Mercuryo, a global payments infrastructure platform, has launched fiat-to-crypto on-ramp services for four major banks and payment providers in Indonesia, the world’s fourth most populous country.
The launch of on-ramp services – known as alternative payment methods (APMs) – will enable the local population to convert the Indonesian Rupiah (IDR) into 40 digital tokens, including bitcoin, Ethereum and Tether tokens (USDt).
Mercuryo is powering on-ramp services for Bank Rakyat Indonesia (Persero) Tbk (BRI), the country’s biggest bank, PT Bank Negara Indonesia (BNI), QRIS (Quick Response Code Indonesian Standard), a popular cashless payment system in Indonesia, and digital wallet provider OVO.
The initiative marks a significant milestone in Mercuryo’s drive to deploy state-of-the-art digital token services in Indonesia and enhance levels of financial inclusion in the country and across the Asia region. According to Statista figures, 97% of Indonesians will have a smartphone by 2025.
Mercuryo’s presence in the country will make it easier for Indonesians to send and receive digital token payments and invest in cryptocurrency. Meanwhile, businesses will be able to utilise Mercuryo's payment solutions, enabling streamlined cross-border transactions, a reduction in costs and friction and improve operational efficiency.
“Mercuryo’s expansion into Indonesia will have far-reaching implications for the country's financial ecosystem,” said Aviessa Khoo, Executive Director, Singapore, at Mercuryo. “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 has forged partnerships with pillars of the digital token space, including MetaMask, Ledger and Trust Wallet, and has 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 IDR 158.84 trillion (US$9.76 billion) in the first quarter of 2024. According to the 2023 Chainalysis Global Crypto Adoption Index, Indonesia ranks seventh globally in cryptocurrency adoption, ahead of China and the United Kingdom.
Indonesia’s government has spearheaded a drive 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.
Mercuryo is a first-mover and innovator in the fast-evolving Web3 space, providing a variety of payment solutions along with seamless on-chain integration. Mercuryo’s intuitive solutions are simplifying the experience for newcomers to the digital token space. Mercuryo specialises in efficient capital flow in the decentralised finance (DeFi) ecosystem and combines various payment solutions into a single interface.
