HEADLINE | BUSINESS-REGULATIONS | JAKARTA- BI pushes ahead with domestic credit card to cut reliance on foreign ones

Plastic money: An employer supervises the printing of Bank Mandiri credit cards at the state-owned lender’s headquarters in Jakarta in 2016.(Antara/Puspa Perwitasari)

Bank Indonesia (BI) says it will introduce a domestic credit card system allowing for greater independence and lower fees, as transactions are settled locally rather than by foreign providers.

BI spokesperson Erwin Haryono said on Saturday that the central bank had been in discussion with local industries and progress stood at 90 percent, but he declined to reveal when the domestic credit card would be launched or what it would be called.

Erwin said a domestic credit card would have several benefits, notably lower fees, because offshore settlement and relying on foreign payment networks like United States-based Visa or Mastercard would no longer be necessary.

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