Payment giant Mastercard reportedly forged an alliance with crypto gateway provider Fasset, to collaboratively work on digital services driving adoption in Indonesia. 

Specifically, the freshly formed partnership reportedly has a primary target of widening the scope of financial inclusion in the nation, as well as presenting an increased number of opportunities to its local economy. 

Navin Jain, the country manager for Mastercard Indonesia, reportedly remarked that it will offer assistance towards Fasset’s attempts to fast-track financial inclusion within the nation. Per Jain, the collaboration will be a better chance for locals to tap into digital technologies.

Hendra Suryakusuma, an executive at Fasset, also shared that the current population that receives no banking in Indonesia is 92 million. Per Suryakusuma, this matter will be resolved with the help of Fasset and Mastercard, via presenting an advanced access to digital financial services.

“Our partnership seeks to lower the barriers to digital finance and drive greater opportunities to benefit from the use of emerging financial services.”

Besides this, the executive further shared a belief that crypto adoption in nations similar to Indonesia will also witness a major impact on the broader crypto ecosystem. He emphasized the situation that the development will become a reference for different nations, to spend more effort on progress and change the pace of economic growth. 

“The implications on the industry are greater legitimization of crypto assets, their use cases, and areas of applications,” he further explained.

In June, Mastercard reportedly widened the scope of its network for nonfungible token (NFT) markets. The payment processing entity teamed up with NFT marketplaces to build a feature enabling its cardholders to use their cards to finalize the buying of NFTs, removing completely the necessity of purchasing crypto prior to making NFT purchases.

In May this year, Michael Miebach, the current Head of Mastercard, reportedly issued a bold forecast that the cross-border transaction platform SWIFT may come to a complete shut-down within half a decade, during a panel on central bank digital currencies (CBDCs).