bank Negara Indonesia （BNI）, QRIS （Quick Response Code Indonesian Standard）, and digital wallet provider OVO. This move marks a milestone in Mercuryo’s mission to deploy digital token services that enhance financial inclusion across Indonesia and the wider Asia region.
“Mercuryo’s expansion into Indonesia will have far-reaching implications for the country’s financial ecosystem,” said Aviessa Khoo, executive director, Singapore, at Mercuryo.
Khoo added that the state-of-the-art on-ramp solutions will broaden access to financial services, particularly for the unbanked and underbanked populations who may lack access to traditional banking and payment services. Mercuryo’s presence in Indonesia aims to facilitate easier digital token payments and cryptocurrency investments for locals.
In addition to consumer benefits, businesses can also utilize Mercuryo’s payment solutions to streamline cross-border transactions, reduce costs and friction, and improve operational efficiency. Mercuryo has also partnered with MetaMask, Ledger, and Trust Wallet to make its on-ramp services available to a broader audience in Indonesia.
“Our state-of-the-art on-ramp solutions will broaden access to financial services, particularly for the unbanked and underbanked populations,” Khoo noted.
The interest in cryptocurrency in Indonesia has soared, with the value of digital token transactions reaching IDR158.84 trillion （$9.76 billion） in the first quarter of 2024. The Indonesian government is actively working to position the country as an emerging fintech hub, supporting digital asset innovation and improving financial literacy.
解説
- Financial Inclusion: Mercuryo’s fiat-to-crypto services aim to enhance financial inclusion in Indonesia by providing access to digital assets for unbanked and underbanked populations, supporting the broader adoption of cryptocurrencies.
- Strategic Partnerships: Collaborating with major banks and payment providers, Mercuryo leverages existing financial infrastructure to facilitate the seamless conversion of fiat currency to digital tokens, benefiting both consumers and businesses.
- Market Growth: The significant increase in digital token transactions in Indonesia highlights the growing interest and potential for cryptocurrency adoption, positioning the country as a key player in the fintech space.
- Government Support: Indonesia’s supportive regulatory framework and initiatives to foster innovation in digital assets and financial literacy underscore the country’s commitment to becoming a fintech hub, driving further growth and development in the sector.