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Capitalism: Indonesia will abandon Visa and Mastercard
  • As part of the new payment system launched last year, Indonesian President Joko Widodo called on Wednesday for his country to abandon the use of foreign payment networks like MasterCard and Visa and encouraged the public to adopt credit cards made by domestic banks.

    At a local business gathering, Widodo emphasized that "everyone [in Indonesia] should be able to use" Indonesian-manufactured credit cards so that "we can be independent," as he explained that the aim is to avoid risking transactions in case of a geopolitical disruption that could economically affect the country.

    According to the president, the initiative "shows that Indonesia is following the pace of digital technology transformation in the economic sector."