Linkedin News Desk (The Jakarta Post) Jakarta ● Thu, March 16, 2023
President Joko "Jokowi" Widodo has urged regional administrations in the country to wean themselves off foreign payment networks like Mastercard and Visa and start using credit cards issued by domestic banks to shield any transactions from possible geopolitical fallout that could disrupt economic transactions.
Jokowi said that the war in Ukraine with the attendant economic sanctions imposed by the United States could create problems as economic tools, including payment systems, could be used against countries perceived to have any involvement in the conflict.
"Be very careful. We must remember the sanctions imposed by the US on Russia. Visa and Mastercard could be a problem," President Jokowi told a national meeting to promote the use of Indonesian-made products and services.
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idkyimh on March 22nd, 2023 at 15:29 UTC »
India too is moving away from visa and mastercard in favor of homegrown card called rupay. Visa even complained to US government about this.
SupahDoo on March 22nd, 2023 at 12:11 UTC »
It's kinda hard to do it due to globalization right? 🤔🤔🤔
TheThirdDumpling on March 22nd, 2023 at 11:32 UTC »
Submission statement:
"Be very careful. We must remember the sanctions imposed by the US on Russia. Visa and Mastercard could be a problem," President Jokowi told a national meeting to promote the use of Indonesian-made products and services.
While the unity is holding across northern Atlantic in the Ukraine war, the schism between global north and south are growing. The all out economic warfare will have a much larger impact long after the war ended.
Indonesia has a 277 million population (230 million muslin) and is the 4th largest country in the world, behind China/India, US. Its GDP is 1.5T or 4.7T (PPP). Its capital Jakarta is the 2nd largest metro area in the world (behind Tokyo), serving as ASEAN diplomatic capital.