Mastercard with crypto companies for financial expansion in Indonesia

Payments giant Mastercard has partnered with Fasset, the crypto company operating in the Middle East, to expand its financial offering in Indonesia by supporting local cryptocurrency adoption. 

Mastercard and Fasset to increase crypto adoption in Indonesia

According to reports, Fasset, the crypto gateway of the Middle East market, has partnered with Mastercard to expand cryptocurrency adoption in Indonesia. 

Navin Jain, country manager of Mastercard Indonesia, has reportedly issued a statement that reads as follows:

“The world is changing at an unprecedented rate. With more people relying on digital assets and technologies to become resilient, there is a need for key players in the public and private sectors to come together to create solutions that can lead to new opportunities and solutions for wider financial inclusion”.

The partnership will see Fasset‘s expertise in digital assets helping Indonesian customers with digital banking services, while Mastercard will seek to support the crypto company in promoting local cryptocurrency adoption. 

Mastercard and optimism about mass crypto adoption

The global payments giant’s current move aligns with what its vice president for new product development and innovation, Harold Bossé, said about crypto. 

During a webinar, Bossé reportedly said that he is very optimistic about the mass adoption of crypto, although challenges will still need to be overcome. Moreover, he would also argue that at the moment the adoption of crypto and Blockchain technology is still in its infancy. 

Indeed, according to Bossé, the current stage is that of early or new adopters and therefore, very soon, crypto adoption could become mainstream. 

Among the challenges decried in order to get closer to the next step of mainstream as soon as possible, Bossé listed lack of understanding from senior management, business motivations related to scalability, cost and speed, and regulatory concerns. 

Payments giant also present in the NFT sector

More than just crypto, Mastercard wants to be present in every sector. And indeed, in June, the payments giant announced that it is ready to launch an NFT buying service. 

Here again, similar to Fasset for Indonesia, Mastercard reportedly has partnered with several NFT marketplaces such as Immutable X, Candy Digital, The Sandbox, Mintable, Spring, Nifty Gateway, and MoonPay. 

The idea is to enable people to use their Mastercard cards for NFT purchases. Mastercard has distributed 2.9 billion cards worldwide, and collaboration with these companies could greatly impact the NFT ecosystem.