Mercuryo, the payments infrastructure platform, has launched fiat-to-crypto on-ramp services for four major banks and payment providers in Indonesia, enabling consumers to convert local currency into 40 different digital tokens.
By launching on-ramp services, known as alternative payment methods (APMs), Mercuryo is enabling Indonesians to convert the Indonesian Rupiah (IDR) into the likes of Bitcoin, Ethereum and Tether tokens.
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.
The move marks a significant milestone in Mercuryo’s drive to deploy digital token services to enhance financial inclusion across Indonesia and the Asia region. According to Statista figures, 97 per cent of Indonesians will have a smartphone by 2025.
“Mercuryo’s expansion into Indonesia will have far-reaching implications for the country’s financial ecosystem,” said Aviessa Khoo, executive director, Singapore, at Mercuryo, said: “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.”
Mercuryo’s presence in Indonesia hopes to make it easier for locals to send and receive digital token payments and invest in cryptocurrency. Businesses will also be able to utilise Mercuryo’s payment solutions, enabling streamlined cross-border transactions, a reduction in costs and friction and improved operational efficiency.
Crypto interest soars in Indonesia
Mercuryo has also joined forces with the likes of MetaMask, Ledger and Trust Wallet, with plans to make its on-ramp services with these leading non-custodial wallet providers also available in Indonesia. Mercuryo also has plans to integrate on-ramp services with local businesses and centralised exchanges operating in Indonesia.
Interest in cryptocurrency in Indonesia has soared, with the value of digital token transactions reaching IDR158.84trillion ($9.76billion) in the first quarter of 2024. According to the 2023 Chainalysis Global Crypto Adoption Index, Indonesia ranks seventh globally in cryptocurrency adoption, putting it ahead of the UK, as well as China.
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.
