Mercuryo has launched fiat-to-crypto on-ramp services for major banks and payment providers in Indonesia, enabling consumers to convert local currency into digital tokens and enhancing financial inclusion in the region.
Points
- Mercuryo launches fiat-to-crypto services in Indonesia.
- Enables conversion of Indonesian Rupiah （IDR） into 40 digital tokens.
- Partners with major banks and payment providers like BRI, BNI, QRIS, and OVO.
- Aims to enhance financial inclusion and access to digital assets.
Mercuryo, the payments infrastructure platform, has launched fiat-to-crypto on-ramp services for four major banks and payment providers in Indonesia. This development allows Indonesian consumers to convert local currency into 40 different digital tokens, marking a significant milestone in Mercuryo’s drive to enhance financial inclusion across Indonesia and the Asia region.
Fiat-to-Crypto Services
By launching on-ramp services, known as alternative payment methods （APMs）, Mercuryo is enabling Indonesians to convert the Indonesian Rupiah （IDR） into popular cryptocurrencies like Bitcoin, Ethereum, and Tether. This move is aimed at broadening access to financial services, particularly for the unbanked and underbanked populations, who may lack access to traditional banking and payment services.
Strategic Partnerships
Mercuryo is powering on-ramp services for Bank Rakyat Indonesia Tbk （BRI）, PT Bank Negara Indonesia （BNI）, QRIS （Quick Response Code Indonesian Standard）, a popular cashless payment system in Indonesia, and digital wallet provider OVO. These partnerships are instrumental in deploying digital token services across Indonesia.
“Mercuryo’s expansion into Indonesia will have far-reaching implications for the country’s financial ecosystem,” said Aviessa Khoo, executive director, Singapore, at Mercuryo. “Our 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.”
Enhancing Financial Inclusion
Mercuryo’s presence in Indonesia aims to make it easier for locals to send and receive digital token payments and invest in cryptocurrency. Businesses will also be able to utilize Mercuryo’s payment solutions, enabling streamlined cross-border transactions, a reduction in costs and friction, and improved operational efficiency.
Crypto Interest Soars In Indonesia
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. Indonesia’s government is spearheading efforts to make the country an emerging fintech hub, putting in place a supportive regulatory framework for digital assets, fostering innovation, and overseeing initiatives to improve levels of financial literacy.
解説
- Financial Inclusion: Mercuryo’s fiat-to-crypto services are designed to enhance financial inclusion in Indonesia, providing access to digital assets for the unbanked and underbanked populations.
- Strategic Partnerships: Collaborations with major banks and payment providers facilitate the deployment of on-ramp services, ensuring widespread access to cryptocurrency conversion.
- Economic Impact: The growing interest in cryptocurrency transactions and the supportive regulatory framework highlight Indonesia’s potential as an emerging fintech hub.
- Operational Efficiency: Mercuryo’s solutions aim to streamline cross-border transactions, reduce costs, and improve operational efficiency for businesses and consumers alike.